News 05 - 06.06.2023

Raigam Wayamba Salterns PLC
2022/2023 Group – After tax profit (unaudited) 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. The press conference to declare the company’s achievement was held at the Raigam Corporate Head Office in Walukarama road, Colombo 03 on 06th of June 2023 with the participation of a large number of media personals. The Company Chairman, Dr.Ravi Liyanage, The Managing Director, Mr.Kishan Theodore, The Senior Director, Mr.Ganaka Amarasinghe along with two Non-executive independent Directors, Senior Professor Sampath Amarathunga and Mr.T. Dharmarajah participated for this event. These impressive results were revealed in the recently published 2022/2023 Provisional Financial Statements (un audited) of the group.

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 accurately judged the future trends in the market, especially conversion of consumer choice from traditional crystal salt to table 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 The event was adjourned with a pleasant cocktail function.

News 04 - 22.10.2022

Opening ceremony of the Head office building at Walukaramaya road,Colombo 03.

The opening ceremony of the new Raigam Head office at Walukarama road, was enticingly held on 22nd of October 2022. A pirith chanting ceremony was organized for the evening. The Chairman/CEO, Dr.Ravi Liyanage, Managing Director, Mr.Kishan Theodore, Senior Director, Mr.Ganaka Amarasinghe along with the invited guests and the Raigam employees attended the Pirith chanting. . The new building is comprised of 5 floors. Within a short time span, the building rose to its feet by adding glamour to the surrounding as well. The building is well built with the latest building technologies. This marked the completion of another successful project by Raigam group.

News 03 - 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 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.

News 02 - 01.09.2021

Commencing a new factory in Wellawa

The Raigam group of companies have marked another successful venture in commencing a state of the art rice milling plant in Wellawa, Kurunegala. Occupying an area of 4 and half acres, the warehouse complex has the ability to stockpile up to 3 million kilograms of paddy.

The mill has the capacity to process 15,000 kilograms of paddy per day. The main objective of the establishment is to produce rice for its rice noodles operation. Paddy is expected to be purchased directly from farmers which in turn will lift the burden of mediate traders’ involvement for both the farmer and the final user.

Raigam was the first business entity which introduced a rice noodle using rice for the first time in Sri Lanka known as ‘’Deweni Batha’’, which is not only famous in Sri Lanka but also in other countries as well.

Also, another strategic move resulting from the new establishment is launching of a breakfast cereal product. Raigam plans to introduce cereal blend made from locally harvested grains such as soya, corn & mung beans. This product is planned to be introduced to the market in the 2nd quarter of the year.

News 01 - 20.10.2021

Raigam Wayamba Salterns records highest ever volume-driven financial performance despite the pandemic issues.

With all the adverse effects of the pandemic situation, Raigam Wayamba Salterns was able to record its highest ever financial performance for 2020/2021 financial year. As per the submitted interim financial results of the group, the Group’s turnover rose by a record of 26.8% Year-on-Year to Rs.959.68 million in 2020/2021 FY. The Group posted a prodigious 72.9% Year-on-Year growth in Turnover, reaching Rs.273.6 million in the first quarter of 2021/2022 FY.

More information can be taken from the Daily FT article published on October 26th, 2021. Following is the link for the article published online,

https://www.ft.lk/business/Raigam-Wayamba-Salterns-records-highest-ever-volume-driven-financial-performance-despite-pandemic-woes/34-724900

At Raigam we believe synergy. One activity benefits another and the chain goes on. This saves time, personnel and other resources. In the same way, every member of the Raigam family is driven by one vision, Raigam Corporate Vision! So, all the special events of the group are treated collectively as belonging to one entity rather than belonging to separate companies as all subsidiaries march together as one. News from any one member will be part and parcel of the whole group unless there is a certain special news item that needs to be separated from the rest in which case it is set aside from the rest of the news.

Raigam - News