Review of Q1 FY2021 Version 2.0 This Investor Presentation should - - PowerPoint PPT Presentation
Investor Presentation Review of Q1 FY2021 Version 2.0 This Investor Presentation should be read in conjunction with the JKH Annual Report 2019/20 to obtain a more comprehensive understanding of the drivers and strategies of our businesses
Investor Presentation Review of Q1 FY2021
Version 2.0
This Investor Presentation should be read in conjunction with the JKH Annual Report 2019/20 to obtain a more comprehensive understanding of the drivers and strategies of our businesses
▪ Market cap of USD 0.87 billion ▪ No controlling shareholder - 99% free float ▪ Debt : Equity ratio of 42.0% ▪ The Board comprises of two Executive Directors and five Independent Non-Executive Directors
2 *Debt includes the Right-of-Use assets due to the accounting impacts of SLFRS 16 – Leases. The debt to equity ratio excluding SLFRS 16 - Leases is 33.0%
Note: The above excludes the contribution from Other including Information Technology and Plantations Services
PAT attributable to equity holders 2017/18
▪ The Group is conscious of the composition of its earnings and targets a greater contribution from higher ROCE earning industry groups such as Consumer Foods, Retail and Financial Services. ▪ 2017/18 excludes the one-off surplus transfer of Rs.3.38 billion at Union Assurance PLC ▪ Earnings of the Sri Lankan Leisure businesses in 2019/20 were significantly impacted by the Easter Sunday attacks in April 2019 and resultant impact on tourist arrivals to the country. Performance was further impacted from the fourth quarter onwards with the global outbreak of the COVID-19 pandemic
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2018/19
22% 11% 8% 20% 5% 33%
2019/20
36% 10% 4% 16% 1% 33% 54% 18% 13%
4% 29%
Transportation Consumer Foods Retail Leisure Property Financial Services
COVID-19 impact to Sri Lanka and JKH; faster than anticipated recovery momentum in business activity
business recovery is reverting to almost pre- COVID-19 levels, faster than anticipated, and this momentum is expected to continue if the pandemic remains contained.
strengthen the Group’s financial and cash position from the beginning of the quarter, combined with the recovery momentum in business activity, enabled the Group to record cash profits despite the extremely challenging operating conditions.
airport in Sri Lanka and the high dependency on the recovery of key source markets in particular.
Lanka through the aggressive and proactive measures undertaken by the Government and the relevant authorities.
general public. Contact tracing was done proactively to identify and contain a cluster spread
are no current indications of community transmission.
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Total EBITDA 22,174 25,798 (14) Recurring EBITDA** 22,055 25,579 (14) Recurring EBITDA excluding Leisure*** 19,714 20,278 (3) **Refer page 38 of the JKH Annual Report 2019/20 for commentary on recurring adjustments
***Leisure is excluded due to the impacts of the Easter Sunday attacks 5
Industry Group FY2020 FY2019* YoY Growth (%) (Rs. Million) (Rs. Million) Transportation 4,417 4,563 (3) Consumer Foods 3,412 2,920 17 Retail 5,110 2,890 77 Leisure 2,363 5,354 (56) Property 568 323 76 Financial Services 2,988 3,359 (11) Other, incl. IT and Plantation Services 3,315 6,388 (48)
*Note that the FY2019 EBITDA is adjusted to reflect impact from SLFRS 16 - Leases, for comparison purposes
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Industry Group Q1 FY2021 (Rs. Million) Q1 FY2020 (Rs. Million) YoY Growth (%) Transportation 395 1,053 (63) Consumer Foods 487 841 (42) Retail 502 1,036 (52) Leisure (1,461) (336) (335) Property (29) 47 (162) Financial Services 537 436 23 Total EBITDA 802 3,565 (78) Total EBITDA excluding Leisure 2,263 3,901 (42)
account of the stringent lockdown measures prevailing for the first one and a half months of the quarter, with the resumption of activity commencing gradually only from mid-May onwards
June 2020. This will be discussed in the ensuing slides
Adjusted effective capital employed (Rs.bn)
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Adjusted ROCE (%)
Consumer Foods - 23% IT - 23% Transportation - 19% Retail - 16% Financial Services - 15% Property (Excl. Cinnamon Life) - 2% Cinnamon Life – (0.1%) Plantations – (0.2%) Leisure – (1%)
Industry group Effective capital employed (%) Cinnamon Life 32 Leisure 24 Property (Excluding Cinnamon Life) 8 Transportation 7 Financial Services 6 Retail 6 Consumer Foods 3 Plantations 1 Information Technology 1 ▪ In addition, the Holding Company accounts for 12 per cent of effective capital employed which consists primarily of cash Hurdle Rate - 15%
▪ 42% stake in SAGT ▪ SAGT capacity: ~2 million TEUs ▪ Largest cargo and logistics service provider in the country ▪ Leading bunkering services provider ▪ Joint Ventures with Deutsche Post for DHL air express and A P Moller for Maersk Lanka ▪ GSA for KLM Royal Dutch airlines and Gulf Air ▪ Other operations include warehousing and supply chain management
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KARACHI GWADAR BAHL MUMBAI CHENNAI VISHAKHAPATNAM KOLKATA CHITTAGONG YANGON MOMBASA LAMU DAR-ES-SALAM CAPE TOWN PORT LOUIS ADEN KOCHI
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4.31 4.91 5.19 5.74 6.21 7.05 7.23
2.00 3.00 4.00 5.00 6.00 7.00 8.00
2013 2014 2015 2016 2017 2018 2019 Million TEUs
Port Container handling capacity (TEUs) Colombo 8 million Hong Kong 21 million Singapore 40 million Shanghai 36 million
Sources: Government websites/ Sri Lanka Ports Authority
12 1Q FY21 earnings update: Transportation industry group
impacted by lower throughput due to the lockdowns in Sri Lanka and
April recorded a decline in excess of 40 per cent. However, post the easing of the lockdown in mid-May and resumption in activity in India, volumes in June have been on a recovery trend, recording a decline of approximately 20 per cent compared to the previous year.
profitability due to improved margins.
(Rs. mn) Q1 2020/21 Q1 2019/20 EBITDA 395 1,053
Volumes (TEU) 2019/20 2020/21 % YoY Change Q1 Q2 Q3 Q4 Q1 SAGT 535,998 492,542 509,012 528,641 376,777 (30) JCT 561,897 580,747 532,052 548,944 449,313 (20) CICT 702,745 763,123 759,448 726,303 648,291 (8) Total 1,800,639 1,836,411 1,800,512 1,803,888 1,474,381 (18) SAGT 2019/20 2020/21 Q1 Q2 Q3 Q4 Q1 Domestic: Transshipment volume mix 19:81 19:81 19:81 20:80 10:90
300 400 500 600 700 800 Q1 Q2 Q3 Q4 Q1 2019/20 2020/21
Port of Colombo - volumes ('000 TEUs)
SAGT JCT CICT
Bunkering Business (Lanka Marine Services) Port of Hambantota ▪ Strong opportunities for private bunkering service providers with infrastructure in place for inland storage of petrochemicals and a pipeline to the Port ▪ The Port will occupy an area of 1,815 hectares and have a capacity to accommodate 33 vessels at a time ▪ Positioned within 10 nautical miles of the world’s busiest shipping lanes in which 200 to 300 ships sail through on a daily basis Logistics Business (John Keells Logistics) ▪ Total warehouse space under management grew to approx. 318,000 sq.ft. in the year 2019/20, at a capacity utilisation of 96 per cent.
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LMS 2019/20 2020/21 Q1 Q2 Q3 Q4 Q1 YoY Volume growth (%) (4) (16) (6) (8) (30)
▪ Market leader in soft drinks, ice creams and processed meats ▪ Custodians of the consumer brands “Elephant House”, “Keells - Krest”: high brand equity
Key performance indicators (%) FY2017 FY2018 FY2019 FY2020 Growth of Frozen Confectionery volumes 11 (4) 10 3 Growth of Beverage volumes 10 (16) (25) 7 Growth of Convenience Foods volumes (4) 3 7 (0) EBITDA margin (%) 27 20 18 20
14 1Q FY21 earnings update: Consumer Foods industry group
mainly on account of the steep decrease in volumes across all businesses during the lockdown period.
lockdown in mid-May, business activity displayed a faster than expected recovery in volumes with the Frozen Confectionery and Convenience Foods businesses recording a volume growth of 8 per cent and 2 per cent respectively in June, whilst the Beverage business recorded a decline of 5 per cent.
group in the month of June was a growth over the corresponding period of the previous year, reflecting the momentum witnessed.
(Rs. mn) Q1 2020/21 Q1 2019/20 EBITDA 487 841 Key performance indicators (%) FY2020 FY2021 Q1 Q2 Q3 Q4 Q1* Growth of Frozen Confectionery volumes 19 1 4 (12) (36) Growth of Beverage volumes 22 2 4 1 (44) Growth of Convenience Foods volumes (2) 7 (9) (27) EBITDA (Rs. million) 843 736 722 1,111 487 EBITDA margin (%) 19 17 18 26 17 Revenue mix (Bev:FC) 48:52 48:52 44:56 51:49 42:58
result of the disruptions to sales in March 2020 due to the COVID-19 pandemic. * For the month of June, the Frozen Confectionery and the Convenience Foods businesses recorded a volume growth of 8 per cent and 2 per cent respectively, whilst the Beverage business recorded a decline of 5 per cent.
▪ The bulk-impulse mix of regional markets is highly skewed towards the impulse markets, demonstrating the significant growth potential for the impulse category. ▪ To leverage on the opportunity available in the impulse category, CCS invested in a state-of-the art ice cream plant in Seethawaka which commenced operations in Q1 FY2018/19. ▪ CCS reformulated its flagship flavours and currently, approximately 30 - 45 per cent of the CSD portfolio’s calorific sugar content is reformulated and replaced with Stevia; a natural sweetener with zero calories. ▪ CCS also launched non-CSD products such as plain milk, flavoured milk and water branded under Elephant House, and additional flavours
Sri Lanka Thailand Malaysia 70% 30% 8% 92% 56% 44% Bulk vs. Impulse Split - Regional Impulse Bulk
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52.0 39.0 31.4 19.0 14.0 Philippines Thailand Singapore Malaysia Sri Lanka Carbonated Soft Drinks - Per Capita Consumption (Litres)
Sources: Central Bank of Sri Lanka, Nomura Research Institute, Unilever Corp, Web articles
70 49 48 43 40 16
Singapore Malaysia Hong Kong Taiwan Thailand Sri Lanka
Modern Retail Penetration (%)
Present share of modern retail
Keells * 109 Cargills 416 Arpico 48 Laugfs 37 * As at 30 June 2020
▪ The Retail industry group consists of two business verticals; ▪ Supermarkets ▪ Office Automation ▪ “Keells” is a chain of ~10,000 square foot modern grocery retail outlets
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▪ Comparatively higher modern trade density – population per store ratios as against regional peers ▪ High potential for expansion due to lower penetration of modern trade in Sri Lanka ▪ Whilst approximately 200-225 outlets are expected by FY2022/23, the planned outlet roll-out for the first quarter was temporarily put on hold as a result of the COVID-19 pandemic. ▪ However, 3 new outlets were opened in the month of July 2020
132 47 30 21.0 7.3 4.7 4.5 3.7 3.6 3.4 3.0 2.5 1.9 0.9
Modern trade density – population (’000) per store
Source: Retail and shopper trends in the Asia Pacific, AC Nielsen
Keells current coverage
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18 Profitability margin (%) FY2017 FY2018 FY2019 FY2020 EBITDA (Rs.milllion) 2,010 1,975 1,623 4,267 EBITDA margin 6.7 5.3 3.6 7.8 EBIT margin 5.7 4.0 2.0 4.6 1Q FY21 earnings update: Retail industry group
the quarter, as most of the outlets remained closed during the curfew period, while online sales could not fully offset the impact.
impacted by a shift in the sales mix towards low margin essential items.
sales, which is encouraging with footfall gradually recovering close to pre COVID-19 levels.
(Rs. mn) Q1 2020/21 Q1 2019/20 EBITDA 502 1,036
Key performance indicators (%) FY2020 FY2021 Q1 Q2 Q3 Q4 Q1 Same store sales growth 3.6 5.1 5.4 1.7 (33.2) Same store footfall growth 2 5.7 6.1 (6.2) (55.3) Average basket value growth 1.6 (0.6) (0.6) 8.4 49.7 EBITDA margin 7 .0 6.3 9.0 8.8 3.1
though sales were limited to online channels during periods of curfew, thereby negatively impacting the same store sales and footfall growth for the quarter.
45 per cent, on average, in the months of April and May.
statistics on footfall and basket values remain distorted in the short term.
▪ Chain of Resort hotels in Sri Lanka ‾ 8 Resort hotels in strategic tourist destinations (1,022 rooms) ‾ 10% of the country’s 4-5 star class tourist accommodation ▪ 2 five star city hotels in Colombo (847 rooms) ▪ 240 roomed lean luxury hotel managed by Cinnamon; “Cinnamon red” ▪ 4 Resort properties in the Maldives (454 rooms) ▪ Established hotel brand – “Cinnamon” ▪ Leading inbound tour operator in Sri Lanka ▪ Tour operator partners include global players such as Kuoni, Hotel Plan and Virgin Holidays
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▪ Greater focus on asset light investment models as a part of the strategy to enhance the ‘Cinnamon’ footprint in Sri Lanka ▪ Land bank of 173 acres of freehold and 127 acres of leasehold land in addition to 517 acres of leasehold land in Digana ▪ Of the total freehold land acreage owned, a total of 96 acres
▪ Ahungalla (Southern Province) : 10.9 acres ▪ Trincomalee (Eastern Province) : 14.6 acres ▪ Nilaveli (Eastern Province) : 41.7 acres ▪ Wirawila (Southern Province) : 25.2 acres ▪ Nuwaraeliya (Central Province) : 3.4 acres
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*City Hotels occupancy and ARR excludes Cinnamon red
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Sector FY2020 FY2019 Occupancy (%) ARR (US $) EBITDA Margin (%) Occupancy (%) ARR (US $) EBITDA Margin (%) City Hotels* 34 100 10.8 48 128 22 Sri Lankan Resorts 61 78 11.4 80 90 28 Maldivian Resorts 56 364 26.7 84 320 23
1Q FY21 Earnings update: Leisure industry group
given the suspension of operations of the hotels in April and May on account
Lanka and the Maldives and the lockdown measures in Sri Lanka.
arrivals in mid-July, whilst Sri Lanka is yet to re-open its airport.
(Rs. mn) Q1 2020/21 Q1 2019/20 EBITDA (1,461) (336)
Key indicators City Hotels Sri Lankan Resorts Maldivian Resorts FY2020 FY2021 FY2020 FY2021 FY2020 FY2021 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Occupancy (%) 35 43 42 65 76 58 1 47 56 63 2 ARR(US $) 106 93 93 67 70 99 66 297 357 419 160 EBITDA Margin (%) 12 18 27 (359) 4 9 32 (1,242) 13 19 40 (3,035)
season of January to April 2021, exceeding the bookings for the same time last year.
domestic tourism has been encouraging.
Year Tourist arrivals (In 000’s) Growth (%) 2010 654 46 2015 1,798 18 2016 2,051 14 2017 2,116 3 2018 2,334 10 2019 1,913 (18)
▪ Tourist arrivals from January – December 2019 was 1,913,702; a decrease of 18%, as compared to the 2,333,796 recorded in the comparative period of the previous year. ▪ Arrivals for the first quarter (Jan - Mar) of 2020 was 435, 941 compared with 740, 600 in the previous year, impacted by travel restrictions on account of COVID-19 and the closure of the Bandaranaike International Airport from March 2020 onwards. ▪ Following the Easter Sunday terror attacks in April 2019, the MoM tourist arrivals to the country were witnessing a gradual recovery by January 2020 prior to the outbreak out of the COVID-19 pandemic.
Source: Sri Lanka Tourism Development Authority
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Month Tourist Arrivals (In 000’s) Growth % August ‘19 144 (28) September ’19 109 (27) October ’19 119 (23) November ’19 177 (10) December ‘19 242 (5) January ‘20 228 (6) February ‘20 208 (18) March ‘20 71 (71)
1,000 1,500 2,000 2,500 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019
Annual tourist arrivals to Sri Lanka ('000)
*2010 included due to being the first full post-war year.
Source: Sri Lanka Tourism Development Authority
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*2019 arrivals impacted by Easter Sunday terror attacks
400,000 600,000 800,000 1,000,000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019* Tourist Arrivals
Source: Governmental tourism websites
24 5 10 15 20 25 30 35 40 45 Malaysia Indonesia Thailand Vietnam Cambodia Sri Lanka Arrivals in millions 1990 2019
60,000 31,790 30,114 26,113 9,100 7,600 5,019 Bangkok Manila Kuala Lampur Jakarta Ho Chi Minh Hanoi Colombo
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▪ “John Keells Properties”; explore property development
▪ Focused strategies for expansion via developer/landowner tie ups ▪ Catering to different target market segments: ▪ Luxe Spaces ▪ Metropolitan Spaces ▪ Suburban Spaces ▪ High-rise apartment complexes completed ▪ “7th Sense” on Gregory’s Road ▪ OnThree20 ▪ The Emperor ▪ The Monarch
“7th Sense” on Gregory’s Road OnThree20 26
▪ Low levels of urbanisation within Sri Lanka in comparison to regional peers ▪ Annual condominium supply far below regional peers
Source: KL: CBRE property market outlook 1Q 2018 (forecast for 2018) HCMC: CBRE Vietnam property overview Q1 2017 (forecast for 2018) CMB: Internal Estimates (forecast for 2018)
27 53,796 38,000 2,187 KL Ho Chi Minh City Colombo
Annual condominium supply in regional cities
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Source: Company analysis
10% 95% 80% 60% 70% 50% 55% 65% 90% 5% 20% 40% 30% 50% 45% 36% Greater Colombo Singapore Thailand (Central Bangkok) Thailand (Outskirts) Malaysia (Central KL) Malaysia (Greater KL) India (Chennai) India (Bangalore) Apartments Landed houses
▪ Prime developable land bank of
Colombo ▪ One of the largest privately
▪ Opportunities for development at land banks held in Crescat City and Cinnamon Lakeside Vauxhall street land bank ▪ Prime freehold land extent of 9.38 acres, to be developed with Finlays Colombo Limited ▪ Located in close proximity to the Beira lake water front which is earmarked for development of recreational and residential projects by the UDA
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Cinnamon Lakeside, Colombo Vauxhall Street Union Place Cinnamon Grand, Colombo Crescat Boulevard Cinnamon Life
▪ Greater connectivity and reduction in travel time to Colombo city post construction of the outer circular expressway ▪ Direct connectivity to the Port City Colombo and a multi modal transportation hub to be developed ▪ Opportunity to expand into residential apartment projects in proximity to the Colombo city Suburban Space development ▪ Master planning is currently underway for the 18-acre land in Thudella ▪ The site will be developed in phases, as a fully integrated community with approximately 2,000 units. ▪ The preliminary approvals for the development are in place, and the design work has been initiated.
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1Q FY21 earnings update:
Property industry group
account of the performance of the mall
as a result of the pandemic.
mid-May after a 2 month closure and it is encouraging to note that the momentum is gradually reaching pre COVID-19 levels.
completed within the financial year to enable handover. (Rs. mn) Q1 2020/21 Q1 2019/20 EBITDA (29) 47
Cumulative sales (units) Number of units sold as at 30 June‘20 Cinnamon Life: The Residence at Cinnamon Life 137 Suites at Cinnamon Life 111 Cinnamon Life commercial complex 4 floors Tri-Zen 262 Development Pipeline:
1. “Tri-Zen”- an 891 apartment residential development in central Colombo. 2. Revenue for Cinnamon Life will be recognized upon completion. 3. Master planning has been initiated for the jointly held 9.38-acre property in Vauxhall Street and the 18-acre site in Thudella 4. Future development of the land bank held at Rajawella Holdings Limited, as discussed in detail overleaf
Rajawella Holdings Limited (RHL) ▪ Owners of a majority stake in RHL to complement the Group’s leisure and property portfolios ▪ The 500 acre land in Digana includes an 18-hole, Donald Steel designed, Golf Course and developable land extent of approximately 80 acres ▪ Currently developing the master plan to maximise the development potential of the land plot ▪ Troon International has taken over the management of the course and the refurbishment of the course commenced in February 2018 ▪ Expected appreciation of land value with the completion of the central expressway ▪ Development and sale of properties such as villas, club house facilities, activity zones and possible operation of a hotel in the long term
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As at March 2020
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As at March 2020
Conferencing ; capacity (4,837 pax) in three venues and car park facility (2,450 slots) 800 guest room hotel, including conferencing, banqueting, 7 specialty restaurants and entertainment facilities Rentable mall and entertainment space of 372,000 Sq. Ft (Gross – 518,000 Sq. Ft) First residential development of approximately – 358,000 Sq. Ft (231 units). Second residential development of approximately – 255,000 Sq. Ft (196 units). A standalone office development - 254,000 Sq. Ft rentable area
Note: Areas are subject to change based on final drawings 39
Source: MasterCard 40
1.5 1.63 1.78 1.94 2.11 2017 2018 2019 2020 2021
Indian Outbound MICE (Millions)
▪ Union Assurance (JKH Stake : 90%) ▪ Committed to a “digital first” business model with an investment of over Rs. 800Mn to become the largest digital insurer in Sri Lanka ▪ Developing Bancassurance channels - UA entered into exclusive bancassurance partnerships with Nations Trust Bank PLC and Union Bank PLC
0% 1% 2% 3% 4% 5% 6%
Life Insurance Penetration as a % of GDP - 2016
Global average – 3.47%
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45 54 64 71 80.3 88.8 2014 2015 2016 2017 2018 2019
Life Insurance Gross Written Premiums
*Excludes a one-off surplus of Rs. 3.38 billion arising from the change in policy liability valuation
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1Q FY21 earnings update: Financial Services industry group
Trust Bank recorded an increase despite pressure on margins, due to the positive impact on account of the removal of the Debt Repayment Levy from January 2020 onwards.
Assurance was impacted in the month of April and May. However, the business witnessed a strong recovery in its gross written premiums in the month of June.
(Rs. mn) Q1 2020/21 Q1 2019/20 EBITDA 537 436
Key performance indicators CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 Market share (%) 13 13 13 14 14 13 GWP growth (%) 8 17 19 22 11 4 Recurring net profit (Rs.Mn) 881 1,127 1,313 4,002* 1,640 1,200 Surplus from Life Fund (Rs.Mn) 750 800 1,100 3,642 1,100 1,000 Life Fund (Rs.Bn) 23.1 26.3 30.3 29.1 32.1 36.7 Capital Adequacy Ratio (%) N/A N/A 411 352 262 362 Key performance indicators Q1 FY2020 (Apr-Jun 2019) Q2 FY2020 (Jul-Sep 2019) Q3 FY2020 (Oct – Dec 2019) Q4 FY2020 (Jan – Mar 2020) Q1 FY2021 (Apr – Jun 2020) GWP growth (% YoY) (1) 8 7 5 (6) Net profit (Rs.Mn) 324 153 681 167 170 Net profit growth (% YoY) (46) (91) (32) (6) 17
▪ Nations Trust Bank (JKH effective economic interest : 32.16%) ▪ Focus on SME / retail strategy ▪ Franchise for American Express cards
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Key performance indicators CY2014 CY2015 CY2016 CY2017 CY2018 CY2019 Loans and advances growth (%) 19.5 22.4 23.7 25.0 19.0 2.0 Industry (LCB’s) (%) 12.3 23.5 17.8 15.8 20.3 5.0 Return on equity (%) 19.8 18.20 17.7 17.4 15.3 12.2 Industry (LCB’s) (%) 16.8 15.7 17.3 17.5 13.7 10.3 Net Interest Margin (%) 5.8 5.5 5.1 4.5 4.6 4.5 Industry (LCB’s) (%) 3.6 3.5 3.5 3.5 3.7 3.6 NPL ratio (%) 4.2 2.8 2.8 2.3 4.6 6.2 Deposit base (Rs. Bn) 111 129 152 194 231 227 Asset base (Rs. Bn) 159 176 211 268 325 325 Net Profit (Rs. Mn) 2,537 2,614 2,869 3,371 3,702 3,454 Key performance indicators Q1 FY2020 (Apr-Jun 2019) Q2 FY2020 (Jul-Sep 2019) Q3 FY2020 (Oct – Dec 2019) Q4 FY2020 (Jan-March 2020) Q1 FY2021 (Apr-Jun 2020) Net profit (Rs. Mn) 575 1,066 1,113 894 729 Net profit growth (% YoY) (34) 9 54 27 27 Gross Loan growth (% YoY) 12 8 3 (1) (5) Net Interest Margin (%) 4.8 4.8 4.9 4.6 4.0 NPL Ratio (%) 6.1 6.1 6.2 6.2 6.6
This document was produced by John Keells Holdings PLC for information purposes only. The information contained in this document are a review of the financial information pertaining to FY2021 and does not constitute an issue prospectus or a financial analysis. This Investor Presentation should be read in conjunction with the JKH Annual Report 2019/20 to obtain a more comprehensive understanding of the drivers and strategies of our businesses. Whilst John Keells Holdings accepts responsibility for the accuracy of the information contained in this document, it does not assume any responsibility for investment decision made by the prospective investors based
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