At 30 September 2022, the Colombo Stock Exchange (CSE) consisted of 294 companies representing 20 Global Industry Classification Standard (GICS) industry groups with a market capitalisation of Rs. 4,341 billion. Of these corporates, the first 100 (by virtue of their reported revenue for financial year 2021/22) have been ranked in this special annual edition of the LMD 100.
The LMD 100 Second Board comprises the 50 entities that didn’t make the LMD 100 (or First Board) cut in the financial year 2021/22.
Lanka Ashok Leyland leads the LMD 100 Second Board with an annual revenue of Rs. 6.8 billion in financial year 2021/22. The entity has climbed a commendable 30 places from its 2020/21 ranking of No. 31 and recorded an impressive profit after tax (PAT) of 343 million rupees compared to its 2020/21 PAT of only Rs. 5 million.
In second place is Bairaha Farms, which enjoyed a showing in the First Board for financial year 2020/21 in 99th place. Bairaha Farms’ revenue rose to 6.7 billion rupees from slightly over Rs. 5 billion in the previous financial year to register a hike of 33 percent.
Central Industries too has registered an ascent from seventh position in the LMD 100 Second Board in 2020/21 to third place in this latest edition of the rankings. It registered a 63 percent increase in revenue from Rs. 4.1 billion (2020/21) to 6.7 billion rupees.
Also making a show in the 2021/22 LMD 100 Second Board is Richard Pieris Exports. In financial year 2020/21, the company held the 96th rank in the LMD 100. The company recorded a 59 percent increase to yield a net profit of Rs. 1.6 billion in the period under review.
Completing the top five on the LMD 100 Second Board is Watawala Plantations. The company has improved its ranking from No. 12 to fifth place in the current period with a commendable 65 percent rise in turnover from 3.9 billion rupees (2020/21) to Rs. 6.4 billion in 2021/22.
Ranked sixth is Senkadagala Finance – dropping to the Second Board from its 84th ranking in the LMD 100 First Board in financial year 2020/21. The corporate maintained its top line at 6.4 billion rupees.
Merchant Bank of Sri Lanka & Finance too dropped to the Second Board from its position at No. 94 in the 2020/21 LMD 100. However, the entity has displayed a valiant reversal of fortunes by recording a profit after tax of Rs. 477 million to recover from its 2020/21 loss of 909 million rupees.
A new entrant to the Second Board is LOLC General Insurance, which assumes eighth place with just over Rs. 6 billion in revenue and a bottom line of a little over one billion rupees.
Another company climbing up the rankings is Agstar – it makes its presence felt in ninth place. In financial year 2020/21, Agstar ranked 17th in the LMD 100 Second Board and its rise in the 2021/22 pecking order can be attributed to a strong revenue showing of nearly six billion rupees and a PAT in excess of Rs. 607 million.
Tenth place in the secondary listing of LMD 100 listed entities goes to People’s Insurance, which has relinquished its 86th place in the LMD 100 First Board of the previous financial year. The company registered nearly six billion rupees in revenue – four percent under its previous financial year’s tally of Rs. 6.1 billion.
Total income of the latest LMD 100 Second Board comes in at over Rs. 233 billion, which represents a 25 percent increase compared to the previous year.
Cumulative post-tax profits grew by 91 percent from over 15 billion rupees to almost Rs. 30 billion in financial year 2021/22. And total assets appreciated by 12 percent from 468 billion rupees to Rs. 524 billion while shareholders’ funds (Rs. 214 billion) rose by 16 percent in the period under review.
The 2021/22 LMD 100 Second Board counts four new entrants – viz. LOLC General Insurance, Co-operative Insurance, Windforce and ACL Plastics.
Meanwhile, eight entities were displaced from the LMD 100 Second Board in 2021/22 – viz. Associated Motor Finance, Kotagala Plantations, Asia Asset Finance, Arpico Insurance, Udapusselawa Plantations, Abans Finance, Vidullanka and AMW Capital Leasing and Finance.
The food, beverage and tobacco sector enjoys the majority representation (24) in the LMD 100 Second Board while diversified financials account for eight entities. The insurance sector has four representatives, and the consumer durables and apparel and materials sectors have three apiece. Finally, the retailing, utilities, and household and personal products sectors have two showings each.
THE FOOD, BEVERAGE AND TOBACCO SECTOR ENJOYS THE MAJORITY REPRESENTATION (24) IN THE LMD 100 SECOND BOARD
And last but not least, the healthcare equipment and services and consumer services sectors have a single entrant in the LMD 100 Second Board in financial year 2021/22.
FOOTNOTE Public companies incorporated under the Companies Act No. 7 of 2007 or any other statutory corporation – incorporated or established under the laws of Sri Lanka or any other state (subject to exchange control approval) – are eligible to seek a listing on the CSE to raise debt or equity. Companies desiring to be admitted to the official list of the exchange and secure a listing of their securities will be required to comply with the relevant provisions of the above act and the Securities & Exchange Commission Act No. 36 of 1987 (as amended) and Listing Rules of the Exchange.