Teejay Lanka delivers resilient growth in Q3 amidst dynamic market conditions

Monday, 3 February 2025 04:28 - - {{hitsCtrl.values.hits}}

Chairman Ajit Gunewardene (left) and CEO Pubudu De Silva

Teejay Group, Sri Lanka’s first multinational textile manufacturer, announced a Year-to-Date (YTD) Profit after Tax of Rs. 1.9 billion for Q3 (third quarter) of FY2024/25, marking a remarkable 234% increase compared to the same period last year. Group revenue reached an impressive Rs. 49.8 billion for the period ending 31 December 2024, reflecting a 10% growth compared to the previous year. The Group managed to navigate the continued price pressure through recovery in volumes, improved productivity and focused cost reduction initiatives.

While gross profit for the period surged to Rs. 5.4 billion, representing a 57% improvement year-on-year, Teejay Lanka PLC also reported a strong balance sheet, ending the third quarter with cash and cash equivalents of Rs. 8.4 billion.

Teejay Lanka Chairman Ajit Gunewardene, said that the Group has stepped up its strategies to adapt to market shifts and has executed strategic initiatives to maintain the growth momentum. “With the focus on innovation, the Group has developed new product lines while expanding its synthetic footprint. The operational efficiency and ESG framework, is well-positioned to capitalise on emerging opportunities in the global textile market,” he said, adding that the Group is confident of the strategies put in place will enable the Group to maintain its current growth trajectory and reach $ 300 million in revenue.

Teejay Lanka CEO Pubudu De Silva, added, “The Group’s consistent growth reflects our commitment to excellence and adaptability. The shift in orders to Asia has provided us with significant opportunities and our strategic manufacturing locations allow us to meet the demands effectively. We remain focused on driving innovation and operational excellence to sustain our momentum.”

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