SOLID SECONDARY LISTING
The LMD 100’s Second Board paints a picture of resilience and recovery
At the end of June, the Colombo Stock Exchange (CSE) comprised 286 companies – categorised as 20 Global Industry Classification Standard (GICS) industry groups – with a collective market capitalisation of Rs. 6,438 billion.
The annual edition of the LMD 100, also known as the ‘First Board,’ ranks Sri Lanka’s leading 100 listed companies based on reported revenue. Complementing it, the LMD 100 ‘Second Board’ features the next 50 corporates ranked on the same criteria.
In financial year 2024/25, Singer Finance (Lanka) tops the LMD 100 Second Board with an annual income of 9.7 billion rupees, marking an impressive climb of seven positions from its 2023/24 ranking.
The financial leasing entity reported a post-tax profit of 852 million rupees, more than doubling its previous year’s profit after tax (PAT) of Rs. 404 million, reflecting strong growth momentum and sustained operational performance.
Agstar claims the second spot on the LMD 100 Second Board, climbing an impressive 10 notches from 12th place in the previous year. The company reported a top line of 9.5 billion rupees (a substantial increase of 24%).
Senkadagala Finance secured third place in the latest annual rankings, marking a steady rise from fourth position on the Second Board of the LMD 100 in 2024/25. The financial services company achieved a commendable 11 percent increase in revenue – from Rs. 8.5 billion to 9.5 billion rupees – reflecting a consistent performance.
In fourth position is Sierra Cables, which advanced from seventh place in the preceding financial year. The company reported a 14 percent rise in income to Rs. 9.2 billion in 2024/25, up from 8.1 billion rupees in the prior period.
Completing the top five of the LMD 100 Second Board are Eden Hotel Lanka and Palm Garden Hotels, both recording an impressive 30 percent surge in revenue. Their top lines grew from Rs. 6.9 billion in 2023/24 to nine billion rupees in the latest financial year.
Lanka Ashok Leyland takes seventh place on the secondary listing with a remarkable leap from 35th place last year: the company’s turnover rose by 67 percent (from Rs. 5.4 billion to nine billion rupees) in the 2024/25 financial year.
Capital Alliance drops to the Second Board this year, having previously ranked at 96th on the First Board. The company is positioned at eighth, reporting a profit after tax of Rs. 4,421 million – a decline of 68 percent compared to 13 million rupees in the previous year.
Meanwhile, HDFC Bank of Sri Lanka drops from 79th on the First Board in 2023/24 to claim ninth place on the Second Board in 2024/25. The bank recorded an annual income of Rs. 8.5 billion, marking a decline from 14.5 billion rupees in the previous financial year. This reflects a 41 percent fall in its top line.
Rounding up the top 10 in the secondary listing of LMD 100 entities is Merchant Bank of Sri Lanka & Finance, which slips from fifth place on the Second Board in the 2023/24 financial year. The company reported a marginal one percent dip in revenue, which fell from Rs. 8.3 billion to 8.2 billion rupees this year.
The cumulative income of the latest LMD 100 Second Board exceeds Rs. 334 billion, reflecting a five percent increase from the previous year’s 317 billion rupees.
In the 2024/25 financial year, cumulative post-tax profits rose by 27 percent, climbing from Rs. 25.9 billion to 32.8 billion rupees.
What’s more, total assets saw a substantial appreciation of 18 percent, rising from nearly Rs. 903 billion to 1,065 billion rupees. And additionally, shareholders’ funds expanded by eight percent, surpassing Rs. 347 billion during the period under review.
The 2024/25 LMD 100 Second Board welcomes four new entrants – namely Digital Mobility Solutions Lanka, Madulsima Plantations, Sarvodaya Development Finance and PMF Finance.
Meanwhile, three entities have been displaced from the LMD 100 Second Board in 2024/25 – viz. Asiri Surgical Hospital, Dankotuwa Porcelain and Namunukula Plantations.
The LMD 100 Second Board for financial year 2024/25 showcases a strong representation from the food, beverage and tobacco sector, which encompasses 19 entities. Moreover, the diversified financial sector accounts for nine representatives while consumer services has four and capital goods three.
Materials, utilities, insurance, consumer durables and apparel, households and personal products, and real estate have two representatives each. And banks, retailing and transportation is represented by one entity on the Second Board.
FOOTNOTE Public companies incorporated under the Companies Act No. 7 of 2007 or any other statutory corporation – incorporated or established under the laws of Sri Lanka or any other state (subject to exchange control approval) – are eligible to seek a listing on the CSE to raise debt or equity. Companies desiring to be admitted to the official list of the exchange and secure a listing of their securities are required to comply with the relevant provisions of the above act and the Securities & Exchange Commission Act No. 36 of 1987 (as amended) and Listing Rules of the Exchange.
