After recording a huge after-tax profit of 53 billion rupees, LOLC retains the first place of the 28th edition of the LMD 100 as Sri Lanka’s most profitable listed company in 2020/21.
Sri Lanka’s most valuable and diverse financial conglomerate, LOLC, smashed corporate profit records in Sri Lanka for fiscal year 2020/21 with unprecedented net results of Rs 57 billion before tax.
Through profit making on this massive scale in Sri Lankan business history, the group has been able to solidify its position as the country’s most profitable, diverse company three years in a row – carving out a name for LOLC as l one of the largest micro, small and medium-sized enterprises (MSMEs) platforms in the world.
Speaking on this achievement, LOLC Group Managing Director / CEO Kapila Jayawardena said: âBecoming the most profitable listed company in Sri Lanka for three consecutive years is the result of our strategic diversification into different sectors and beyond. beyond borders. This has been possible thanks to our strong operational capabilities which give us a unique competitive advantage.
This is why we were able to go through a pandemic with prolonged periods of less favorable business climate. Despite the global economic downturn, multilateral and bilateral funding agencies have continued to work closely with us and this reflects the confidence placed in us and the growth potential that LOLC has demonstrated throughout, even during the most turbulent times. . ”
During fiscal year 2020/21, LOLC successfully injected a significant amount of foreign exchange into the economy of Sri Lanka through the first tranche of PRASAC divestment in Cambodia.
This is the largest transaction ever recorded by a Sri Lankan entity. The group also maintained its “SL A” credit rating in the midst of a year engulfed by the many challenges posed by the pandemic. LOLC also did not fire or impose pay cuts on any of its employees locally or abroad, even during these turbulent times.
In addition, the conglomerate continued its sustainable development initiatives through its various corporate social responsibility (CSR) and green initiatives. For example, 76% of the electricity consumed by the group in Sri Lanka was generated by renewable energy sources, minimizing LOLC’s carbon footprint.
The LOLC group is currently actively involved in a number of growing sectors, both locally and internationally, other than its traditional financial services business, namely recreation, plantations, agricultural inputs, renewable energy, construction. and real estate, manufacturing and trade as well as technology, research and innovation.
As a leading player in the MSME sector in Sri Lanka, the LOLC Group has been a catalyst to facilitate financial inclusion, while striving to maximize environmental benefits through compliant green operations and processes. to its triple bottom line goal.
After establishing a high performing microfinance business model, LOLC quickly exported its expertise to global markets such as Cambodia, Myanmar, Indonesia, Philippines, Pakistan, Zambia, Nigeria, Malawi, Tajikistan and Tanzania, bringing prosperity to the people at the bottom of the pyramid. . In addition, the group has established its presence in Maldives, Mauritius and Sierra Leone in the field of non-financial services.
LOLC has also invested heavily in advanced technological platforms and digitization processes such as iPay. The LOLC Group continues its trajectory of accelerated growth and is inspired by the quest to nurture and shape the future of individuals and communities around the world.