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Hayleys PLC retains credit rating of AAA(lka) by Fitch Ratings showcasing financial strength and resilience

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Chairman and Chief Executive of Hayleys PLC, Mohan Pandithage

Hayleys PLC retained its national long-term rating of ‘AAA(lka)’ by Fitch Ratings, attesting to the Group’s strong financial stability and resilient earnings profile. The outlook on the rating is stable, a news release from the company said.

The rating is upheld by the Group’s extensive operating scale, diversification across business verticals and geographies and globally leading market positions in several key businesses, which have enabled the Group to generate sustainable operating cash flows despite temporary headwinds.

The Group also delivered an impressive performance over the first quarter of the financial year ending 31st March 2025, recording Revenue and Profit-Before-Tax growth of 17% and 150% respectively.

Consolidated Revenue amounted to Rs.113.61 bn during the quarter with growth driven by the Consumer & Retail (+52%), Transportation & Logistics (+25%), Projects & Engineering (+125%) and Construction Materials (+47%) sectors, the release added.

“The moderate performance of the Group’s export-oriented sectors was countered by strong growth in the verticals catering to the domestic market- underscoring the diversity and resilience of the Group’s earnings. Meanwhile, the Group’s Gross Profit increased by 15%, with the Gross Profit margin maintained at 23%.

“Consolidated Earnings Before Interest and Tax (EBIT) increased by 2% to Rs. 8.49 bn, with the Consumer & Retail Sector emerging as the largest contributor with a share of 17% supported by a broader revival in consumer sentiment, and Singer (Sri Lanka) PLC’s unmatched market position in the consumer durables industry.

“Despite slight moderations in operating performance, Transportation & Logistics, Others, Textiles and Purification Sectors also provided key contributions to Group EBIT during the quarter. Overall, the Group’s Profit-After-Tax clocked in at Rs. 3.12 bn an increase of 136% compared to the corresponding quarter of the previous financial year.

“The Group’s financial position remained strong, reflecting modest leverage and improving coverage levels. The AAA(lka) credit rating also takes into account the Group’s strong market positions in defensive industries such as Hand Protection, Agriculture and Purification and the anticipated upside potential from the domestic construction, tourism and retail industries.

“Fitch Ratings also notes the Group’s geographical diversification in terms of earnings with 54% of Revenue generated via direct and indirect exports as well as manufacturing locations, particularly in the Purification and Hand Protection sectors.”

“The reaffirmation of our credit rating at the highest level reflects the Group’s steadfast commitment to pursuing its growth ambitions while maintaining the strength and stability of its financial profile”, said Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC. “The diversity of our businesses, strong market positions, unmatched human capital and relationships have aptly positioned the Hayleys Group to leverage emerging opportunities and we remain optimistic about the Group’s financial prospects in the quarters ahead”

“As one of the country’s most socio-economically impactful organizations, Hayleys continues to drive inclusive value across its extensive supply chains and communities, driving economic empowerment across Sri Lanka,” the release said.

“Total employment across the Group’s global network increased to 36,667 during the first quarter of FY 2024/25, with continued investments in nurturing talent, supporting employee well-being and building a diverse and inclusive culture.

“The Group remains deeply committed to driving its ESG aspirations as outlined in the Hayleys Lifecode, achieving a near five percent y-o-y reduction in its carbon emissions supported by increasing focus on renewable and sustainable energy sources.

“A centrepiece of the Sri Lankan economy, Hayleys, a public-listed entity, is Sri Lanka’s most diversified conglomerate, with a global footprint spanning 18 countries in five regions. Hayleys is a champion of sustainable innovation and represents one of Sri Lanka’s most prominent success stories.”

The Board of Directors of Hayleys PLC are, Mohan Pandithage (Chairman and Chief Executive), Sarath Ganegoda, Rajitha Kariyawasan, Harsha Cabraal, PC, Ruwan Waidyaratne, Hisham Jamaldeen, Aravinda Perera, Jayanthi Dharmasena, Rohan Karr, Gamini Gunaratne, Timothy Speldewinde and Yohan Perera.



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GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy

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Western Province maintains its dominant position, accounting for 42.4% of nominal GDP

The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.

The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.

In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.

The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.

The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.

by Sanath Nanayakkare

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Sri Lanka Insurance supports 1,000 families in flood-affected areas

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Dry ration packs were distributed through the NDRSC

Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.

Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.

Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”

In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.

Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.

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Jaffna Hindu College wins regional AIA Healthiest Schools award

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The college was honoured at a vibrant regional awards ceremony

Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.

The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.

The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.

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