2011 Annual Report - Cargills (Ceylon)

Annual Report 201111Chairman’s statement contd...nurturing role in uplifting our community now warrantstaking this platform to an even higher level. The year aheadwould see your Company playing an even more significantrole in building on its core strength of food and nutritionwhilst investing into key growth sectors of our Country. YourCompany believes in a bright and prosperous future for SriLanka and is now well positioned as a trusted partner of SriLanka to spearhead that journey of success.Rs. 4.86(2010 - Rs. 3.18)Earnings per share (Group)52.83 % GrowthRs. 31.07(2010 - Rs. 27.42)Net assets per share (Group)13.31 % GrowthSummary of PerformanceYour Company recorded an excellent performance in the yearconcluded with Profit after tax crossing the Rs. 1 Bn milestone.This is a growth of 54% from Rs. 712 Mn reported last year.The Group consolidated turnover exceeded Rs. 37 Bn havingachieved a growth of 20%. Profit before tax has recorded a 41%increase to Rs. 1.4 Bn. The Group after tax profit attributable toshare holders was Rs. 1.1 Bn a growth of 53% over the previousyear’s profit of Rs. 712 Mn.AppropriationA dividend of 50 cents per share was paid on 7 February2011 as interim dividend and a dividend of Rs. 1 per sharewill be proposed at the forthcoming annual general meeting.The Company maintains a consistent dividend policy beingaware of its capital commitments towards investment aimedat long-term growth. The performance of the share bears ampletestimony to shareholder appreciation of the increasing valueof the Company. We are confident that the Company wouldcontinue to create substantial and sustainable capital wealth inthe future.AcknowledgementIn conclusion I take this opportunity to commend our team of6,790 persons who have worked with enduring commitmentand loyalty to engage every opportunity that has come our way.The quality of our performance is attributed to this remarkablycompetent team, their knowledge, skills and professionalism.I extend my sincere thanks to the Board of Directors whoseleadership and foresight has steered the Company to success.I thank our business partners in the farming communitiesand small and medium enterprises as well as our principals,suppliers and financial institutions for their continued support.I express my thanks to our shareholders for their continuedconfidence in us. I am sure you will stay with us as we strive tocreate greater value in our enterprise and contribute towardsthe progress and prosperity of our country.SignedL R PageChairman17 August 2011