Sathosa turns a profit after 7 years | Daily News

Sathosa turns a profit after 7 years

* Rs.30 bn revenue from Jan-Sep 2021
* September sales hit Rs.4 bn, Rs.12 mn profit
* 50 percent sales growth over 2019

The loss-making Lanka Sathosa has recorded total revenue of Rs. 30 billion in the nine months from January to September 2021.

Lanka Sathosa recorded revenue of Rs. 4 billion in September alone, said Trade Minister Dr. Bandula Gunawardena.

The Cooperative Wholesale Establishment (CWE), as Sathosa is formally known, was reporting a loss of over Rs. 100 million every month. It has now become profitable after seven long years, Minister Dr. Gunawardena said.

He was speaking at the opening of a new Lanka Sathosa sales outlet in Ratnapura.

The sales recorded from January to September 2019 amounted to Rs. 19.9 billion. Accordingly, Lanka Sathosa has shown a 50 per cent growth in total sales in the first nine months of 2021 compared to the first nine months of 2019, he said. The Minister said that for the first time in the history of Lanka Sathosa, the highest sales in a month were recorded last September amounting to Rs. 4 billion.

He said that for the first time in seven years, Sathosa had achieved a record operating profit of Rs. 12.1 million in September alone.

He said consumers were flocking to Sathosa as it sells the highest quality essentials at the lowest possible prices. Moreover, there was no shortage of goods at Sathosa at any time and some of the stocks of sugar and other essentials previously hoarded by private traders and wholesalers were also sold to consumers islandwide through Sathosa at concessionary prices.

A Sathosa store is located at practically every town in the country, giving easy access to consumers. Sathosa is planning an expansion drive to cover more areas in a bid to compete with the private supermarket chains and retail stores.

Minister Dr. Gunawardena urged consumers to choose Sathosa to purchase all their essentials at reasonable prices.

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