Teejay Group, Sri Lanka’s first multinational textile manufacturer, recorded a Profit after Tax of LKR 0.9 Bn for the first half of the financial year ending 30th September 2024. The Group Revenue reached a notable LKR 32.7 billion, recording an 11% increase compared to the first half of the previous year.
Gross Profit of the Group posted at LKR 3.2 Bn 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 LKR 8.4 Bn. The net assets base at the close of the period under review stood at LKR 30.4 Bn, with a value of LKR 42.19 net assets per share.
Teejay Lanka Chairman Mr. Ajit Gunewardene said the Group has stepped up its strategies to drive initiatives with our commitment to digitalization; 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.”
Commenting on the performance, Teejay Lanka CEO, Mr. 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 & the Group has made the necessary strategic shifts to seize emerging opportunities to navigate the current market dynamics successfully.” Mr. De Silva added.
The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the- art printing facility in Sri Lanka. An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay Lanka was also the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol. Teejay is a public quoted company with 40 per cent public ownership and the backing of Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake in the Company. Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.
Teejay Lanka was ranked the No 1 corporate entity among 100 public listed companies in Sri Lanka for Transparency in Corporate Reporting in the TRAC 2023 assessment carried out by Transparency International Sri Lanka (TISL), the local arm of the international corruption watchdog. The TISL assessment was carried out on three areas crucial to fighting and preventing corruption: reporting on anti-corruption programmes, transparency in company holdings and the disclosure of key financial information in domestic operations.