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Lanka IOC ranked No. 1 Company in Sri Lanka
Sri Lanka’s leading business magazine, Lanka Monthly Digest (LMD), has ranked Lanka IOC PLC, a subsidiary of IndianOil, as the No. 1 Company among Sri Lanka’s leading listed companies for the financial year 2007-08.
The race to the chequered flag in the financial year 2007-08 was hotly contested with a three-way tussle between Lanka IOC, a partly Malaysian-owned telco giant and a homegrown conglomerate. Ultimately, Lanka IOC pipped Sri Lanka Telecom to the winning post.
Taking excerpts from the magazine …”for the first time since the LMD 50 was launched 15 years ago, a foreign-owned entity helms the premier ranking of listed companies in this country. And surprise…. It is an Indian multinational! The pecking order has changed in 2007-08… and an Indian giant puts its footprint on the LMD 50 and its LEADERBOARD in no uncertain terms."
Quoting from Mr. Sarthak Behuria, Chairman, IndianOil’s earlier address, “Lanka IOC has done exceedingly well to register it’s highest-ever profit in 2007-08. The turnover of the company stood at Rs 44.8 billion, which is expected to be the highest among public companies in Sri Lanka for the period."
The ranking puts Lanka IOC ahead of the other business giants in the island; Sri Lanka Telecom, John Keel Holdings, Commercial Bank, Dialog Telecom, etc. It is an impressive leap forward for Lanka IOC which was placed in the third slot in the rankings last year.
LMD 50 is considered as Sri Lanka’s version of the Fortune Global 500. The litmus test was on the parameters of profit, assets, shareholders’ funds, market capitalisation, earnings per share and dividends per share.
Lanka IOC, IndianOil’s subsidiary in Sri Lanka, is the only private oil company other than the state-owned Ceylon Petroleum Corporation (CPC) that operates retail petrol / diesel stations in Sri Lanka. It was incorporated to carry out retail marketing of petroleum products, bulk supply to industrial consumers, building and operating storage facilities at the Trincomalee tank farm, etc., thereby not only providing energy security and supply stability for Sri Lanka but also upgrading the overall standards of service, particularly in the retail sector.
According to Mr S V Narasimhan, Chairman, Lanka IOC, and Director (Finance), IndianOil, the entry of IndianOil’s into Sri Lanka is in line with its Corporate Vision of becoming a transnational energy major. While expanding its market base to convert the surplus avails of petroleum products into more wealth for stakeholders, IndianOil is also committed to being a good strategic partner to Sri Lanka. IndianOil’s vast experience in downstream petroleum operations in India will help create a healthy and competitive petroleum industry in Sri Lanka for the larger benefit of the island nation.
Lanka IOC is making phased investments to provide world-class quality petroleum products and services at the most competitive prices to the Sri Lankan customers.
The outlets are being refurbished with world-class, state-of-the-art facilities and services at par with international standards. Lanka IOC, through its retail chain, is also making available non-fuel facilities like convenience stores, 24-hour ATMs, automatic carwash, food marts, etc. This will not only give value-for-money to the motorists but would give altogether a new refueling experience. The refurbished stations of Lanka IOC have brought praise from all sections of the Sri Lankan society.
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| Updated on December 12, 2008 |
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