Elpitiya Plantations invests Rs. 60 m in agri-tech start up

Aitken Spence Group’s Elpitiya Plantations (EPP) has invested Rs. 60 million to take up 50% stake in agri-tech start up Ceylon Agri Foods Ltd.

The start-up is engaged in Research and Development of innovative solutions to enhance productivity among others in the agriculture sector. 

EPP is one of Sri Lanka’s most profitable and impactful Regional Plantation Companies (RPC) cultivating tea, rubber, oil palm and other crops in over 8,800 hectares across 13 estates.

The Company has proactively sought both crop and business diversification and was the first plantation company to venture into the cultivation of four types of berries- strawberry, blackberry, raspberry and blueberry on an area of 4 hectares. It is also engaged in Commercial forestry (958 Ha), Cinnamon cultivation (124 Ha), coffee (24 Ha) and fruit and king coconut (28 Ha) apart from renewable energy generation.

The Group in FY22 began intercropping of pineapple and other fruit plants in rubber and coconut land. During the year 35,500 pineapple plants were cultivated at a cost of Rs. 2.84 million, with plans in place to cultivate a further 50,000 in FY23.

The diversified businesses saw revenue rise by 95% in FY22 and profit by 94%. In FY22, EPP opened its first retail outlet Harrow House, offering a range of value-added products under the three brands of Harrow Ceylon Choice, Tropifruit and Berrymuch.

EPP cultivates 2,124 hectares of high, low and medium- grown teas across all 13 estates whilst rubber is cultivated on 741 hectares and oil palm cultivation spans 1,608 hectares.

In FY22, EPP Group revenue crossed the Rs. 5 billion mark, as against Rs. 4 billion in the previous year. Pre-tax profit more than doubled to Rs. 1.6 billion.