Litro Gas posts record profit in 2015

Litro Gas Lanka Ltd., posted a record profit of over Rs. 6 billion for 2105, with significant increases in volumes (22 percent) and market growth (485,548 new connections).

It has extended its reach, making LPG gas available all over the island through a network of over 5,000 dealers.

Chairman, Shalila Moonesinghe said, "It is of utmost importance that Litro Gas be available in all rural areas. Litro Gas has maintained the highest safety standards ensuring that quality products are delivered to all customers."

In a joint communiqué the Chairman and the Managing Director of Litro Gas Lanka Ltd., Muditha Peiris said, "With one of the largest price reductions seen in any given year, Litro Gas managed to grow its market by creating over 485,000 new connections. This has led us to a record year in 2015 with gross profits of over Rs.6 billion." The highest ever volumes of over 209,000 metric tons were recorded in 2015. This amounts to another record in terms of volume growth of over 22 percent.

"We continue to invest in our people to ensure that safety is maintained throughout our value chain," Peiris said. "We have upgraded our cylinder refurbishment facilities in order to deliver a better product. With these improvements Litro Gas will improve its quality and standards."

Litro Gas continues to focus on its staff ensuring there is continuous development and growth within the organization. 2015 has seen many staff being promoted within the organisation recognizing their exceptional skills Litro Gas has a safety record that is second to none. "Safety is our prime concern as our business revolves around liquid petroleum gas (LPG). When handled with due care LPG is a versatile fuel which is easily transportable to both city and village alike," Peiris said.

2015 saw the company recorded 888,413 of man hours with zero LTIs and zero fatalities.

Moonesinghe said, "Prime importance has been placed on good governance and controls". He elaborated that the new board was appointed in mid-February 2015 with a clear mandate to ensure that Good governance and procedures were followed, in order to ensure that Litro Gas would be a benefit to the country as a role model corporate. Subsequent to this the Chairman and Managing Director took office on February 10, 2015.

In keeping with its social responsibilities, Litro Gas recorded the highest number of CSR activities in its history during last year which benefitted many communities across the country. Plans have already commenced on the development of the Litro Gas Terminal in the port of Hambantota to install a filling plant in 2016.

This will be the second terminal and filling plant in Sri Lankan both of which and owned and operated by Litro Gas. This plant will mainly cater to the southern and eastern provinces of Sri Lanka. Currently the Litro Gas terminal in Hambantota is the only terminal in the country that is capable of exporting LPG. The Company hopes to manufacture cylinders in Sri Lanka.

This manufacturing facility will complement the business and will save the cost of importing cylinders from overseas.