Panasian Power PLC (PAP), one of Sri Lanka’s prominent green energy solutions providers,has performed comparatively well for the financial year that ended on March 31, 2021.
Accordingly the following achievements were recorded:
- a consolidated net profit of Rs 248 million, for the financial year ending March 31 2021. This translates to upto 63% growth, compared to the financial year in 2019/2020.
- growth of net profit margin grew year on year by 7%
- revenue increased by 62% in the final quarter of the year 2020/2021,compared to the corresponding quarter in the financial year 2019/2020.
Overall PAP ended on a good note, operating a total of 6.75MWp of solar projects across the country, despite restrictions imposed due to the pandemic. The projects covered include a 3MWp ground solar project in Matara, 3.75MWp of rooftop solar projects, along with the completion of pre-development for 2MWp of ground solar projects.PAP also has a series of high-performing solar power projects under its wing totalling 13MWp and a total generation capacity of 22MW.
In addition, resources were directed towards revenue diversification, with major focus placed on the EPC segment, thereby recording positive results– surpassing international forecasts.
The CEO of Panasian Power PLC commented saying that their successful performance was a result of the company’s strategic planning and growth measures. Through efforts at diversification through solar projects and retail of Sungrow inverters, the company was able to reach their performance goals, despite the challenges posed by the health crisis in the country. The CEO reiterated that PAP was committed to creating a sustainable future for Sri Lanka.
