Business

Sathosa turnover exceeds Rs. 41 b in 2021

By Imsha Iqbal 

Lanka Sathosa Ltd. has been able to exceed its trade turnover of Rs. 41 billion by the end of December 2021, said Trade Minister Dr. Bandula Gunawardana.

He made these remarks on his official Facebook handle on Wednesday (5).

He noted: “For the first time in history, Sathosa became the largest retail network in the country with Rs. 41,680 million of trade turnover.”  

He also issued a statement, stating: “In 2015, 2016, 2017, 2018, and 2019, the Yahapalana Government inflicted a loss of Rs. 20 billion on Lanka Sathosa and a debt of Rs. 28 billion.” 

“As the Minister of Trade, I took over Lanka Sathosa, which was sinking further with this Rs. 28 billion loan.”  

He also stated that with the hard work and dedication of the Secretary to the Ministry of Trade and staff, Lanka Sathosa Chairman Rear Admiral (Retd.) Ananda Peiris, Chief Executive Officer (CEO) Ranjith G. Roobasinghe, and the entire staff, Lanka Sathosa today reaps profits within a period of 16 months.

Lanka Sathosa Ltd. is a state-owned, retail network business in Sri Lanka which was established in 2005 under the name Lanka Sathosa. It has a network of over 420 outlets islandwide with more than 4,500 employees.

Lanka Sathosa was established initially with the aim of food security to the mass consumer.