Business
Hayleys delivers best PAT of Rs. 8.20 billion; Foreign currency earnings exceed USD 443 million
The Hayleys Group maintained its remarkable growth momentum in the first nine months of FY 2020/21, delivering its highest ever pre-tax profit of Rs.11.51 billion which represents a tripling of profitability compared to the corresponding period of last year.
A Hayleys press release said – ‘The performance reflects exceptional growth in the core performance of the Group’s export-oriented businesses, relentless focus on cost efficiencies through the ‘Haysmart’ program and commendable improvements in the Retail and Construction Materials sectors. The period under review reflects the strongest quarterly and cumulative nine-month performance in the Group’s operating history and demonstrates its adaptability and responsiveness in navigating complexities stemming from the operating landscape.
‘The Group’s revenue increased by 7% to Rs.171.90 billion in the nine months driven by continued growth in the Hand Protection, Purification, Agriculture and Textiles sectors. Gross profit growth amounted to 14% and reflects improvements in core profitability-primarily in the export-oriented businesses. Meanwhile, the Group continued to achieve cost efficiencies with consolidated Administrative expenses declining by 4% during the period, reflecting the successes of Haysmart- the Group’s holistic cost rationalisation programme. The Earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded strong growth of 38% to Rs. 22.60 billion. The stellar performance of the Hand Protection and Purification sectors represent robust demand, timely capacity expansions, improved product mix, effective supply chain management and ongoing cost efficiencies.
‘Agriculture and Construction Materials sectors also recorded commendable growth while Consumer & Retail delivered its highest-ever quarterly profitability supported by targeted sales campaigns, robust demand for IT products and effective margin management. Despite continued losses in the Leisure Sector, the Group’s Consolidated Earnings before Interest and Tax (EBIT) increased by 40% to Rs.17.28 billion during the nine-month period. Resultantly, pre-tax profit nearly tripled to Rs. 11.51 billion while profit-after-tax amounted to Rs. 8.20 billion compared to Rs.2.21 billion in the corresponding period of last year.
“While we expect our export-oriented businesses to maintain their current growth momentum and deliver continued earnings growth, we are also optimistic about our domestic businesses, given the resumption of economic activity and anticipated revival of Sri Lanka’s economy. We commend the government for their efforts in creating a conducive environment for businesses to continue operations, despite unprecedented challenges posed by the COVID-19 pandemic. I would also like to congratulate and acknowledge the dedication and indomitable spirit of the Hayleys Team, which has been a vital factor in the Group’s success during these challenging times” said Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.’
The Board of Directors of Hayleys PLC comprises. 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 and Gamini Gunaratne .
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
