Tuesday Sep 24, 2024
Tuesday Sep 24, 2024
Monday, 5 August 2024 03:01 - - {{hitsCtrl.values.hits}}
|
Chairman and Chief Executive Mohan Pandithage
|
Hayleys PLC, Sri Lanka’s largest public-listed diversified conglomerate, reported an economic value creation of Rs. 150 billion, parallel to delivering progress on its sustainability targets over the last financial year (FY2023-24).
Accounting for a total of 5% of Sri Lanka’s total export income, during the period in review, Hayleys earned $ 591 million foreign exchange income. As a net exporter, 54% of group revenue was generated from exports. The Group distributed Rs. 138.6 billion in cumulative economic value towards all stakeholders, including supplier development, Government taxes, employee payments, lenders of capital, and shareholders – a 6.7% YoY increase.
“The evolution of the Hayleys Group has been characterised by a singular commitment to drive value addition and excellence across all spheres of its operations. Across its business lines, organic and inorganic growth has always centred on enhancing value through offering innovative and sophisticated solutions catering to increasingly complex customer needs. Today, our intrinsic link to every facet of the country’s economy and our deep connections to international supply chains have allowed Hayleys to showcase the best Sri Lanka has to offer in the global arena,” Hayleys PLC Chairman and Chief Executive Mohan Pandithage said.
“We are proud of the progress being made to foster sustainable innovation and value-added export development. Leveraging inclusive business models and a sincere commitment to driving circularity, we hope to build a more resilient future for all.”
Inclusive, innovative, and empowered
As one of Sri Lanka’s largest employers, Hayleys supports the livelihoods of thousands of families, prioritising the critical role it plays in the well-being and development of its employees and value chain partners.
Total jobs across the Group’s global network increased to 36,266 employees. Payments to employees rose to Rs. 53 billion, reflecting the Group’s enduring commitment to its workforce as it navigated the economic downturn. Employee development was also a priority, with Rs. 183 million invested in 369,589 hours of training.
Hayleys supports over 23,000 livelihoods through opportunities for indirect employment across its value chains. Through inclusive business models, the Group links grassroots enterprises, smallholders, and farmers to global value chains through outgrower models. Similar models were applied to the cultivation of gherkin, jackfruit, and tropical fruits, as well as eco-friendly coconut shell charcoal for value-added activated carbon products.
Payments to suppliers totalled Rs. 325.4 billion, with 54% allocated to local suppliers. The Group trained 1,318 suppliers through development programs aimed at uplifting their livelihoods. Hayleys is also one of the largest taxpayers in the country.
Value-added innovation
The Group significantly boosted its research and development investments by 70% YoY during the year, leveraging the capabilities of its scientists to deliver best-in-class solutions within the highly intrapreneurial export manufacturing sectors. This investment led to the development of over 600 new innovations, with 695 more in the pipeline by the end of FY23.
Hayleys invested Rs. 408 million in social responsibility initiatives such as ‘A Home for Every Plantation Worker’, benefitting over 700,000 individuals across Sri Lanka. The flagship CSR initiative, Puritas ‘Sath Diyawara’, provided 190,000 litres of purified drinking water daily to over 45,000 individuals in 21 villages affected by Chronic Kidney Disease, while also creating 275 jobs.
Other initiatives included support for rural education through ‘Sath Diyawara Going Beyond’, which supports the educational needs of students in over 15 schools, and the ‘Sisu Divi Pahana’ initiative, implemented by the hand protection and purification sectors, providing over 250,000 meals for 1,200 students from 19 rural schools.
Pioneering sustainable innovation and circular economies
Hayleys achieved a 15.8% increase in renewable energy generation, producing 196,166 MWh of clean energy in 2024, with 68% of its energy needs met by renewable sources. Despite operational expansions, the Group maintained its carbon footprint at 213,078 tCO2e, with a minimal increase in Scope 1 emissions and a reduction in Scope 2 emissions.
The Group continues to explore viable solutions for decarbonising its operations, in alignment with its target of achieving net-zero emissions by 2050, and a 30% reduction in Scope 1 and Scope 2 GHG emissions by 2030. During the period in review, the purification, hand protection, eco solutions, and transportation and logistics sectors launched their own ESG Roadmaps, clearly setting out targets, action plans, and deliverables to be achieved by 2030.
“We will continue to leverage the Group’s unmatched human capital, product capabilities, brands, and relationships to drive deeper penetration in selected markets. Crucial priorities in the next financial year will include strategically embedding ESG to derive a competitive advantage, accessing new markets, and optimising resources while effectively addressing critical social and environmental issues we face as a society,” states Pandithage.
Collaboration towards greater climate and societal outcomes: As a technology provider, Hayleys Solar supports Sri Lanka’s first-of-its-kind Agrivoltaics project in partnership with the Sri Lanka Sustainable Energy Authority and Tea Small Holdings Development Authority, funded by the Asian Development Bank
Purified water for CKD-affected areas: Puritas ‘Sath Diyawara’, leveraging water purification expertise, delivers 190,000 litres of purified water daily to over 45,000 people in areas impacted by Chronic Kidney Disease (CKD)
Empowering suppliers: Through Haycarb’s ‘Haritha Angara’ initiative, technical and financial assistance was provided to over 350 micro-entrepreneurs and small and medium-scale suppliers for converting coconut shells into charcoal using proprietary eco-friendly technology
