23. CT Holdings
CT Holdings re-enters the Business Today top corporate ranking at number 23 after a lapse of four years. A family business that started its journey in 1928 with a primary focus on the entertainment industry is today a diversified group with interests in retail, fast moving consumer goods, distribution, real estate, entertainment, banking and financial services.
The retail and wholesale distribution sector constitutes the largest sector by value, accounting for 79 per cent of the total revenue and 47 per cent of the net profit of the Group. The sector recorded a net profit of 979.6 million rupees.
The FMCG sector encompasses dairy, agrifoods, meats and confectionery subsectors. The dairy business, which is the largest in the sector collects an average of 100,000 litres of fresh milk per day from 15,000 small holders through 22 chilling centres, making it the second largest private sector collector of fresh milk. The FMCG sector recorded a turnover of 11.1 billion rupees, which was a 27.6 per cent increase. Profit was at 707.5 million rupees and was a 82 per cent growth.
The restaurant segment that includes KFC and TGIF performed better than the previous year. Yet, TGIF is yet to reach its targeted volume. Real estate comprises investment property and property development. While work has reduced in the property development business with the completion of Empire and CT Gardens projects, the Group has acquired the stake owned by its joint venture partner for 550 million rupees in Edmonton, which is a project in Kotahena. Majestic City and Cargills Square in Jaffna have performed well during the financial year. Revenue amounted to 626.8 million rupees with profit amounting to 301.9 million rupees.
Entertainment sector showed a positive growth due to better sourcing of content and cost management. Revenue for the year increased to 330.5 million rupees and PAT was 22.4 million rupees.
As a family run business that has deep roots in the country, CT Holdings will need to be more dynamic as a Group and may need to rethink some of its business decisions to ensure that resources are focused in the right direction.
Board of Directors
Ranjit Page (Deputy Chairman/Managing Director)
1. Anthony Page (Chairman Emeritus)
2. Louis Page (Chairman)
3. J B L De Silva
4. Priya Edirisinghe
5. Sunil Mendis
6. Cecilia Muttukumaru
7. Aravinda Perera
8. Joseph Page
9. R Selvaskanda
10. Asite Talwatte