19 Lanka IOC
Board of Directors
1 Prof Lakshman R Watawala
2 V K Gupta
3 Amitha Gooneratne
4 B Ashok
Ranking at number 19 in the Business Today TOP TWENTY FIVE is Lanka IOC (LIOC). A subsidiary of the Indian Oil Corporation, LIOC celebrated their tenth year in operation in Sri Lanka in 2012. Recording a PAT of 2.91 billion rupees, compared to the 907.2 million rupees recorded in the previous year, the company was able to demonstrate a staggering growth of 221 percent. Therefore, the company had more reason to celebrate with the year 2012/13 being the most successful year to date in their decade long operations in Sri Lanka.
Due to the company’s bunkering operations, growth in sales of LP 91 (Euro 3) and LAD, the turnover of LIOC increased by 24 percent to 75.1 billion rupees when compared to the 60.4 billion rupees in the previous year. The company also took initiative to expand their reach internationally by venturing into regional markets such as Maldives and Nepal through its SERVO range. As a result the lubricant exports more than doubled in 2012/13 when compared to the preceding year. Furthermore, the sales of Bitumen where LIOC remains a key supplier, also grew leading to a substantive growth in volumes.
When looking at LIOC’s focus within the country, the company continued to broaden their reach adding a new franchise outlet that brought the total number to 157. As such about 95 percent, more than 4,000 of LIOC’s workforce represent workers from Sri Lanka, thus demonstrating a positive contribution towards the economic development of the country. The company has further been able to retain the 20 percent market share for petroleum products, consolidating their presence in the Island. Forging ahead, LIOC will focus on developing their infrastructure to exploit their full potential in fuel distribution paying attention to expansion.