Richard Pieris Group profits soar 281% to Rs.1.75 b in 1Q

Friday, 2 August 2024 00:00 - - {{hitsCtrl.values.hits}}

Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, has recorded a Profit Before Tax (PBT) of Rs.1.75 billion for Q1 of the 2024/25 financial year, recording a profit growth of 281% over the corresponding period from the last financial year which was Rs. 459 million.

This stellar performance of Richard Pieris Group for Q1 demonstrates the business resilience to reach new heights despite volatile domestic and global economic factors.

The Group’s overall performance was mainly boosted by significant operating profit contributions from the Rubber, Plastics, Furniture and Electronics, Retail and Plantations sectors during the period. As a legend in the manufacturing sector and as an economic powerhouse, Richard Pieris Group operates over 51 factories across the country.

The Retail sector operating profit grew by 35% over last year’s first quarter mainly driven by strategic initiatives to gear up enhance business performance and operational efficiencies.

The Plantations sector also recorded a 61% uptick in operating profit boosted by the increased yield and price advantages.

The Plastics, Furniture and Electronics sector operating profit increased by 261% in the first quarter attributed to multiple positive developments including aggressive sales campaign, extended distribution network and leveraging the material price advantages.