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Hela Apparel Holdings reports significantly improved financial performance in Q2 FY 2024/25

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Hela Apparel Holdings PLC has announced a significant improvement in its financial performance during the quarter ended 30th September, with a return to operating profit for the first time in eight quarters. This positive result highlights the recovery of demand conditions in its key export markets and underscores the successful outcomes of its ongoing restructuring exercise.

The Hela Group’s revenue surged by 36.5% year-on-year to Rs. 23.4 billion in the second quarter of FY 2024/25. This was primarily driven by the contribution of the recently established Brand Licensing Division, following the acquisition of UK-based Focus Brands in January 2024. Sales for the existing Private Label Manufacturing Division were also supported by the ongoing recovery in demand from its key brand partners across the US and Europe.

Profitability for the Group demonstrated a significant improvement during the quarter, with gross profit increasing by 222.9% year-on-year to Rs. 4.5 billion. Notably, the manufacturing division recorded a gross profit margin of 16.6% in the second quarter, which is the highest level in 14 quarters. This was attributed to improved capacity utilisation and an ongoing shift in its customer mix towards higher-margin apparel brands.

As a result, the Hela Group recorded an operating profit of Rs. 557 million in the second quarter. This is the first recurring operating profit reported by the Group since the second quarter of FY 2022/23 and marks a turnaround in its financial performance. Operating profits were recorded by both divisions during the quarter, with the Brand Licensing Division also posting a profit-before-tax of LKR 343 million.

Expressing his thoughts on the Group’s results, A. R. Rasiah – Chairman of Hela Apparel Holdings PLC said, “I’m pleased with our improved performance during the second quarter, which reflects the positive impact of the strategic steps we’ve taken to reposition the Hela Group for growth and profitability. As we continue to work towards further improvement over the coming quarters, I would like to take this opportunity to thank our teams across the globe for their hard work in delivering this favourable result”.

Hela recently confirmed the successful oversubscription of its rights issue, which was completed immediately following the end of the quarter, to raise approximately Rs 1.6 billion. The Company has indicated that it considers this to be the first phase of a broader capital augmentation strategy to strengthen its balance sheet, with details of the subsequent phases to be determined and announced by the Board of Directors.

Commenting on the outlook, Dilanka Jinadasa – Group CEO of Hela Apparel Holdings PLC added, “We intend to build on the second quarter results to ensure a sustainable return to net profit over the coming quarters. Driving efficiencies across the wider group, whilst leveraging the synergies between the manufacturing and brand licensing divisions, will remain the key focus. Our recent exclusive partnership with Reebok to design, manufacture, and sell their outerwear products across the UK and Europe, is a great example of this and how we are expanding our service offering across the global fashion value chain”.

Hela Apparel Holdings PLC provides sustainability-focused apparel supply chain and brand management solutions encompassing design, sourcing, marketing, and distribution through its global footprint, which includes a brand licensing division based in the UK. The company works closely with global brands in the intimate, active, and kids’ wear product categories. With 10 manufacturing facilities across multiple destinations, 04 design centres, and 06 product showrooms in key markets, the Hela Group’s multifaceted workforce tops 14,000 globally, and leads the industry in providing ethical and sustainable apparel solutions.



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Acuity Knowledge Partners fuels global finance with Sri Lanka’s homegrown talent

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Jehan Jeyaretnam

In an era where global financial markets demand innovation and agility, Acuity Knowledge Partners has positioned Sri Lanka as a strategic hub for high-value knowledge services. At the helm of this transformation is Jehan Jeyaretnam, Country Head of Acuity’s Sri Lanka operations, whose two-decade journey with the firm mirrors the nation’s growing prominence in the global knowledge process outsourcing (KPO) sector.

Sri Lanka’s exceptional talent pool, which is highly educated, tech-savvy, and globally aware, is the cornerstone of Acuity’s success, asserted Jeyaretnam during an interview with The Island Financial Review. The following are some excerpts from the interview.

“With over 500 professionals in Sri Lanka supporting global clients in investment research, compliance, and data analytics, the firm has forged robust partnerships with universities like Kelaniya, fostering talent through graduate programmes, mentorship, and initiatives such as its decade-long sponsorship of inter-university academic competitions.’’

“Acuity’s commitment to nurturing expertise is evident in its status as a leading employer of CFA charter holders locally and its consistent recognition as a top employer by AICPA & CIMA, climbing to 9th place globally in 2024. Our people access global opportunities and clear career pathways,” Jeyaretnam noted, emphasising long-term growth over talent development.

“Beyond its economic footprint, Acuity’s “Be Kind” ethos drives community initiatives focused on education, sustainability, and welfare. Partnerships with NGOs like Child Action Lanka, tree-planting campaigns, and digital literacy programmes underscore Acuity’s dedication to uplifting underserved communities. Giving back isn’t optional. It’s ingrained in our culture,” Jeyaretnam stated.

Reflecting on his 20-year journey, Jeyaretnam attributed Acuity’s evolution from a ‘small team with big ambitions’ to a global KPO leader with a philosophy centered on trust and empowerment.

“Leadership is about building others up,” he said, highlighting mentorship and continuous learning as catalysts for innovation.

When asked about his personal accomplishments, he said, “Witnessing employees ascend to leadership roles is my most rewarding accomplishment.”

To youth eyeing careers in capital markets, Jeyaretnam advised adaptability, curiosity, and integrity.

“Success stems from asking questions, seeking feedback, and grounding yourself in financial fundamentals,” he stressed, citing Acuity analysts who’ve risen to become industry experts.

As Acuity eyes the future, Jeyaretnam reaffirmed its commitment to innovation, talent development, and scaling Sri Lanka’s capabilities.

“We’ll keep investing in Sri Lanka, ensuring we’re resilient and ready to meet tomorrow’s challenges together,” he asserted, encapsulating Acuity’s clients, employees and stakeholders.

In a world where knowledge is currency, Acuity Knowledge Partners and Sri Lanka’s talent are proving to be invaluable global assets.

By Sanath Nanayakkare

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John Keells Properties and MullenLowe unveil “Minutes Away”

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In a bold and pioneering move, John Keells Properties (JKP), in collaboration with MullenLowe, has launched “Minutes Away – The Smartest Campaign in Sri Lanka” for JKP’s smart apartment development, TRI-ZEN. Redefining how real estate is experienced and promoted in the digital age, this campaign is the first in Sri Lanka to utilize Meta Ray- Ban Smart Glasses—bringing viewers into a fully immersive, first-person perspective that captures the essence of smart urban living like never before.

As Sri Lanka’s first smart apartment complex, TRI-ZEN has consistently set new benchmarks in urban innovation. Now, with the Minutes Away campaign, John Keells Properties elevates its brand storytelling by delivering a unique point-of-view (POV) journey, giving audiences the chance to see through the eyes of a resident navigating the conveniences of smart city living—from seamlessly connected spaces to vibrant city life just minutes away.

“Innovation is embedded in the DNA of John Keells Properties,” said Chamal Fonseka, Assistant Vice President of John Keells Holdings and Head of Brand Strategy s Customer Experience at John Keells Properties. “With ‘Minutes Away’, we wanted to push the boundaries of how real estate is communicated. The use of Meta Ray-Ban Glasses not only allows us to immerse our audience in the daily rhythm of a TRI-ZEN resident—it also marks a first for Sri Lanka in terms of campaign technology and narrative style. This campaign is not just about showcasing a product—it’s about enabling prospective homeowners to feel the lifestyle TRI-ZEN offers. And there’s no better way than putting them quite literally in the shoes of a resident.”

The Meta Ray-Ban Glasses are at the heart of this one-of-a-kind activation, enabling content to be captured from a natural, unfiltered perspective—no gimbals, no staging, just real- time storytelling. Whether it’s a short commute to Colombo’s key hotspots, smart home features activating at a touch, or the energy of city life just steps away, the viewer experiences it all through the eyes of the modern, connected homeowner.

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Amana Life policyholders enjoy 19 percent return on their Gold Investment Fund

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Gehan Rajapakse – CEO of Amana Takaful Life

As global gold prices soar and investors worldwide turn to gold as a trusted store of value, Amana Life Insurance stands out for offering Sri Lankans a rare and rewarding opportunity to invest in gold through life insurance.

Amana Life Insurance is the only life insurer in Sri Lanka offering customers access to a dedicated Gold Investment Fund across all life insurance products including retirement, education, and health plans. This presents a unique opportunity for Sri Lankans to save in gold and receive gold at maturity, combining financial protection with the long-term stability of a globally valued asset.

As of March 31st, 2025, the Gold Investment Fund delivered an impressive 12-month return of 19 percent, offering strong returns for policyholders who chose the Gold Fund investment option as part of their wealth planning strategy.

Whether you’re planning for your child’s education, retirement, or long-term wealth creation, Amana Life Insurance gives you access to one of Sri Lanka’s most diverse and high-performing investment portfolios. These include the Protected Multiple Fund, Stable Multiple Fund, Growth Multiple Fund, Volatile Multiple Fund, Bullion Multiple Fund, and the standout Gold Investment Fund, each designed to match different financial goals and risk profiles.

Commenting on the fund’s performance, Gehan Rajapakse, CEO of Amana Life Insurance, stated: “The continued rise in global gold prices underscores the importance of offering innovative, long-term investment options. The strong performance of our Gold Investment Fund reflects our deep commitment to creating lasting value for our policyholders. However, we remind customers that past performance is not indicative of future results, and every investment should be aligned with one’s financial goals and market outlook.”

As Sri Lanka’s most awarded insurer, Amana Life Insurance continues to lead with foresight, innovation, and a customer-first mindset, enabling every Sri Lankan to secure their future with confidence and clarity.

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