Business
Hayleys delivers record PBT of Rs. 19.23 billion; Foreign currency earnings exceed USD 600 million
The Hayleys Group delivered the highest revenue and profit in its 143-year history during FY 2020/21with revenue increasing to Rs 241.28 billion whilst net profit stood at Rs. 14.05 billion – six percent of revenue, a company news release issued last week said.
“Profit attributable to shareholders recorded a healthy growth to Rs. 7.64 billion, compared to Rs. 372.42 million the previous year with the performance underpinned by significant growth in the core performance of the Group’s export-oriented businesses, ongoing focus on resource optimisation and cost management through the ‘Haysmart’ program and the Group’s strategic agility in navigating the numerous complexities presented by the outbreak of the COVID-19 pandemic during the year” it said.
“The Group’s revenue increased to Rs.241.28 billion reflecting strong growth in export-oriented business including Hand Protection, Purification and Textiles. With foreign currency earnings exceeding USD 600 million, Hayleys emerged as the largest value-added-exporter among public listed entities.”
The release said gross profit increased by 22% supported by improvements in core profitability-primarily in export-oriented businesses. Concerted efforts at driving organisation-wide cost rationalisation have generated significant savings, with the increase in Administrative and Distribution expenses contained at five percent and two percent respectively, despite a considerable increase in activity levels.
Meanwhile, earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded a strong growth of 42% to Rs. 33.21 billion and the Group’s Consolidated Earnings before Interest and Tax (EBIT) increased by 58% to Rs.25.95 billion during the year. Net finance cost declined by 38% reflecting the Group’s efforts to rationalise borrowings and the continued decline in market interest rates during the year, the release said.
“The Hand Protection, Purification and Textile sectors delivered remarkable growth supported by robust demand, proactive efforts to increase capacity utilisation, effective supply chain management and increased contributions from value-added products.
“The Agriculture and Construction Materials Sectors also recorded good profit growth, demonstrating strong resilience amidst the innumerable challenges that prevailed. The Transportation sector recorded strong rebound in the second half of the year delivering commendable earnings growth.
“Meanwhile, the Consumer & Retail Sector delivered its highest ever profitability, reflecting robust demand for IT products and the Singer Group’s strategic focus on optimising distribution channels to increase customer penetration.
“Understandably the Leisure Sector continued to generate losses” the release said.
“Despite the resurgence of COVID-19 infections in recent weeks, we remain optimistic regarding a medium-term economic revival, given the conducive policy environment and Government efforts to ensure continued business activity” said Mr. Mohan Pandithage, Chairman of Hayleys PLC. “Our team has embraced the realities of a post-pandemic world, through adapting to new ways of working. I have a special word of thanks to Mr Dhammika Perera, the Board of Directors and the Group Management Committee who steered the Group to deliver this exceptional results.
“I would like to extend my appreciation and gratitude to Hayleys Team, who have once again proven that they are the Group’s most valuable asset. We expect our export-oriented businesses to maintain their growth momentum while the strong rebound of our domestic businesses seen in the second half of the year is expected to continue in 2021/22.
“Our optimism is demonstrated by continued investments in expanding our operations and driving increased economic value, as evidenced by the Group’s recent acquisition of South Asia Textiles Limited which is expected to further strengthen our proposition in the textiles sector.”
The Board of Directors of Hayleys PLC comprises Messrs. Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Ruwan Waidyaratne, Hisham Jamaldeen, Aravinda Perera, Jayanthi Dharmasena, Rohan Karr, Gamini Gunaratne and Kawshi Amarasinghe (Alternate to Dhammika Perera).
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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