ENL was on track to realise a good year based on its first six months’ results but the COVID-19 outbreak affected performance significantly, causing the Group to incur a loss for the full year. The Group’s segments were affected at various levels. Most of them have shown resilience and have largely recovered since the lockdown was lifted except hospitality, which is still
suffering from the closure of borders, and the consumer finance and leasing businesses which are affected by the slowdown in consumer spending. Group turnover decreased by 10% to Rs 14 billion, and operating profit registered a sharp decline to Rs 303 million. Associated companies suffered significant losses with our share amounting to Rs 349 million. The Group reported a loss after tax of Rs 957 million for the year under review. Total assets grew from Rs 67.5 billion to Rs 74.3 billion mainly as a result of the evaluation of the Group’s immovable assets and equity injection in subsidiary companies by non-group shareholders. Shareholders’ funds increased by some Rs 3 billion and indebtedness by Rs 1.5 billion; gearing ratio stood at 37%, unchanged from last year.

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