CSE CEO, Rajeeva Bandaranaike, CSE Chairman, Dilshan Wirasekara, Chrissworld Chairman, Christopher Perera, Chrissworld, MD,CEO Suraj Suraweera, Chrissworld Executive Director, Sithira Wickramasekera and Atarah Capital Partners MD, Rohan Senewiratne at the Podium
Chrissworld PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) yesterday to celebrate their remarkable achievement after being listed on the Empower Board of the CSE.
While congratulating Chrissworld PLC for the Company’s milestone, Chairman of the CSE, Dilshan Wirasekara stated, “Chrissworld PLC has set an example for other SMEs by showing the achievement the company gained by listing on the CSE; accessing the capital and scaling up the business and growing, which is the dire need of the economy in Sri Lanka today.”
“Export companies are really the backbone that keeps this economy growing today and that CSE could also play a part in that growing path and assist in the capital raising needs of the company.”
Chrissworld PLC Chairman, Christopher A.M. Perera said: “Before the listing took place, we had a lot of concerns, but after much deliberation, we were convinced this is a good move.”
“The biggest challenge we had was funding; the financial cost was a huge challenge. Divesting shares to the public tremendously helped us to reduce our interest cost. Had we not gone for listing, we may have been severely impacted by the current interest rates. We have doubled our profits from 2021 to 2022 even though the economic conditions in the country are not very conducive for growth.”
“Further because of the PLC status we gained a lot of recognition and admiration, locally as well as internationally. We have got opportunities where companies want to invest with us.” He also mentioned that countries like China and India are interested in Sri Lanka’s logistics industry and that Sri Lankans must put their hand up to grab potential opportunities.
Manager to the Issue of the IPO, Atarah Capital Partners Managing Director, Rohan Senewiratne, said, “Chrissworld PLC successfully outperformed our valuation forecasts that were depicted in the Research Report of the Prospectus. The top line forecast for FY 20/21 was Rs 237 million whereas Chrissworld PLC ended up with Rs 264 million turnovers, whilst the net profit forecast was outperformed by 40%. This was amidst COVID-19 related lengthy lockdown in the country.”
In FY 21/22, yet again the top line forecast was outperformed by 80% and the net bottom line forecast was outperformed by 32%.”
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