Richard Pieris Group celebrates excellence highlighting achievements; unveils future roadmap

Richard Pieris Group Chairman, Managing Director, and CEO Dr. Sena Yaddehige, and dignitaries at the head table during the Business Leaders and Senior Management gathering

Business leaders and senior management of Richard Pieris Group gathered to commemorate the Group’s success

The Richard Pieris Group, led by visionary leader Dr. Sena Yaddehige, has evolved into one of the largest and most diversified conglomerates in Sri Lanka. With a 91-year legacy, the Group operates across multiple sectors. Today, the Group is an integral part of Sri Lankan lives and a catalyst for economic progress.

From a modest beginning of a filling station in 1932, Richard Pieris Group has experienced phenomenal success, growing into one of the top diversified business conglomerates in the country with interests in retail, plantations, rubber, furniture, tyres, plastics, insurance, stock brokering, financial services, and logistics. It is one of the largest listed entities on the Colombo Stock Exchange. The Group is known for its acclaimed brand identity, Arpico.

Dr. Sena Yaddehige, the visionary leader driving the Group’s strong foundations, is a prominent businessman, entrepreneur, and Chairman, Managing Director, and CEO of the Group. He is an ingenious scientist, engineer, inventor, and Swiss-based entrepreneur with a remarkable track record. Dr. Yaddehige’s expertise and leadership have been instrumental in the development of the largest automotive sensor business in the UK, leveraging innovative technology and numerous patents. He has also pioneered radiation processing innovations. 

Under Dr. Yaddehige’s strategic direction, despite a volatile domestic and global economy in FY2022/23, the Group delivered a resilient financial performance. The Group recorded revenues of Rs. 79.1 billion, representing 17% growth, an increase from Rs. 67.6 billion in the previous year. Operating profit grew by 9% to Rs. 11.7 billion from Rs. 10.7 billion.

The Group also maintained a strong financial position, with total assets growing by 3% to Rs. 87.5 billion and Shareholder Funds growing by 7.4% to Rs. 24.5 billion. In addition, Market Capitalisation was Rs. 42.1 billion, up 55.3% from Rs. 27.1 billion the previous year. Dividend pay-out ratio increased to 0.29 from 0.18, and dividend per share.

To further acknowledge its exceptional performance and demonstrate its commitment to growth, the Group hosted an exclusive gathering with over 500 attendees, including business leaders and diplomats. The Group also unveiled its strategic roadmap, including its vision for 2024 and beyond. 

The Group’s Chairman, Managing Director, and CEO Dr. Sena Yaddehige expressed delight, acknowledging the company’s continued growth and resilience. Through the perseverance and passion of the Group’s people, it has emerged stronger during macro-economic storms. 

Addressing the gathering Dr. Yaddehige stated, “We are bold. We go where others do not go, do not dare to go. We take chances, we take risks. That is who we are. You should not be scared of doing hard things to start life. Part of being Sri Lankan is being grateful to any little thing anybody could do for you. That is our Sri Lankan nature. Not think of what the country can do for you. Each and every one of you, well educated, experienced, intelligent people – think of what you can do for the country.”

The Group remains firmly committed to creating sustained value across diverse sectors, while adapting strategies to navigate external challenges. Key focus areas going forward include, launching in-house solar panel and lithium battery manufacturing to reinforce sustainability efforts, entering the hospitality sector to augment portfolios, and expanding coffee plantations over 1,000 acres in the coming year.

As the Group forges ahead focused on global expansion and modernisation, it is ushering in a future-ready transformation – building upon foundations of over eight decades – to delight and uplift consumers as well as communities across Sri Lanka.

The Group comprises 54 subsidiaries across various sectors. The Group’s Retail Sector, a strong and vital arm, comprises five entities led by the flagship Arpico retail chain with 69 outlets across formats such as Supercentres, Superstores, Arpico Daily, and Arpico showrooms. Plantations Sector, involved in tea, rubber, oil palm, coconut, and cinnamon cultivation and production, also proudly produces the award-winning St. Clair’s Ceylon tea. Tyre Sector is engaged in tyre retreading, trading, and the manufacturing of solid industrial tyres, and leads the tyre retreading space in Sri Lanka. 

Plastics, Furniture and Electronics Sector consists of a diverse portfolio of mattresses, furniture, water tanks, PVC pipes, rubber products, and consumer durables. As a prominent local manufacturer in Sri Lanka, Arpico offers diverse products across various categories, well-recognised for quality and innovation. The water tank range is renowned for producing hygienic moulded water tanks, hybrid water tanks, septic tanks, and sump tanks, catering to the needs of households and industries. Arpico’s mattress division is a household name, providing high-quality spring mattresses, foam mattresses, sheets, cushions, and pillows, known for their comfort and backed by local and international certifications. 

Additionally, Arpico’s Rigifoam products have maintained a dominant position in the market, offering a variety of high-quality Rigifoam products for industrial operations and fisheries transport. Furthermore, Arpico has ventured into the water pump segment, introducing a range of new water pumps and aiming to become a market leader in the future.

Financial Services and Other Sector comprise insurance, finance, stock broking, and logistics services. Arpico Insurance is among the most innovative players in the insurance industry, with 72 branches island-wide while Richard Pieris Finance has a strategic focus on expanding its gold loans and microfinance verticals. 

Group’s export sector, comprising Richard Pieris Exports PLC (RPE) and Richard Pieris Natural Foams Ltd. (RPNF), persisted amid challenges, contributing to economic rebuilding. Despite weak demand from inflated USA and European markets. The Sector, particularly as an export-oriented sector, specialises in the manufacturing of value-added rubber products has a strong presence in key export markets such as North America, Europe. Asia and Australia.