Acquisition of MillenniumIT ESP adds Rs 1.5 bn in revenue

Sanjeev Gardiner Chairman, Ambeon Capital and Murali Prakash, Group Managing Director, CEO, Ambeon Capital and Ambeon Holdings

Leading multi-discipline diversified conglomerate the Ambeon Group have shown remarkable and sustained growth throughout the 2017/2018 financial year.

Overall, Ambeon Capital PLC posted impressive financial results during 2017/2018, starting with the Company’s PBT of Rs 286 million for 2017/18, which was almost thrice its 2016/2017 PBT of Rs102 million. Even more noteworthy is the Company’s PAT was Rs 372 million compared to a loss of Rs 23 million only a year prior. The total comprehensive income for the Company for 2017/2018 was Rs 907 million, which was more than four times that of the year before, wherein earned income was Rs 224 million.

Its main subsidiary, Ambeon Holdings PLC’s total comprehensive income climbed to Rs 1.1 billion, which was more than double the profits that were incurred in 2016/2017, which was Rs 494 million. An annual Profit Before Tax (PBT) of Rs 571 million this year was also posted, which was a significant increase over the Group’s PBT of Rs 367 million in 2016/2017. Further Group Profit After Tax (PAT) was more than doubled to Rs. 670 million in 2017/2018. This is in comparison to a Group PAT of Rs 263 million achieved last year. Ambeon Holdings further recorded revenues of Rs 12,272 million in 2017/2018, which was a growth of 14.04% over the corresponding period in 2016/2017.

These impressive financial results in 2017/2018 came at the end of a financial year marked by renewal, as well as a number of positive changes, that spanned the Group. The biggest milestone for the year was undoubtedly the acquisition of Millennium Information Technologies (Pvt) Ltd (MillenniumIT ESP), which has already contributed Rs.1.5 billion in Revenues and a healthy PBT to the Group.

“We are pleased that our extensive restructuring initiatives continue to lead to exceptional financial results. This is particularly apparent with the Group’s acquisition of Millennium IT ESP, which is a direct outcome of our strategic decision to invest in the tech sector and drive techno-consumerism within the country,” said Murali Prakash, Group Managing Director/Chief Executive Officer, Ambeon Capital PLC and Ambeon Holdings PLC.