Chevron Lubricants Lanka
{{Short description|Sri Lanka-based subsidiary of Chevron}}
{{Infobox company
| name = Chevron Lubricants Lanka PLC
| logo = Chevron Logo.svg
| logo_size = 100
| former_name = {{unbulleted list|Lanka Lubricants|Caltex Lanka Lubricants}}
| type = Public
| traded_as = {{unbulleted list|{{Colombo Stock Exchange|LLUB.N0000}}|S&P Sri Lanka 20 Index component}}
| ISIN = {{ISIN|sl=n|pl=y|LK0290N00003}}
| industry = Materials
| founded = {{Start date and age|1992}}
| hq_location_city = Colombo
| hq_location_country = Sri Lanka
| key_people = {{Unbulleted list|N. M. Shamsuddin (Chairman)|Bertram Paul (CEO)}}
| revenue = {{increase}} LKR24.575 billion
| revenue_year = 2022
| operating_income = {{increase}} LKR7.496 billion
| income_year = 2022
| net_income = {{decrease}} LKR3.666 billion
| net_income_year = 2022
| assets = {{increase}} LKR13.037 billion
| assets_year = 2022
| equity = {{increase}} LKR6.159 billion
| equity_year = 2022
| owner = Chevron Ceylon Limited (51.00%)
| num_employees = 73
| num_employees_year = 2022
| website = {{url|https://chevron.lk/|chevron.lk}}
}}
Chevron Lubricants Lanka PLC is a manufacturer, distributor, and marketer of Petroleum-based lubricants in Sri Lanka. The company is one of the constituents of the S&P Sri Lanka 20 Index{{cite web |title=Indices |url=https://www.cse.lk/pages/indices/indices.component.html |website=cse.lk |publisher=Colombo Stock Exchange |access-date=16 May 2021}} and the Chevron Corporation holds a controlling stake (51.00%) of the company's stocks.{{cite news |title=Chevron Lubricants reports strong 3Q on robust lube sales |url=http://www.dailymirror.lk/business-news/Chevron-Lubricants-reports-strong-3Q-on-robust-lube-sales/273-199155 |access-date=16 May 2021 |work=dailymirror.lk |publisher=Wijeya Newspapers |date=3 November 2020}} The company offers engine oils, gear oils, transmission oils under the brand name Havoline while offering diesel vehicle engine oils, industrial lubricants, coolants, brake fluids under the brand name Delo.{{cite web |title=Chevron Lubricants Lanka PLC |url=https://markets.ft.com/data/equities/tearsheet/profile?s=LLUB.N0000:CSE |website=ft.com |publisher=Financial Times |access-date=16 May 2021}} For the financial year 2019/20, Chevron Lubricants Lanka was ranked 67th in LMD 100, a list of listed companies by revenue in Sri Lanka.{{cite web |title=Financial Profiles Top 100 |url=https://lmd100.lk/2021/03/20/top-100-financial-profile-lmd100-2020/ |website=lmd100.lk |publisher=Media Services Pvt LTd |access-date=15 February 2022}}
History
The company was incorporated as Lanka Lubricants on 1 December 1992 as a subsidiary of Ceylon Petroleum Corporation. In July 1994, Ceylon Petroleum Corporation, the Government of Sri Lanka and Caltex Petroleum Corporation signed a memorandum of understanding to transfer a controlling stake to Caltex.{{cite book |last1=Abeysekera |first1=Indra |title=Intellectual Capital Accounting: Practices in a Developing Country |date=20 December 2007 |publisher=Routledge |isbn=978-1-134-07361-0 |page=70 |url=https://books.google.com/books?id=S4d9AgAAQBAJ |access-date=22 December 2023 |language=en}} In 1996, the company was listed on the Colombo Stock Exchange. In 2007, the company was renamed Chevron Lubricants Lanka Ltd from Caltex Lubricants Lanka. The renaming was done in connection with the global branding and to clarify the organisation's identity.{{cite news |title=Caltex Sri Lanka unveils a new identity |url=http://archives.sundayobserver.lk/2007/06/03/mag05.asp |access-date=15 February 2022 |work=Sunday Observer |publisher=Associated Newspapers of Ceylon Limited |date=3 June 2007}}
Operations
Muhammad Najam Shamsuddin was appointed as the new managing director/CEO of the company in September 2020 after Patrick McCloud resigned from the position.{{cite news |last1=Gamage |first1=Ishara |title=Shamsuddin new MD/CEO of Chevron Lubricants Lanka |url=https://ceylontoday.lk/news/shamsuddin-new-md-ceo-of-chevron-lubricants-lanka |access-date=16 May 2021 |work=ceylontoday.lk |publisher=Ceylon Today |date=17 September 2020}} Kishu Gomes is the former managing director/CEO of the company and after 22 years of service quit the post in 2018.{{cite news |title=Kishu quits Chevron after long stint |url=http://www.ft.lk/front-page/Kishu-quits-Chevron-after-long-stint/44-655813 |access-date=16 May 2021 |work=DailyFT |publisher=Wijeya Newspapers |date=24 May 2018}} In the third quarter of 2020, despite the effects of the COVID-19 pandemic sales of the company rose compared to the second of the year and the third quarter of 2019. Chevron Lubricants Lanka operates a blending plant in Sapugaskanda.{{cite news |last1=Gill |first1=George |title=Profit Down for Chevron Lubricants Lanka |url=https://www.lubesngreases.com/lubereport-asia/profit-down-for-chevron-lubricants-lanka/ |access-date=16 May 2021 |work=lubesngreases.com |publisher=LNG Publishing Company |date=22 May 2020}} Brand Finance ranked Caltex 72nd in the 100 most valuable brands in Sri Lanka.{{cite web |title=Sri Lanka 100 2021 |url=https://brandirectory.com/download-report/brand-finance-sri-lanka-100-2021-preview.pdf |website=brandirectory.com |publisher=Brand Finance |access-date=15 February 2022}} During the prevalent economic crisis, Sri Lanka's lubricant market shrunk by 47% year-on-year basis in 2023. However, Chevron Lubricants retained the market leader position.{{cite news |title=Sri Lanka's lubricant market shrinks by almost half in 3Q22 |url=https://www.dailymirror.lk/business-news/Sri-Lankas-lubricant-market-shrinks-by-almost-half-in-3Q22/273-253026#:~:text=Sri%20Lanka's%20lubricant%20market%20shrank,Sri%20Lanka%20(PUCSL)%20showed. |access-date=8 May 2023 |work=Daily Mirror |publisher=Wijeya Newspapers |date=27 January 2023}}
See also
References
{{Reflist}}
External links
- {{Official website}}
{{Chevron Corporation}}
{{S&P SL20}}
{{All Share Price Index}}
{{authority control|state=expanded}}
Category:1992 establishments in Sri Lanka
Category:Companies listed on the Colombo Stock Exchange
Category:Formerly government-owned companies of Sri Lanka