Business Today TOP Twenty recognised the best among the best in corporate Sri Lanka for the financial year 2009-2010. This year John Keells Holdings (JKH) hit the number one spot from number three ranking last year. Transport was the main contributor to the Group’s after tax profits, contributing 41%. Operation of Colombo Port’s South Asia Gateway Terminals was JKH’s main driving factor.
Hatton National Bank (HNB) and Bukit Darah secured the second and third positions respectively. Overcoming both external and internal hardships, HNB recorded a 35% growth in profit after tax (PAT) to Rs 4.3 billion. Bukit Darah’s consolidated PAT had increased to 158%.
Ceylon Tobacco Company ranked fourth while Commercial Bank of Ceylon secured the fifth spot. Colombo Dockyard was placed sixth, Sri Lanka Telecom at seven while DFCC Bank secured the eighth position. Completing the top ten were Hayleys at ninth and Distilleries Company of Sri Lanka at tenth positions.
The ranking continues with NDB Bank at 11, Sampath Bank (12), Aitken Spence (13), Cargills (Ceylon) (14), Lankem Ceylon (15), Lanka Orix Leasing Company (15), Chevron Lubricants Lanka and Nestlé Lanka (joint 16), Tokyo Cement Company (Lanka) (17), Diesel & Motor Engineering (18), Seylan Bank (19) and Lanka Walltile (20).
Business Today TOP Twenty companies have been selected out of public quoted companies on the basis of their financial performance, during the financial year ended December 31, 2009 or March 31, 2010. Established criteria used for selecting the Business Today TOP 20 were; sales turnover, growth in sales turnover, profits, growth in profits, return on equity, growth in earnings per share, market capitalization, value of shares transacted and value addition.
High and growing top line performance though necessary, is not the only criteria needed to qualify as a Business Today TOP 20 performer.
The ceremony held recently at a Colombo hotel acknowledging those 20 outstanding companies that have displayed exceptional performance in corporate Sri Lanka during the year.
Business Today this year decided to expand its top corporate performers list to recognise the TOP Twenty. Since the launch of the Business Today TOP 10, it’s the first time that the magazine’s top performers of corporate Sri Lanka were chosen in a period falling within the post-war era.
It is Business Today’s contention that although it may be premature to measure the corporate sector’s post-war performance, initial signs thus far show promise and it would be interesting to watch how future top performers would evolve to occupy positions among the best.
Colombo Stock Exchange’s unprecedented highs have attracted much domestic and international investor attention, and privately owned and controlled local companies of great promise may choose to obtain listings with the new growth phase, and so may completely new entrants. Such changes to a near stereotype corporate landscape would be an altogether new proposition, and with a view to mapping the near and longer term business landscape and towards encouraging worthy prospects and contenders, Business Today TOP Twenty were selected.
Over the twelve-year period of Business Today TOP 10 awards, positions have been secured by the same corporates, giving little space for upcoming companies. Thus with the expansion of the top corporate list, Business Today TOP Twenty presented a clearer benchmark of Sri Lanka’s topmost corporates in further reflecting the private sector’s dynamism.
Chief Guest, Economic Development Minister Basil Rajapaksa, and Mrs Pushpa Rajapaksa graced the event while President’s Secretary Lalith Weeratunga was the Guest Speaker.
Business Today since 1998 has annually recognized Sri Lanka’s top corporate performers who have strengthened the economy during challenging times.
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