CHEVRON LUBRICANTS LANKA PLC RESILIENCE
ANNUAL
REPORT
2023
In hard times, resilience becomes the unwavering spirit that refuses to succumb in the face of overwhelming odds. Instead, it grows into an armour of determination, to push back every obstacle. Resilience is a mindset. It is the belief that adversity creates an opportunity for growing.
By providing the strength to endure hardships and the wisdom to extract valuable lessons from every trial, resilience becomes an opportunity to respond to volatile circumstances instead of letting circumstances define the outcome.
Within these pages lies the narrative of how Chevron Lubricants Lanka PLC rose above the situation by persevering in the storm of adversity to reach the shores of success.
004-005
Corporate Overview
- Vision, Our Values
- Financial Highlights
006-021
Leadership
008 Chairman's Review
- Managing Director's Review
- Board of Directors
- Management Team
022-032
Management
Discussion and
Analysis
033-037
Financial Review
038-060
Governance
- Corporate Governance
- Risk Management
052 Annual Report of the Directors
055 Statement of Directors' Responsibilities
056 Audit Committee Report
058 Remuneration Committee Report
059 Related Party Transactions Review Committee Report
061-103
Financial Statements
062 Financial Calendar 2023
063 Independent Auditors' Report
067 Statement of Financial Position
068 Statement of Comprehensive Income - Income Statement
069 Statement of Comprehensive Income - Other Comprehensive Income
070 Statement of Changes In Equity
071 Statement of Cash Flows
072 Notes to the Financial Statements
104-110
Supplementary
Information
- Ten Year Financial Summary
- Statement of Value Added
- Shareholder Information
- Notice of Meeting
Enclosed
- Form of Proxy
Inner Back Cover
- Corporate Information
004
Lubricants Lanka PLC | Annual Report 2023 |
Chevron |
004-005
Corporate Overview
008-021
Leadership
VISION,
OUR VALUES
Vision
To be the pre-eminent marketer of lubricants in Sri Lanka differentiated by its people, partnerships and performance.
Our Values
Our company's foundation is built on our values, which distinguish us and guide our actions to deliver results. We conduct our business in a socially and environmentally responsible manner, respecting the law and universal human rights to benefit the communities where we work.
022-032
Management
Discussion
and Analysis
033-037
Financial
Review
038-060
Governance
061-103
Financial
Statements
104-110
Supplementary
Information
Diversity and Inclusion
We learn from and respect the cultures in which we operate. We have an inclusive work environment that values the uniqueness and diversity of individual talents, experiences and ideas.
High Performance
We are passionate about delivering results, and strive to continually improve. We hold ourselves accountable for our actions and outcomes. We apply proven processes in a fit- for-purpose manner and always look for innovative and agile solutions.
Integrity and Trust
We are honest with ourselves and others, and honor our commitments. We trust, respect and support each other. We earn the trust of our colleagues and partners by operating with the highest ethical standards in all we do.
Partnership
We build trusting and mutually beneficial relationships by collaborating with our communities, governments, customers, suppliers and other business partners. We are most successful when our partners succeed with us.
Protect People and the Environment
We place the highest priority on the health and safety of our workforce and protection of our assets, communities and the environment. We deliver world-class performance with a focus on preventing high consequence incidents.
FINANCIAL | 005 | ||||||||||||
HIGHLIGHTS | Chevron Lubricants Annual Report 2023 | ||||||||||||
Lanka PLC | |||||||||||||
2023 | 2022 | Change | |||||||||||
Turnover (Rs. '000) | 23,252,503 | 24,574,730 | -5% | ||||||||||
Profit Before Tax & OCI (Rs. '000) | 5,144,503 | 4,999,632 | 3% | ||||||||||
Taxation (Rs. '000) | 1,541,490 | 1,333,578 | 16% | ||||||||||
Profit After Tax (Rs. '000) | 3,603,013 | 3,666,055 | -2% | ||||||||||
Shareholders' Funds (Rs. '000) | 8,332,330 | 6,159,131 | 35% | ||||||||||
Property, Plant & Equipment (Rs. '000) | 1,611,884 | 1,588,867 | 1% | ||||||||||
Gross Dividends (Rs. '000) | 1,440,000 | 1,680,000 | -14% | ||||||||||
Dividend per Share (Rs.) | 6.00 | 7.00 | -14% | ||||||||||
Earnings per Share (Rs.) | 15.01 | 15.28 | -2% | ||||||||||
Dividend Payout Ratio (%) | 40 | 46 | -6% | ||||||||||
Price Earnings Ratio (Times) | 6.01 | 6.32 | -5% | 004-005 | |||||||||
Corporate | |||||||||||||
Market Value per Share as at 31st December (Rs.) | 90.30 | 96.50 | -6% | Overview | |||||||||
Return on Equity (%) | 50 | 66 | -16% | ||||||||||
Net Assets per Share (Rs.) | 34.72 | 25.66 | 35% | 008-021 | |||||||||
Net Income to Turnover (%) | 15 | 15 | 0% | Leadership | |||||||||
022-032 | |||||||||||||
Profit After | Gross | Management | |||||||||||
Discussion | |||||||||||||
Tax & ROE | Dividends | and Analysis | |||||||||||
Mn.LKR | 2019 | 2020 | 2021 | 2022 | 2023 | % | 2019 | 2020 | 2021 | 2022 | 2023 | Mn.LKR | 033-037 |
Financial | |||||||||||||
Review | |||||||||||||
5,000 | 100 | 3,750 | |||||||||||
4,000 | 86% | 80 | 3,000 | 038-060 | |||||||||
Governance | |||||||||||||
3,000 | 66% | 60 | 2,250 | ||||||||||
52% | 54% | 50% | 061-103 | ||||||||||
2,000 | 40 | 1,500 | Financial | ||||||||||
Statements | |||||||||||||
1,000 | 2,099 | 2,226 | 3,926 | 3,666 | 3,603 | 20 | 1,860 | 2,160 | 3,120 | 1,680 | 1,440 | 750 | |
104-110 | |||||||||||||
0 | 0 | 0 | Supplementary | ||||||||||
Information | |||||||||||||
Profit After Tax | ROE |
006
Lubricants Lanka PLC | Annual Report 2023 |
Chevron |
004-005
Corporate Overview
008-021
Leadership
022-032
Management
Discussion
and Analysis
033-037
Financial
Review
038-060
Governance
061-103
Financial
Statements
104-110
Supplementary
Information
Annual eport 2023 Leadership | Chevron Lubricants Lanka PLC |
007 | |
R |
008-009 | 010-012 | 013-019 | 020-021 |
Chairman's | Managing | Board of | Management |
Review | Director's Review | Directors | Team |
008
Lubricants Lanka PLC | Annual Report 2023 |
Chevron |
004-005
Corporate Overview
008-021
Leadership
022-032
Management
Discussion
and Analysis
033-037
Financial
Review
038-060
Governance
061-103
Financial
Statements
104-110
Supplementary
Information
CHAIRMAN'S REVIEW
The global and local operating environments have been tumultuous during the post-pandemic recovery phase. While some economies have fared better than others, there has been noticeable growth worldwide.
In the past, China has been the primary engine of growth in this region, but its expansion has been relatively muted in the post-pandemic era. On the other hand, other economies, such as India, are on an upward trajectory, but it remains to be seen if they would have a similar impact as China.
Despite some positive signs, we have yet to see the full effects of the post-pandemic era. There have been various challenges to navigate, from the Russia-Ukraine war to what's happening in the Gulf region and its impact on trade routes. However, hidden opportunities still exist,
and we must remain nimble and agile to adapt to the ever-changing scenario, which aligns with our Annual Report's theme this year: Resilience.
"Chevron Lubricants Lanka PLC recorded strong profitability by earning a profit after tax of LKR 3,603 Mn."
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Chevron Lubricants Lanka plc published this content on 06 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 May 2024 10:12:06 UTC.
