News 94 – 20.09.2022 Raigam Wayamba Salters Records Highest Growth and New Dimensions in Business in 2021/2022

Sri Lanka’s economy which was under-performing for the past 2 years due to COVID pandemic situation was experiencing the impacts of the foreign exchange crisis in the latter part of the financial year 2021/2022. Despite the fact that the financial year 2021/2022 was filled with many challenges, prudent management practices implemented and followed by the Raigam Wayamba Group resulted in its ever-highest growth in 2021/2022.
The group turnover increased from Rs. 959.6 million to Rs. 1,147 million recording a growth rate of 19.5% Y to Y. At the same time the Profit after Tax grew from Rs. 149.7 million to Rs. 215.6 million at an annual growth rate of 44%. A s a result of these successful financial performances the Earning Per share (EPS) for the year stood at Rs. 0.76 compared to Rs. 0.53 in the corresponding year. This has made a significant impact on the value of the shareholders’ investment increasing the Net Asset Value Per Share from Rs. 5.06 to Rs. 5.74.
As the industry does not depend on imported components other than packaging materials, the impact on foreign exchange issue was insignificant. The main inputs, sea water and solar energy are available at no cost. As a result of that the group was capable to report a value addition of Rs. 669.2 million for the year of which the contribution to the government tax revenue was Rs. 129.3 million.
Considering the satisfactory financial performance and the expectations of shareholders the Board of Directors of the company has proposed a dividend of Rs. 0.15 per share for the financial year 2021/2022. The dividend per share has increased by 50% compared to previous year and RWS is one of the few companies that have proposed an incremental dividend in the current difficult business environment.
Directors are delighted with the ability of the company to increase the value of shareholders’ investment with the remarkable financial performance reported and more importantly the group’s ability to operate strongly contributing to the national economy at this crucial moment.