Mar 16, 2011 (LBO) - Sri Lanka's Renuka Holdings has bought 61.78 percent of Shaw Wallace Marketing for 368 million rupees, making it a subsidiary, a stock exchange filing said.

Shaw Wallace Marketing, part of the Shaw Wallace group, one of the island's oldest firms, distributes consumer goods and automotive products and also acts as importers and agents.

It also has subsidiaries in food products, management services and acting as travel agents.

The purchase does not include Shaw Wallace & Hedges, an investment company, the statement said.

At the same time Shaw Wallace Marketing has acquired Pioneer Warehousing which owns a warehouse complex in Peliyagoda, north of Colombo, and a property in Colombo which will house the future corporate offices of Shaw Wallace.

"For these purchases group companies of Renuka Holdings have advanced 600 million rupees," the statement said.

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Renuka Holdings PLC has recorded an impressive turnover and profit after tax for the six months ended September 30, 2010 as per the interim financial statement released. The company’s profit after tax grew to Rs 387.1 million compared to Rs 113.3 million in the corresponding period of last year. Group profit after tax rose 168 percent to Rs. 616.5 million of which Rs 473.6 million was attributable to shareholders of Renuka Holdings PLC.

The consolidated turnover for the period under review grew to Rs 1.1 billion, while total assets of the Group increased to Rs 3.5 billion as at September 30, 2010.

Executive Director Shamindra Rajiyah said RHL continued taking advantage of market opportunities investing in listed shares, taking unquoted equity positions and in debt instruments.

Its total investment portfolio was Rs 1.2 billion of which 81 percent was classified as short-term investments and 19 percent as long-term investments.

"Our investment portfolio, in addition, consists of biological assets and in this regard the group continued planting Teak and Mahogany" Rajiyah said.

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Aug 17, 2010 (LBO) - Sri Lanka's Renuka Holdings group June 2010 quarter net profit shot up 279 percent to 119 million rupees from a year ago on gains from higher valuations of investments, a stock exchange filing said.

TThe bulk of profits came from the investment and services business sector of the group, which said it plans to enter a new business in property development.

Group turnover, from portfolio management activities, rose 10 percent to 374 million rupees.

The results showed a sharp increase in other operating income to 114 million rupees from six million a year ago consisting of 88 million rupees at group level arising from "mark to market valuation of short term investments."

Renuka Holdings Group had short-term investments in the share market of 575 million rupees, a stated capital of 125 million rupees and accumulated profits of 1.2 billion rupees.

Sri Lanka's share market has hit record highs in recent weeks, becoming the world's second best performing bourse, until the bull-run was halted by a daily price band imposed by the regulator to curb speculation that led to unusual price hikes and trading volumes.

The bull-run was driven by post-war optimism and improving company earnings after the island's 30-year ethnic war ended in May 2009.

A Renuka group statement attributed the results to "strong performances by the Group’s agribusiness, investment and service sectors."

Its listed subsidiaries include Coco Lanka and Renuka Agri Foods which export mainly coconut products.

The company said it plans to enter property development using land it owns in the capital Colombo.

“We will soon embark on our third sector which will see us entering the property development and leisure areas by utilising 1.6 acres of freehold property that the company owns in Colombo," chairperson Indu Rajiyah said in a statement.

"In the context of declining interest rates on borrowings, improved investor confidence, stable exchange rates and Sri Lanka’s overall improved rating outlook, we believe this project would contribute a significant income stream in the years ahead."

Renuka Holdings is engaged in plantations, manufacturing and exporting of Ceylon tea, coconut products, ethnic and organic foods as well as forestry, logistics and portfolio management.

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Sri Lanka agri-firm eyes north-east investments

Nov 10, 2009 (LBO) - Coco Lanka, a Sri Lankan agri-business firm, said it is eyeing investment opportunities in the former northern and eastern war zones.

The company said in a stock exchange filing that group net profit in the September 2009 quarter rose six percent to 66.5 million rupees from a year ago while sales fell nine percent to 337 million rupees.

Earnings per share for the quarter were 4.40 rupees compared with 3.44 rupees in the same 2008 quarter.

"The company being an investment vehicle for agriculture ventures is currently evaluating investment opportunities especially in the eastern and northern provinces on our own and with overseas partners," managing director S R Rajiyah said in a statement.
The firm, part of the Renuka Holdings group, has subsidiaries in plantations, manufacturing and global marketing of Ceylon tea, coconut products, and organic foods.

Economic activity is reviving in the island's north and east after Tamil Tiger separatists in the two regions were defeated by government forces in a campaign that ended in May.

Coco Lanka group profits for the six months to September 30, 2009 were 110 million rupees, up 65 percent over the same period last year.

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Country's largest exporter of coconut based food products shines at NCE Awards Renuka Rajiyah Executive Directress of Renuka Agri Foods Ltd, Sri Lanka's premier exporter of coconut based food products clinched the Gold Award for the Best Woman Exporter at the 17th annual National Chamber of Exporters (NCE) Awards, which honour outstanding achievement by successful export related ventures.

Speaking on her win, Ms. Rajiyah said This is indeed a proud moment for us, within a short period of time Renuka Agri Foods Ltd has become one of the top five firms globally in its industry and is a preferred supplier to many prestigious international supermarkets and hotels. We operate to the highest global quality standards and since we have our own plantations and manufacturing plant with a well equipped modern laboratory; we control the entire process.
The company also won the Best Food Processor (Large Category) Award and was adjudged Overall National Winner (Gold Award) at the National Agribusiness Awards 2009 held recently. These awards are the zenith of achievement for a company in the local coconut based food product industry.

R.Rajiyah receiving the award from Prof G.L Peiris Chairperson
SLT Mobitel Leisha de Silva Chandrasena and President NCE
Rohan Fernando (covered) look on

Ms. Renuka Rajiyah Executive Directress of Renuka Agri Foods Ltd, Sri Lanka's premier exporter of coconut based food products clinched the Gold Award for the Best Woman Exporter at the 17th annual National Chamber of Exporters (NCE) Awards, which honour outstanding achievement by successful export related ventures.

Speaking on her win, Ms. Rajiyah said "This is indeed a proud moment for us, within a short period of time Renuka Agri Foods Ltd has become one of the top five firms globally in its industry and is a preferred supplier to many prestigious international supermarkets and hotels. We operate to the highest global quality standards and since we have our own plantations and manufacturing plant with a well equipped modern laboratory; we control the entire process".

The company also won the Best Food Processor (Large Category) Award and was adjudged Overall National Winner (Gold Award) at the National Agribusiness Awards 2009 held recently. These awards are the zenith of achievement for a company in the local coconut based food product industry.

Always striving for excellence Renuka is the only triple certified coconut company in Sri Lanka with the HACCP, ISO 22000 and the BRC (British Retail Consortium) gold standard certifications. Renuka's flagship Coconut Milk Powder is available to the Sri Lankan consumer since 2007 and is endorsed by the 'Mawbima Lanka Padanama'. A 100% Sri Lankan product and company, Renuka Agri Foods Ltd is also contributes to a larger picture by creating employment, saving foreign exchange and cutting down on the wastage of coconuts.

Sri Lanka coconut exporter wins agribusiness award

Aug 25, 2009 (LBO) - Renuka Agrifoods, a Sri Lankan exporter of value-added agro-based products, especially coconut, has won a top award for agribusiness.

The company, a subsidiary of the listed Renuka Holdings, said in a statement it was named Overall National Winner (Gold Award) at the recent National Agribusiness Awards 2009.

It also clinched the Gold Award for Food Processor (Large) Category.

The awards were organised by the National Agribusiness Council, an umbrella group of 20 trade associations representing the agribusiness sector of the country.

Chairman of the National Agribusiness Council Asoka Gopallawa said one of the main criteria which led to Renuka Agrifoods winning the award was the contribution of its local inputs.

This led to a high degree of value addition which helped uplift the rural economy, he said.

Renuka Agrifoods has sales of a billion rupees, the statement said.

It is a big exporter of coconut-based food products such as coconut milk, coconut milk powder, low-fat desiccated coconut to over 60 countries.

Sri Lankan firms involved in the agribusiness trade together with farmers from all parts of the country were recognised at the awards for the contribution to the growth and sustainability of the agribusiness sector.

The National Agribusiness Council's 20 trade associations have a combined membership of over 4,500 agribusiness enterprises such as dairy, meat processors, poultry, food processors, and fisheries.

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Sri Lanka coconut exporter does well in June

Aug 18, 2009 (LBO) - Sri Lanka's Coco Lanka said exports of coconut products did well in the June 2009 quarter with group net profit up 982 percent to 34 million rupees from just three million a year ago.

The company, part of the Renuka Holdings group, said in a stock exchange filing that sales fell seven percent to 290 million rupees.

Gross profit rose 147 percent to 86 million rupees from a year ago.

It reported earnings per share of 2.70 rupees in the quarter compared with 0.25 in the same quarter a year ago.

Revenue from coconut products came to 246 million rupees in the quarter, while tea brought in 32 million and organic products 12 million rupees.

"The coconut sector performed strongly with most international markets generating robust results," Coco Lanka executive director Shamindra Rajiyah said in a statement accompanying the provisional accounts.

But the company's tea exports were affected by the global recession.

"The organic business showed promise and we expect the rewards of our ground work in this quarter in the future," Rajiyah said.
"Moderation of energy cost and improved working capital management also helped boost group performance."

Rajiyah said he hopes the business that has qualified for a government export reward scheme will receive their first payment shortly.

Payment in the reward scheme, meant to reward exporters for maintaining exports and employment in the face of an economic downturn, have been delayed as the government is strapped for cash.

Rajiyah also said the end of the ethnic war, when government forces defeated Tamil Tiger rebels in May, has "opened a spectrum of opportunities" in the north and east of the island.

"We hope to engage positively in these provinces economic activity," Rajiyah said.

Renuka Holdings PLC has recorded a noteworthy turnover and profit growth for the financial year ending 2008-09. Turnover for the period reviewed grew to Rs. 1.7 billion, while total assets of the Group increased to Rs. 1.4 billion as at March 31, 2009. Earnings per share increased to Rs. 72.37 for the twelve months of 2008-09 and net assets per share grew to Rs. 110.74.

This has been attributed to exceptional performances by the Group’s food and beverage business and a steady contribution by its investment and service sector.

In results released to the Colombo Stock Exchange, the organization which acquired subsidiaries Renuka Agro Exports Limited and Renuka Enterprises (Pvt) Ltd in the current financial year and also includes leading Agri business company Coco Lanka Plc, reported that profit before tax grew to Rs. 665.6 million in the twelve months ending March 31. Profit after tax at Rs. 656.3 million reflected a growth of 5607 per cent over the corresponding twelve months of last year, while profit attributed to equity holders of the parent company was Rs. 542.8 million.

Renuka Holdings Executive Director Shamindra Rajiyah said, “At a time when global economies are in recession and we are in an environment of shrinking margins, these results are a reflection of the strong fundamentals and principles on which Renuka is built and will continue to grow.”

Renuka Holdings traces its origin to the year 1866 and was listed on the Colombo Stock Exchange in 2008. The group is engaged in food & beverage manufacture, plantations, portfolio management, logistics and forestry. The Board of Directors of Renuka Holdings PLC comprises Mrs I. R. Rajiyah (Chairperson), Dr. S. R. Rajiyah, C. J. De S. Amaratunge, P. C. K. Abeykoon, S. V. Rajiyah, L. M. Abeywickrama and M. S. Dominic.

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Renuka Coconut Milk Powder recently gained accreditation by the Mawbima Lanka Padanama thus setting its own benchmark as a truly Sri Lankan brand worthy of national patronage, the company announced.

Renuka Coconut Milk Powder is the only Sri Lankan coconut milk powder free of artificial preservatives and coloring thereby promoting healthy living among consumers. Director Marketing of the Renuka Group Shamindra Rajiyah said in a press release, “Studies have revealed that 60% of the coconut kernel is wasted by the traditional method of scraping and extracting coconut milk. It is also a tedious task.

Renuka Coconut Milk Powder recently gained accreditation by the Mawbima Lanka Padanama thus setting its own benchmark as a truly Sri Lankan brand worthy of national patronage and one that helps boost the Sri Lankan economy.

Renuka Coconut Milk Powder is the only Sri Lankan coconut milk powder free of artificial preservatives and colouring thereby promoting healthy living among consumers. The portfolio includes coconut milk powder in 300gm and 150gm packs, canned liquid coconut milk in 400ml tins, desiccated coconut in 150gm packs and a low fat liquid coconut milk for today’s health conscious consumer.

Director Marketing, Renuka Group Shamindra Rajiyah said, “Studies have revealed that 60 per cent of the coconut kernel is wasted by the traditional method of scraping and extracting coconut milk. It is also a tedious task.

A developing country such as ours cannot afford such wastage. Our state-of-the-art technology uses every bit of the kernel, thus eliminating wastage and as a result contributes to a national cause, while also offering consumers the sheer convenience of coconut milk in an instant, both in powder or liquid form”.
The Mawbima Lanka Padanama, is a non-profit earning people’s voluntary organisation which endorses and promotes locally manufactured products among Sri Lankan consumers. It encourages boosting of sales of local brands as opposed to imported items, which will, in turn, help to improve the economy of the country and thereby raised the standards of living of the general masses of the country. ‘Ganna Ape De’ and ‘Surya Singha’ Logos are the symbols of local brands of a formidable national economy.

They are offered to all accredited organisations and brands in order to differentiate their brands from the imported and multinational brands.

Renuka Agrifoods Ltd. is a Board of Investment (BoI) approved venture and a subsidiary of the Renuka Group Ltd.
Renuka is the only coconut product manufacturer with its own coconut plantations, thus ensuring that the freshest of raw material is used at all times.

“All our products are manufactured to the highest of international standards using modern technology and the most rigorous of hygienic conditions. They are constantly checked by our qualified Quality Control and Quality Assurance teams”, Rajiyah said.
The Renuka Group is the largest exporter of Coconut Milk products from Sri Lanka and available in over 52 countries. Renuka was the first coconut factory to receive ISO 22000, the very first time such a certificate has been issued by RvA (the Dutch Accreditation Council) through the SLSI. All Renuka plantations, out-grower farms, primary processing centers and the state-of-the-art production facilities have received HACCP, ISO 22000 and BRC (British Retail Consortium) Certifications in addition to Halal.