Teejay to set up manufacturing operations in Egypt

Wednesday, 20 November 2024 00:28 - - {{hitsCtrl.values.hits}}

Teejay Lanka PLC yesterday announced it will be expanding its business operations in the Arab Republic of Egypt under a new entity incorporated on 19 November 2024.

It will engage in manufacturing fabric, manufacturing services, and trading activities.

In the first half of FY25, Teejay Group, Sri Lanka’s first multinational textile manufacturer, recorded a Profit after Tax of Rs. 0.9 billion.

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 asset 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.

The Company recently said the growth in revenue is attributable to improvements in the Group’s demand, despite the challenges posed by the depreciation of the Rupee and volatility in supply chain disruptions.

It said 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 current market dynamics successfully.