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State Fertilizer Company Earns a Profit of 433Mn. Rupees

Posted on the 20 August 2024 by Frontpage
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Dr. Jagath Perera, chairman of the government owned two fertilizer companies, said that the government-owned Lanka Fertilizer Company and Commercial Fertilizer Company have earned recorded profits in the year 2023.

The two companies, which existed as two fertilizer companies until now, were merged under the name of State Fertilizer Company from 2024.

A progress review meeting was held recently under the patronage of the Minister of Agriculture and Plantation Industry, Mr. Mahinda Amaraweera, regarding the future activities of the State Fertilizer Company and the supply of fertilizers in this year’s yala season as well as in the next maha season.

Dr. Jagath Perera, Chairman of the State Fertilizer Company, who expressed his opinion, said that the two combined fertilizer companies had earned a profit of Rs.433 million in last year. Accordingly, Sri Lanka Fertilizer Company has earned a profit of 141 million rupees and Colombo Commercial Fertilizer Company has earned a profit of 292 million rupees.

Also, during the merger of these two companies, 272 employees voluntarily retired and the largest amount of compensation in the history of our country was given to those employees. For that, Rs.840 million was spent from the money of the State Fertilizer Company. Chairman Dr. Jagath Perera also mentioned that the financial condition of the State Fertilizer Company is very good and thus the financial condition of the company has increased to Rs. 4.5 billion.

The Minister of Agriculture and Plantation Industry, Mr. Mahinda Amaraweera, who expressed his opinion, also mentioned that despite the economic crisis in the country, the State Fertilizer Company has earned a high profit. He also emphasized that the State Fertilizer Company has made a huge financial profit by providing fertilizer subsidies to paddy, tea, coconut, rubber and cinnamon plantations.

The minister also said that the top management and all the staff of the State Fertilizer Company have debunked the opinion that government institutions cannot make profit.

The Secretary of the Ministry Mr. Janaka Dharmakeerthi and others participated in this discussion.


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