6 Colombo Dockyard
Mangala P B YapA
Board of Directors
MANGALA P B YAPA
1 S DE COSTA
2 Y KIJIMA
3 R S AL SUWAIDI
4 Y HAMANE
5 T INAHARA
6 L GANLATH
7 H A R K WICKRAMATHILAKE
Colombo Dockyard re-enters the Business Today TOP TWENTY this time at number six. In 2009, total revenue increased by 20.4 percent amounting to 13.2 billion rupees and profit after tax to 2.1 billion rupees, which was an increase of 49.3 percent. This has been the highest results the company has posted so far.
The total asset base of the company grew by 10.3 percent to a gross 13,690 million rupees. Earnings per share increased 49.3 percent from last year to 31.05 rupees. During the end of 2009, value of a share rose to 244.75 rupees posting a 390 percent increase.
In shipbuilding, Colombo Dockyard delivered Greatship Abha, the third anchor handling tug cum supply vessel, built for Greatship Global Offshore of Singapore during early 2009. In December 2009 the company created history in Sri Lanka by successfully completing Arabian Sea, the first ever Passenger Vessel, built for the international market, with a capacity of 250 passengers and 100 tons of cargo. This is the first vessel of an order for two of which the second is due to be delivered in 2010. Through timely delivery Colombo Dockyard had been able to establish its branding as a reliable shipbuilder that delivers on its promises, even under difficult and trying circumstances.
Foreign revenue is the principal mode of income during the financial year under review, which rose to 11,908 million rupees, making up 90 percent of the total revenue portfolio.
As an import substitution industry of Sri Lanka, ship repair, shipbuilding and heavy engineering services had retained domestic income of 1,252 million rupees during the year 2009.
Many dockyards the world over were suffering from depression, scarcity of orders, and order cancellations due to the effects of global economic recession. Contrary to the situation, the company however had proceeded. Colombo Dockyard was able to weather the storm due to the strong Indian economy as 53 percent of its business portfolio is from India.