Several sectors of this Group had to instantly change course and reinvent their plans and strategies, and focus on short-term measures to survive the effects of the current business environment. By doing so, the overall performance of the Group had a positive growth.
Board of Directors
Anthony A Page
Chairman Emeritus
Louis Page
Chairman, Non-Executive Director
Ranjit Page
Deputy Chairman/Managing
Director, Executive Director
J B L De Silva
Independent Non-Executive Director
Priya Edirisinghe
Independent Non-Executive Director
Sunil Mendis
Independent Non-Executive Director
Cecilia Muttukumaru
Non-Executive Director
Dr A Aravinda Page
Non-Executive Director
Joseph Page
Non-Executive Director
R Selvaskandan
Independent Non-Executive Director
A D B Talwatte
Independent Non-Executive Director
Imtiaz Abdul Wahid
Non-Executive Director
Sanjay Niles
Executive Director
The financial year 2020/2021 was perhaps the most challenging period faced by our Group and the wider business community both in Sri Lanka and overseas. The COVID 19 pandemic affected every area of business and lifestyles of people all over this island on an unprecedented scale.
All companies, including the Group’s, have had to instantly change course, reinvent their plans and strategies, and focus on short-term measures to survive the effects of the current business environment.
Thus, the business focus for the Group too changed to the immediate pressing situations.
Cost controls and cash retention
Although cost control and cash retention, as a strategy, has been repeatedly mentioned across the business spectrum, it merits repetition here due to its importance as a cornerstone of the operating system for the year. Stringent controls were exercised over costs and cash flows, capital was deployed to meet the goals and objectives of the operating sectors.
The Group’s outlay in Property, Plant, and Equipment for the year amounted to Rs.6.28 billion (compared to Rs.5.85 billion in the previous year). The Group is also cognizant of the financial pressures of the team members by the current economic situation. In very rare and unavoidable circumstances, all steps were taken to assure a job and pay security. It also recruited additional staff to facilitate the ongoing operations of the Group.
Financial Results
Group revenue for the year amounted to Rs.112.9 billion compared to Rs.107.8 billion in the previous year. Profit for the year amounted to Rs.3.3 billion compared to Rs.2.7 billion in the previous year.
