Business
JAT records highest ever PAT amidst export revenue growth of 317%
Group PAT up by 232% to LKR 717 million
TTM PAT LKR 1,102 million
Total revenue up by 72%
Multinational conglomerate and Sri Lanka’s and Bangladesh’s market leader in wood coatings, JAT Holdings PLC, has delivered impressive results during the 3rd Quarter of FY 2021/22, despite subdued market conditions. Group Profit After Tax (PAT) rose 232%, against the same period in the year prior, to LKR 717 million for the quarter, while PAT for the trailing 12-months (TTM) stood at LKR 1,102 million.
The 9 months under review also witnessed revenues rise 72%, while gross profit margins of the Company remained steady at over 30%. Export revenue share also rose to 22% of total revenue, against 9% achieved during the year prior. Investors will also be pleased to note that EPS (of trailing 12 months) stood at LKR 2.16. This resilient financial performance comes as the Company begins Q4, which has demonstrated to be the best quarter for JAT Holdings and the total Coatings Industry and accounts for as much as 45% of PAT historically due to seasonal factors.
Discussing the financial performance of the Company, Nishal Ferdinando – Director / CEO said, “It is with great pleasure that we present investors with the solid results we’ve achieved over the last quarter, just six months since our IPO. These metrics were achieved amidst a subdued market environment and other challenges, volatile exchange rates and a scarcity of materials in the global market. However, we adapted to the market conditions and remained agile, maintaining our gross profit margins. We also leveraged on our strong supplier relations and continuous improvements to our production processes through the implementation of lean and six sigma principles to maintain our gross profit targets.”
Resilient performance was also recorded across all of JAT Holdings business sectors. The WHITE by JAT product range recorded sales 62% above budget for the 1st nine months of FY 2021/22, while sales in the brush and wood coatings segments increased by 57% and 33%, respectively, against the same period in the year prior. JAT Holdings’ Bangladesh operations also witnessed a 379% increase in revenue, which will be further boosted as a result of manufacturing commencing in Q4 of FY22 which is ahead of schedule. The Company has also secured a pipeline of projects worth in excess of LKR 1 billion, through luxury kitchen and wardrobe projects for premier developments such as Prime Grand Residencies and 606 The Address.
Commenting on the Company’s immediate future plans, Aelian Gunawardene – Founder and Managing Director added, “At this rate, we’re on track to meet our 1.2-billion-rupee PAT target for the current financial year. As a result of our strong financial performance, we have also been able to secure stocks of raw materials and other items for at least the next 5 months, which gives us flexibility amidst the current challenges facing imports. Furthermore, we are very enthusiastic about Q4 as we know it to historically be the most profitable quarter for us due to seasonality. Thus, backed by the resilient performance we have delivered over a challenging Q3, investors can look forward to an even more robust and rewarding performance during Q4. The Company expects to end FY 2021/22 having met all targets and exceeding expectations in every way. Furthermore, our R&D plant, which is scheduled to be fully functional by Q2 of FY23, will help to further boost our gross profit margins, enabling us to deliver exceptional value to our investors well into the future.”
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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