26. Lanka IOC
Lanka IOC (LIOC) ranks at number 26 in the Business Today TOP 30. The Group revenue was recorded at 71,307 million rupees, which was an increase of 19 per cent with a PAT of 2,239 million rupees. The Group focused on non-government controlled segments such as lubricants, bitumen and bunkering to strengthen its performance portfolio. Total assets amounted to 25,068 million rupees and market capitalization was at 17,305 million rupees.
The Group was affected by the drastic fall in crude oil and product prices in the international market, which was due to over-supply and weak demand. The year saw the Government increasing duties while there was a steep reduction in oil prices. Furthermore, the depreciation of the Sri Lankan rupee compared to the US dollar had a significant impact on performance.
Twenty new retail outlets were commissioned during the year and an overall increase of 1.15 per cent of the diesel market share was seen. LIOC recorded a 38.3 per cent increase in the sale of Xtra Premium 95 Octane and 56.9 per cent in Lanka Super Diesel during the financial year.
Market share in the lubricants sector increased to 17 per cent.
A highlight of the year is that LIOC started its bunkering operations at the Trincomalee Port, which will cater to vessels plying the Bay of Bengal - Western Countries shipping route. Currently operating in both Colombo and Trincomalee Ports, the Group is the second largest operator of bunkering in the country. Market share in bitumen increased to 58 per cent. LIOC paid a super gain tax of 1.44 billion rupees during the financial year.
The Group continued its focus on upgrading its services and facilities. With Sri Lanka poised to make strategic decisions in terms of developing industries in the country, LIOC will have a major role to play.