Teejay Group, Sri Lanka’s first multinational textile manufacturer, recorded a Profit after Tax ofLKR0.9Bnforthefirsthalfofthefinancialyearending30thSeptember2024.TheGroupRevenuereached a notable LKR 32.7 billion, recording an 11% increase compared to the first half of thepreviousyear.
Gross Profit of the Group posted at LKR 3.2 Bn for the first half of FY2024/25 with a 47%improvement when compared to the same period in the previous financial year with a strongbalance sheet and a cash balance of LKR 8.4 Bn. The net assets base at the close of the periodunder reviewstood at LKR30.4 Bn,withavalue of LKR42.19netassetsper share.
Teejay Lanka Chairman Mr. Ajit Gunewardene said the Group has stepped up its strategies todrive initiatives with our commitment to digitalization; environmental, social, and governance(ESG) initiatives. The cost reduction and innovative product development is setting us on atrajectoryforgrowth.Thesestrategicprioritiesareopeningpromisingopportunities,enablingustonavigateandovercomemarket challenges.”
Commenting on the performance, Teejay Lanka CEO, Mr. Pubudu De Silva said, “The growth inrevenue is attributable to the improvements in the Group’s, demand increase despite thechallengesposedbythedepreciationoftheRupeeandthevolatilityinthesupplychaindisruptions. “The Group is witnessing a significant shift of orders to the Asian region due to theChina One Plus strategy & the Group has made the necessary strategic shifts to seize emergingopportunitiestonavigate the current marketdynamicssuccessfully.”Mr.De Silvaadded.
The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the-art printing facility in Sri Lanka. An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007compliant company and the first in the industry to develop green fabric, Teejay Lanka was alsothefirsttextilemanufacturerinSriLankatoreceivemembershipoftheUSCottonTrustProtocol.Teejay is a public quoted company with 40 per cent public ownership and the backing of SriLanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake in the Company.Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed TorayIndustries Inc.,owns 27per centofTeejayLanka.
Teejay Lanka was ranked the No 1 corporate entity among 100 public listed companies in SriLanka for Transparency in Corporate Reporting in the TRAC 2023 assessment carried out byTransparencyInternationalSriLanka(TISL),thelocalarmoftheinternationalcorruptionwatchdog.TheTISLassessmentwascarriedoutonthreeareascrucialtofightingandpreventingcorruption:reportingonanti-corruptionprogrammes,transparencyincompanyholdingsandthedisclosureofkey financialinformation in domesticoperations.
Photo caption:
Teejay Lanka Chairman Mr Ajit Gunewardene (left) and CEO Mr Pubudu De Silva