Teejay closes H1 charting strong course for future

Friday, 1 November 2024 00:02 - - {{hitsCtrl.values.hits}}

Chairman Ajit Gunewardene (left) and CEO

Pubudu De Silva

Teejay Group, Sri Lanka’s first multinational textile manufacturer, has recorded a Profit after Tax of Rs. 0.9 billion for the first half of the financial year ending 30 September.

The Group revenue reached a notable Rs. 32.7 billion, recording an 11% increase compared to the first half of the previous year.

Gross Profit of the Group posted at Rs. 3.2 billion for the first half of FY2024/25 with a 47% improvement when compared to the same period in the previous financial year with a strong balance sheet and a cash balance of Rs. 8.4 billion. The net assets base at the close of the period under review stood at Rs. 30.4 billion, with a value of Rs. 42.19 net assets per share.

Teejay Lanka Chairman Ajit Gunewardene said: “The Group has stepped up its strategies to drive initiatives with our commitment to digitalisation; environmental, social, and governance (ESG) initiatives. The cost reduction and innovative product development is setting us on a trajectory for growth. These strategic priorities are opening promising opportunities, enabling us to navigate and overcome market challenges.”

Teejay Lanka CEO Pubudu De Silva said: “The growth in revenue is attributable to the improvements in the Group’s, demand increase despite the challenges posed by the depreciation of the Rupee and the volatility in the supply chain disruptions.” “The Group is witnessing a significant shift of orders to the Asian region due to the China One Plus strategy and the Group has made the necessary strategic shifts to seize emerging opportunities to navigate the current market dynamics successfully,” De Silva added.