2022/2023 Group – After Tax Profit (un-audited) up by 101%
The management of the Raigam Wayamba Salterns PLC (RWS), the one and only salt manufacturing company listed in the Colombo Stock Exchange (CSE) is delighted to declare that the group has recorded its ever highest performance with a remarkable growth compared to the preceding year during the financial year 2022/2023. These impressive results were revealed in the recently published 2022/2023 Provisional Financial Statements (un audited) of the group.Financial Highlights (In Rupees Million)
Audited 2023
Un-audited Change 2022
Audited 2023
Un-audited Change
Revenue 1,063 1,799 69% 1,147 2,126 85%
Profit before Tax 222 417 88% 277 555 100%
Income Tax Expense 50 86 72% 62 121 96%
Profit After Tax 172 331 93% 216 433 101%
Total Asset Base 1,174 1,824 55% 1,298 2,194 69%
Earnings & Net Assets per Share (In Rupees)
Company Group
2022
Audited 2023
Un-audited Change 2022
Audited 2023
Un-audited Change
Earnings per Share 0.61 1.17 93% 0.76 1.54 101%
Net Assets per Share 5.07 6.64 31% 5.74 7.88 37%
Raigam Wayamba Salterns (RWS) was established in the year 2005 as a subsidiary of the Raigam Group of Companies to grab the benefits of the opportunities available in the salt market in Sri Lanka, mainly the value added salt including table salt (powder) which was dominated by a few Indian Salt suppliers, despite the fact that Sri Lanka is surrounded by sea and plenty of favorable conditions required for the salt industry were existing. RWS had very accurately judged the future trends in the market, especially conversion of consumer choice from traditional crystal salt to powder salt and also many potential value additions.
The company’s long term and short term strategies were set with a futuristic vision based on above and could achieve targets as planned making all dreams a reality, but with lot of hard work and commitment.
In 2010 the company was converted to a listed company as Raigam Wayamba Salterns PLC opening opportunities to the general public to become owners of this venture, making an IPO of 80,000,000 shares at the rate of Rs. 2.50 per share, an affordable price for anyone to become a shareholder of the company by just investing Rs. 2,500 the minimum subscription. This share issue was very successful and oversubscribed by 20 times. Despite heavy fluctuations experienced in the capital market during the past the market price of RWS share stood steady and has recorded a natural growth backed by performance, net assets and the integrity of the management.
At the close of financial year 2022/2023, the real value of a share (net assets per share) remained at Rs. 7.88 as compared to the market value of Rs.6.90