Diversified conglomerate Sunshine Holdings reported a consolidated revenue of Rs. 45.2 billion for the nine months ending 31 December 2024 (9MFY25), marking a 6.7% year-on-year (YoY) growth. Despite this revenue increase, the Group’s Profit After Tax (PAT) declined by 14.1% to Rs. 4.7 billion, mainly due to margin contraction in the Consumer Brands segment and higher taxation in the Agribusiness sector.
The Healthcare segment emerged as the primary revenue driver, contributing 54.9% of total earnings, followed by Consumer Brands (31.8%) and Agribusiness (13.3%). The Group’s healthcare business maintained strong momentum, posting a 17.8% YoY revenue increase, with pharmaceutical agency, distribution, and manufacturing playing key roles. Lina Manufacturing, the Group’s pharmaceutical arm, recorded an exceptional 101.5% YoY revenue growth, driven by higher production volumes in its Metred Dose Inhaler (MDI) plant.
Commenting on the performance, Group CEO Shyam Sathasivam stated: “While macroeconomic pressures persist, we remain confident in navigating these challenges and driving sustainable growth. Additionally, our decision to implement a share split reflects our commitment to enhancing market accessibility and liquidity for investors.”
Meanwhile, the Consumer Brands segment reported a 3.1% YoY revenue decline to Rs. 14.4 billion, impacted by reduced confectionery sales and the partial VAT implementation on consumer goods. The Branded Tea segment saw a modest 1.4% volume increase despite a 13.3% drop in value, while the export segment posted a 30.0% YoY revenue growth.
The Agribusiness sector, represented by Watawala Plantations PLC and Watawala Dairy Ltd., recorded a 7.1% YoY revenue decline to Rs. 6 billion, primarily due to lower palm oil prices. This, along with revised taxation, led to a net profit margin drop from 40.8% in 9MFY24 to 31.2% in 9MFY25. Watawala Dairy’s revenue also fell to Rs. 916.5 million, affected by lower volumes and pricing.
Despite sectoral challenges, Sunshine Holdings remains focused on long-term value creation and market growth, leveraging its strong foundation across key business verticals.