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Lanka IOC PLC has embarked on the organization’s next Corporate Social Responsibility (CSR) stance by giving a generous donation towards the Trail Walk initiative which took place in October this year.
The cheque for the generous amount was handed over to Mahela Jayawardena and Kumar Sangakkara by LIOC Managing Director, Shyam Bohra.
Lanka IOC Managing Director, Shyam Bohra said, “We believe in providing support to crowd funding initiatives such as the Trail Walk, which help to bring together communities and the general public, who participate in a truly worthy initiative”.
The Trail Walk, which was a brainchild of Founders Nathan Sivagananathan and Sarinda Unamboowe is Sri Lanka’s largest ever crowd-funded charitable initiative. The aim of the walk by volunteers was to raise US$ 5 million or approximately Rs. 735 million towards building a new cancer unit at the Karapitiya Teaching Hospital in Galle. Trail initially commenced in the year 2011 in the form of a walk which started from the southernmost part of the country and finished at the south in the course of 27 days covering 670 km in total.
Lanka IOC PLC is the subsidiary of IOCL, a Fortune 500 company. It is the only private oil company and a major player among Sri Lanka oil companies, other than the state-owned Ceylon Petroleum Corporation (CPC) that operates over 199 retail petrol/diesel stations in Sri Lanka and has a very efficient lube marketing network.
Taken from Daily Mirror
As a leader amoung Sri Lanka oil companies Lanka IOC introduces new look Servo Lubricants to local market
September 27, 2016 10:08 amThe specialty of the product as mentioned was its improved strength and aesthetic look and the feel for the buyer. Other features as noted were its increased speed, smoothness, higher life span and energy with a higher load. Lanka IOC PLC Managing Director Shyam Bohra said that they are pleased to introduce the global container concept to Sri Lanka.
“The new design has the ease of handling it, and the aesthetic look is better than before. This particular design has been developed following research,” he said.He added that this container is much stronger in terms of design and the container can be used for different purposes and will certainly benefit the end users more. Though there are 13 players in the country’s lubricant market at present, Chevron being the leader, he said that with improved accessibility and brands, their market share is increasing year-on-year.
Being the number two player in Sri Lanka and enjoying a market share of 17-18 percent at the moment, he said that they are aspiring to touch up to 25 percent in 4-5 years. He added that as the R&D is done in India, the new technology is being immediately imparted to Sri Lanka.
He further said that with over 1,000 commercial grades and over 1,500 formulations encompassing literally every conceivable application, SERVO serves as a one-stop shop for complete lubrication solutions in the automotive, industrial, and marine segments.
It was also noted that it comes to Sri Lanka as a compliment from the parent company as it will not add any extra cost to LIOC or consumers.
As LIOC exports Servo brand of lubricants to Maldives, they would be exporting to Indonesia as well in the near future.
Lanka IOC is a leader among Sri Lanka Oil Companies and the Indian Oil’s subsidiary in Sri Lanka, is the only private oil company other than the state-owned Ceylon Petroleum Corporation (CPC) that operates retail petrol/diesel stations in Sri Lanka and a key player in engine oil in Sir Lanka market. It has over 150 fuel stations in Sri Lanka.
Taken from Daily Mirror
Sri Lanka’s IOC a visible player among Sri Lanka Oil Companies, a subsidiary of Indian Oil Corporation, is to expand their existing bunkering operations at Trinco port as the prospects for this business line are promising, particularly given the strategic positioning of the port and its significant potential for growth, the company said.
Trincomalee is the world’s 5th best natural harbour and provides an excellent opportunity to meet the bunker need of the vessels operating on the Bay of Bengal – Western Countries shipping route.
LIOC commenced bunkering operations in Trincomalee in June last year and to optimize the storage and operating costs the company commissioned storage of bunker fuels at its Trincomalee Terminal in February 2016.
The company currently operates one bunker barge with capacity for 400 MT of 380cst fuel and 400 MT of MGO.
The forex income generated from this business line has enabled the LIOC to hedge against its foreign currency payments in the purchase of oil imports.
During the 2015/16 financial year, bunkering has achieved a volume growth of 20 percent although revenue declined by 31 percent due to the reduction in international prices, the company’s annual report showed.
Operating from Colombo and Trincomalee harbour, LIOC is the 2nd largest operator for bunkering in the island’s bunkering market supplying fuel oil and diesel for vessels at berth and anchorage at the Colombo and Trincomalee ports, which accounted for 13 percent of company’s revenue.
During the Indian PM’s visit to Sri Lanka, Ceylon Petroleum Corporation and LIOC agreed to jointly develop the upper tank farm of the China Bay installation in Trinco.
Lanka IOC, already operates 15 oil storage tanks out of 99 tank farm in Trinco and each storage tank has a capacity of around 12,000 tonnes.
Meanwhile, petroleum sector unions recently charged the government for trying what they called ‘to privatize’ the Trincomalee tank farm to India and Hambanthota oil and bunkering business to China.
Convener for Petroleum Union Collective D J Rajakaruna said the government allows other countries to make profits out of promising bunkering business in Trinco and Hambanthota without letting the business to the state owned CPC.
He further charged that the government is also planning to form a separate company under CPC for aviation business with a view to ‘privatize’.
Taken from – LBO
Lanka IOC Platinum Sponsor of CMA Sri Lanka National Management Accounting Conference 2016
July 7, 2016 9:54 am
Lanka IOC joined hands with CMA – Sri Lanka as Platinum Sponsor for the National Management Accounting Conference 2016 to be held on 11-13 July at Cinnamon Lakeside, Colombo. The sponsorship cheque was presented to Prof. Lakshman R. Watawala by Lanka IOC Managing Director Shyam Bohra. From left: Member Service Senior Manager Shanthi Maheswaran, Director – Education and Examination Dr. De Livera, CMA Consultant L.B. Wattegedare), Lanka IOC Senior Vice President – Finance Anuj Jain, Lanka IOC Managing Director Shyam Bohra, CMA President Prof. Lakshman R. Watawala, CMA VP Basheer Ismail, CMA Council Member Adrian Perera and CMA Director – Operations Sumudu Pagoda
Taken from Daily FT
Lanka IOC PLC saw net earnings surge 65% to Rs 4.81 billion for the year ended 31 March 2014, up from Rs 2.91 billion a year ago, financial results filed with the stock exchange showed.
Sales grew 8.9% to Rs 81.8 billion and gross profit grew 54.22% to Rs 8.31 billion.
Selling and distribution expenses amounted to Rs 1.74 billion, up from Rs 1.67 billion a year ago, administration expenses fell to Rs 875.3 million, down from Rs 889.1 million the previous year. Finance income grew to Rs 301 million, up from Rs 267 million a year ago and finance costs grew to Rs 258.5 million, up from Rs 138.8 million the previous year.
The company’s assets grew 9.24% to Rs 26.98 billion.
Export sales fell to Rs 12.84 billion during the year ended 31 March 2014, down from Rs 18.12 billion a year ago.