Sunshine_Holdings

Sunshine Holdings

Sunshine Holdings

Sri Lankan conglomerate holding company

Sunshine Holdings PLC is a Sri Lankan conglomerate holding company that is engaged in the healthcare, consumer goods and agribusiness sectors.[2] Sunshine Holdings was incorporated on 16 June 1973, and listed on the Colombo Stock Exchange in 1983. Sunshine Holdings ranked 45th in LMD 100, a list of quoted companies in Sri Lanka by revenue in the 2020/21 edition.[3]

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History

The company originates in 1967 with the establishment of Lanka Medicals pharmacy in Gampola. In 1977, a 'super centre' was opened in Kandy, the first of its kind in Sri Lanka. Sunshine Holdings was incorporated on 16 June 1973, and listed on the Colombo Stock Exchange in 1983. The 50th anniversary of the company was celebrated in 2017.[4] In 2019, Sunshine Holdings was the 16th largest conglomerate company in Sri Lanka with a brand value of LKR3,947 million.[5] The company reduced its investment in oil palm farming and dairy production and increased its stake in Watawala Tea Ceylon, a marketing company that brands Zesta and Watawala. 75% of Watawala Plantations' ownership was transferred to a joint venture with Wilmar International.[6] In 2020, Sunshine Holdings acquired the Sri Lankan confectionery manufacturer, Daintee for LKR1.7 billion. The company was diversifying beyond its brand, Watawala tea. Daintee had a market share of 40% in the toffee and sweets sector.[7] Sunshine Holdings merged its healthcare business with Akbar Brothers healthcare division.[8]

Operations

The logo of Sunshine Holdings is a conch shell, the logo was introduced in 2012 as a part of a rebranding effort.[9] The company appointed Sudarshan Jain as an independent director to the board of directors in February 2022. Before joining the company, Jain had 40 years of experience and acted as the managing director of Abbott Healthcare India.[10] The company also appointed Ruvini Fernando to the board of directors in February 2022. Fernando is a capital markets professional with over 30 years of experience.[11] Healthguard, the pharmacy chain of the company partnered with, Swisse, an Australian vitamin brand to expand its wellness line.[12] Sunshine Holdings received a credit rating of AA+(lka) from Fitch Ratings on 9 May 2022, and the outlook was adjudged as stable.[13] For the year ended on 31 March 2022, the company posted a revenue of LKR32.2billion. It was a 32.2% revenue growth on a year-on-year basis.[14]

Sunshine Holdings joined "Manudam Mehewara", an emergency relief initiative targeting the communities affected by the Sri Lankan economic crisis. The initiative aims to provide relief to 200,000 families across all 25 districts of the country.[15] In 2021, the company was conferred the gold award for Best Investor Relations team at the CFA Capital Market Awards.[16] Sunshine Holdings' tea brands, Watawala and Zesta ranked 44th and 78th respectively in Brand Finance's 2022 the 100 most valuable brands in Sri Lanka report.[17]

See also

References

  1. [1]
    "Annual Report 2022/23" (PDF). cse.lk. Sunshine Holdings PLC. Retrieved 2 June 2023.
  2. [2]
    "Sunshine Holdings PLC". wsj.com. Dow Jones & Company. Retrieved 3 June 2022.
  3. [3]
    "Financial Profile". LMD 100. Media Services Pvt Ltd. Retrieved 2 June 2022.
  4. [4]
    "Sunshine Holdings celebrates 50 years of responsible entrepreneurism". dailymirror.lk. Wijeya Newspapers. 31 March 2017. Retrieved 3 June 2022.
  5. [5]
    "Sri Lanka 100 2019" (PDF). brandirectory.com. Brand Finance. Retrieved 3 June 2022.
  6. [6]
    "Sri Lanka's Sunshine Holdings boosts stake in tea marketing firm". Economy Next. Echelon Media (Pvt) Ltd. 12 May 2020. Retrieved 3 June 2022.
  7. [7]
    "Sunshine acquires Daintee, diversifying its business beyond Watawala tea". The Island. Upali Newspapers. 10 August 2020. Retrieved 3 June 2022.
  8. [8]
    "Sunshine Holdings and Akbar Brothers merge healthcare businesses". The Island. Upali Newspapers. 18 December 2020. Retrieved 3 June 2022.
  9. [9]
    "Sunshine Holdings unveils new company logo". Daily Mirror. Wijeya Newspapers. 2 October 2012. Retrieved 3 June 2022 – via PressReader.
  10. [10]
    "Sunshine Holdings appoints respected healthcare industry professional to its Board of Directors". The Island. Upali Newspapers. 9 February 2022. Retrieved 3 June 2022.
  11. [11]
    "Sunshine Holdings appoints Capital Markets expert Ruvini Fernando to its Board of Directors". adaderana.lk. Ada Derana. 23 February 2022. Retrieved 3 June 2022.
  12. [12]
    "Sunshine's Healthguard expands wellness line with Swisse, Australia's No.1 multivitamin brand". The Island. Upali Newspapers. 21 April 2022. Retrieved 3 June 2022.
  13. [13]
    "Fitch Affirms Sunshine Holdings at 'AA+(lka)'; Outlook Stable". fitchratings.com. Fitch Ratings. 9 May 2022. Retrieved 3 June 2022.
  14. [14]
    "Sunshine Holdings delivers robust FY22 results amidst unprecedented economic challenges". Lanka Business News. 31 May 2022. Retrieved 3 June 2022.
  15. [15]
    "Sunshine Holdings joins 'Manudam Mehewara' emergency relief initiative driven by corporate Sri Lanka". colombopage.com. 2 June 2021. Retrieved 3 June 2022.
  16. [16]
    "CFA Capital Market Awards". Sunday Observer. Associated Newspapers of Ceylon Limited. 29 May 2022. Retrieved 3 June 2022.
  17. [17]
    "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. Retrieved 3 June 2022.
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