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Chevron Lubricants Lanka

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Chevron Lubricants Lanka PLC
Formerly
  • Lanka Lubricants
  • Caltex Lanka Lubricants
Company typePublic
ISINLK0290N00003
IndustryMaterials
Founded1992; 32 years ago (1992)
Headquarters
Colombo
,
Sri Lanka
Key people
  • N. M. Shamsuddin (Chairman)
  • Bertram Paul (CEO)
RevenueIncrease LKR24.575 billion (2022)
Increase LKR7.496 billion (2022)
Decrease LKR3.666 billion (2022)
Total assetsIncrease LKR13.037 billion (2022)
Total equityIncrease LKR6.159 billion (2022)
OwnerChevron Ceylon Limited (51.00%)
Number of employees
73 (2022)
ParentChevron Corporation
Websitechevron.lk
Footnotes / references
[1]

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[2] and the Chevron Corporation holds a controlling stake (51.00%) of the company's stocks.[3] 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.[4] 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.[5]

History

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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.[6] 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.[7]

Operations

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Muhammad Najam Shamsuddin was appointed as the new managing director/CEO of the company in September 2020 after Patrick McCloud resigned from the position.[8] Kishu Gomes is the former managing director/CEO of the company and after 22 years of service quit the post in 2018.[9] 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.[3] Chevron Lubricants Lanka operates a blending plant in Sapugaskanda.[10] Brand Finance ranked Caltex 72nd in the 100 most valuable brands in Sri Lanka.[11] 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.[12]

See also

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References

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  1. ^ "Annual Report 2022" (PDF). cse.lk. Chevron Lubricants Lanka PLC. Retrieved 8 May 2023.
  2. ^ "Indices". cse.lk. Colombo Stock Exchange. Retrieved 16 May 2021.
  3. ^ a b "Chevron Lubricants reports strong 3Q on robust lube sales". dailymirror.lk. Wijeya Newspapers. 3 November 2020. Retrieved 16 May 2021.
  4. ^ "Chevron Lubricants Lanka PLC". ft.com. Financial Times. Retrieved 16 May 2021.
  5. ^ "Financial Profiles Top 100". lmd100.lk. Media Services Pvt LTd. Retrieved 15 February 2022.
  6. ^ Abeysekera, Indra (20 December 2007). Intellectual Capital Accounting: Practices in a Developing Country. Routledge. p. 70. ISBN 978-1-134-07361-0. Retrieved 22 December 2023.
  7. ^ "Caltex Sri Lanka unveils a new identity". Sunday Observer. Associated Newspapers of Ceylon Limited. 3 June 2007. Retrieved 15 February 2022.
  8. ^ Gamage, Ishara (17 September 2020). "Shamsuddin new MD/CEO of Chevron Lubricants Lanka". ceylontoday.lk. Ceylon Today. Retrieved 16 May 2021.
  9. ^ "Kishu quits Chevron after long stint". DailyFT. Wijeya Newspapers. 24 May 2018. Retrieved 16 May 2021.
  10. ^ Gill, George (22 May 2020). "Profit Down for Chevron Lubricants Lanka". lubesngreases.com. LNG Publishing Company. Retrieved 16 May 2021.
  11. ^ "Sri Lanka 100 2021" (PDF). brandirectory.com. Brand Finance. Retrieved 15 February 2022.
  12. ^ "Sri Lanka's lubricant market shrinks by almost half in 3Q22". Daily Mirror. Wijeya Newspapers. 27 January 2023. Retrieved 8 May 2023.
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