Business

JAT Holdings Posts Highest-Ever Revenue in Q1 2023

Published

4 years ago

2022/08/14

Thilina Walpola

In the face of unprecedented challenges

Revenue growth by 39% and gross profit growth by 37%
Highest ever PAT for the 1st quarter
Secures over eight months of raw material as inventory for uninter rupted production
Commenced manufacturing operations in Bangladesh under fully-owned subsidiary, Asia Coatings (Pvt) Ltd
Financial relief schemes provided to safeguard employees

Guided by its highly-experienced and skilled corporate management team, JAT Holdings PLC has achieved its highest-ever first-quarter revenue in FY 2022/23. The Group has also performed exceptionally well, across a range of other financial performance indicators, defying industry trends, amidst a highly challenging economic environment, a company news release said last week.

Financial Performance Overview

Total Revenue for Q1 grew by a very handsome 39% to LKR 1.935 billion, against LKR 1.396 billion in the corresponding quarter in the prior year, while Gross Profit in absolute terms rose by 37% to LKR 525.6 million, against LKR 382.6 million in Q1 of FY 2021/22.

Gross Profit Margins were maintained unchanged at 27%, despite mounting domestic and external challenges such as Sri Lanka’s multiple crises of economy, energy and foreign exchange, compounded by a global scarcity of raw materials, the company said.

Meanwhile, operating profit grew by 50% during the period under review to LKR 280.2 million, up from LKR 186.75 million in the corresponding period. However, Operating Profit Margin growth was subdued, but still recorded an expansion to 14%, up from 13%, it added.

“This was as a result of various economic relief packages and facilities provided to employees making it the highest ever increase in salaries within the company, coupled with rising inflation costs and exchange rate volatility,” the release said.

“Profit Before Tax (PBT) grew by 18%, demonstrating a sustained momentum of recovery, to LKR 198.8 million, compared with 168.9 million earlier, although Margins contracted slightly, from 12% in the corresponding period, to 10% during the period under review, as a result of the worsening economic environment.”

Discussing the strategic positioning of the Group and its Q1 performance, CEO, Nishal Ferdinando said, “Through our skillful and agile maneuvering, and by leveraging the expertise and experience of our management team, we have continued to deliver exceptional excellence to all our stakeholders, including our customers, amidst the worst economic crisis that Sri Lanka, or we as an organization, have ever faced.

“Through foresight and experience, we anticipated the present crises, based on economic indicators and on-ground information. Thus, we immediately rallied our people and our supply chain partners to secure adequate raw material stocks for at least eight months, which we were able to achieve thanks to our strong financial position, which was further consolidated as a result of our IPO.

In fact, the cash infusion from our IPO, has ensured low gearing, thus a reduction in financing costs, helping us to remain relatively unburdened amid a tightening monetary environment.”

Just over a year ago, in July 2021, JAT Holdings launched its IPO, which saw the Company successfully raise LKR 2.2 billion, in an oversubscribed issue, through the sale of 82.9 million ordinary shares at a price of LKR 27.00 per share. These funds have since been used for setting up an R&D centre, commissioning a manufacturing facility in Bangladesh and channeled towards market development initiatives for the Group’s new flagship brand, WHITE by JAT, the release said.

“We also have gone above and beyond, as an employer of choice, to ensure that our people are provided with adequate cushioning during the crisis,” added Mr. Ferdinando, “We have provided financial relief schemes, along with relief in other forms such as flexible work, access to essential items, moral and emotional support, and an overall sense of security in employment. This has helped us to work better as a team and continue to deliver what is expected of us, by customers and all other stakeholders.”

Revenue Breakdown

“Group Export Revenues dipped slightly during Q1, by 12%, as a result of reorganization due to the commencement of operations at the Group’s manufacturing facility in Bangladesh, owned and operated through its fully-owned subsidiary, Asia Coatings (Pvt) Ltd., the release said.

“However, export revenues are forecast to improve drastically as operations at the new facility get up to speed. Additionally, the Group has placed a strategic focus on developing its export operations, in order to further consolidate its financial and operating position over the rest of the year.

“Revenues from the Group’s Sri Lankan operations expanded by a significant 59% to LKR 1.576 billion in Q1 of FY 2022/23, up from LKR 989.3 million in the corresponding period. This was driven by increased sales, coupled with the effects of input price inflation.”

Progress on IPO Objectives

One year since the Issue, JAT Holdings PLC has fulfilled its promises to investors with regard to its IPO Objectives, the release said.Commenting on the progress, Founder and Managing Director of JAT Holdings PLC, Aelian Gunawardene said, “We are pleased to communicate to investors that we have made excellent progress with regard to our IPO Objectives. Construction on our Bangladesh manufacturing facility has been completed, and the facility commissioned, ahead of schedule.

“We look forward to reaping the benefits of enhanced production capacity and capability at our new facility in the coming months. Work has also already begun on our R&D centre, and we expect it to be completed within the next two months, again ahead of schedule and much lower than was initially budgeted. We have also used funds from the IPO to add value and build our flagship WHITE by JAT brand, and this has paid off handsomely.”

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Business

HNB Assurance delivers industry leading 42% revenue (GWP) growth and 28% rise in profits (PAT)

Published

15 hours ago

2026/03/1

Thilina Walpola

HNB Assurance PLC reported an outstanding financial performance for the year ended 31st December 2025, delivering a 42% year-on-year growth in Life Insurance Gross Written Premium (GWP), this along with the growth rate in Renewals are the highest in the industry.

Life GWP reached Rs. 19.49 Bn compared to Rs. 13.71 Bn in 2024, reflecting strong New Business generation and Renewal Collection. Net Written Premium grew even faster at 43% to Rs. 18.44 Bn, highlighting the quality and sustainability of the Company’s topline expansion.

Commenting on the results, Chairman Stuart Chapman stated, “The year under review was marked by gradual macroeconomic stabilisation, improved investor sentiment and a more predictable policy environment. Although the economy continues to recover from prior volatility, we are beginning to see renewed financial confidence among individuals and businesses. Against this backdrop, HNB Assurance has delivered strong growth in both revenue and profits, while maintaining robust capital adequacy and prudent risk management. Our improvement in top line, profitability and balance sheet strength demonstrates the resilience of our business model and our ability to navigate changing economic conditions which are reflected in an ROE which increased to 18.5% from 16.9% a year earlier.”

Profit Before Tax increased by 28% to Rs. 3.03 Bn from Rs. 2.36 Bn in the previous year, while Profit After Tax (including Life Surplus Transfer) rose by 28% to Rs. 2.12 Bn compared to Rs. 1.66 Bn in 2024. Earnings Per Share improved by 28% to Rs. 14.15 from Rs. 11.04, reinforcing the Company’s ability to consistently translate business growth into enhanced shareholder value. In line with this strong performance, the Board of Directors has proposed a first and final dividend of Rs. 5.00 per share for 2025, representing a 28% increase over the Rs. 3.90 per share declared in the previous year.

Executive Director and Chief Executive Officer Lasitha Wimalaratne highlighted the consistency of the Company’s upward trajectory. “Our 2025 performance reflects a sustained pattern of high growth and disciplined execution over the past four years. During this period, we have consistently strengthened our distribution reach, enhanced advisor productivity, invested in digital enablement and sharpened our customer centric value proposition. Each year we have built on the previous year’s gains, and the 42% growth in Life GWP in 2025 is the strongest affirmation yet of that strategy. Importantly, we have achieved this while maintaining underwriting discipline, expanding our Life Fund and delivering a 28% increase in PAT.”

The strength of the Company’s balance sheet continued to improve during the year. Total Assets grew by 28% to Rs. 68.44 Bn from Rs. 53.40 Bn, while financial investments increased by 29% to Rs. 62.49 Bn from Rs. 48.49 Bn in 2024, reflecting disciplined asset accumulation and prudent investment management. Total Equity rose to Rs. 12.19 Bn from Rs. 10.81 Bn, supported by Retained Earnings which grew by 18% to Rs. 10.23 Bn.

The Life Insurance Fund recorded a significant expansion of 27%, increasing to Rs. 48.87 Bn from Rs. 38.34 Bn in the previous year. During the year, the Company paid Rs. 4.40 Bn in Net Insurance Benefits and Claims, honouring its commitments to policyholders and their families while further strengthening long term reserves. Investment Income remained a key contributor to performance, with interest and dividend income rising by 10% to Rs. 7.49 Bn.

The Market Capitalisation as at the end of the year stood at Rs. 17.21 Bn up 43% from a year ago when it was Rs. 12.02 Bn, while trading for year ended at Rs. 114.75 per share increasing by 43% from Rs. 81.10 a year ago.

Business

Phoenix Ogilvy Dominates Sri Lanka’s Creative Rankings

Published

15 hours ago

2026/03/1

Thilina Walpola

Irvin Weerackody – Chairman, Ogilvy Group Sri Lanka

Standout year with international award show wins at LIA, One Asia, Clio, AdFest, Spikes Asia & The Work

Phoenix Ogilvy has been named 2025 Sri Lanka Agency of the Year after topping The Campaign Brief Asia’s Creative Rankings as the most internationally awarded agency in the country, an agency news release said..

The agency’s ranking also marks Sri Lanka’s return to the list in 2025, following the country’s absence from it the previous year.

The Campaign Brief Asia Creative Rankings annually evaluate the top 100 most awarded creative agencies in Asia, based on their achievements across leading international award shows.

The rankings are widely regarded as one of Asia’s most credible measures of creative excellence. Agencies accumulate points purely from award wins across major international creative shows, making it one of the longest-running and most respected benchmarks of creative performance in the region.

Phoenix Ogilvy secured the top spot in the national table, amassing an impressive 295 Creative Ranking points after standout wins across six major international creative award shows, including London International Awards (LIA), One Asia Awards, Clio Awards, AdFest, Spikes Asia, and Campaign Brief’s The Work.

Being ranked at the top not only signals national creative leadership for Phoenix Ogilvy but also exhibits the agency’s talent strength. In a testament to this creative calibre, the agency’s talent dominated the Campaign Brief Asia’s Individual Creative Rankings in Sri Lanka.

Leading this list is Nadeera Warawita with 250 Creative Ranking points, followed by Sakuna Ranasinghe at No. 2 with 220 points, and Samitha Kaushalya at No. 3 with 150 points. Meanwhile ranked jointly at No. 4, are Dilshi Aberaja, Dilshard Ahamed, Harsha Kumara, Kasun Wadumestri, Keshan Silva, and Suresh Kumar. At no. 10 is Dilshi Thathsarani.

Speaking on these achievements, Irvin Weerackody, Chairman of the Ogilvy Group Sri Lanka, said, “Creativity has always been our lifeblood, and it is encouraging to see that commitment recognised on the world stage. The real test of an agency is not the trophies, but the courage to create with integrity, especially today. These achievements not only reflect the capability of our talent, but importantly their discipline, their cultural instinct and their refusal to take the easy way out. I am proud of our teams, who continue to push themselves year after year to raise the bar and uphold the standards we believe in.”

For five decades, Phoenix Ogilvy has been a defining pillar of the country’s marketing landscape and an influential creative powerhouse. From its earliest days, the agency has challenged convention and advocated brave thinking, producing work that commands attention, both locally and internationally.

Renowned as a formidable training ground for Sri Lankan advertising talent, the agency has also played a pivotal role in shaping generations of trailblazing creatives, strategic thinkers, and industry leaders who continue to leave their mark across the region and beyond.

Strengthened by the global Ogilvy network, the agency enjoys a rare blend of global creative rigour and deep local intelligence. Over the years, it has diversified across multiple disciplines and today stands as a talent hub for 290 industry specialists spanning creative, strategy, digital, media, public relations and integrated communications in Sri Lanka.

At its core, the agency remains true to the principles it was built on: that great ideas come from disciplined minds, uncompromising craft, and the refusal to settle for the ordinary.

Business

Oak Ray Chef Marks a Culinary Milestone with 118 Unique Creations

Published

15 hours ago

2026/03/1

Thilina Walpola

In the intricate world of pastry and bakery arts, R.S. Weerakoon has emerged as a visionary creator, known for his extraordinary ability to transform any concept into a stunning cake masterpiece. Currently serving as the Head Chef (Pastry & Bakery) at the Oak Ray Group in Kandy, Weerakoon’s journey is a blend of local talent and international expertise.

An alumnus of Udispattuwa Maha Vidyalaya, Weerakoon holds an NVQ Level 04 qualification from NAITA and is a distinguished member of the Chefs’ Guild of Sri Lanka. With over 14 years of experience in the industry, including valuable tenures in Kuwait and Oman, he has successfully integrated Middle Eastern culinary trends with local flavors.

One of his most significant contributions to the industry is the introduction of 118 unique products to the Oak Ray Group. Remarkably, all these creations are made without the use of any artificial food colorings, prioritizing the health and well-being of consumers.

Speaking about this talented professional, the Chairman of the Oak Ray Group, Mr. Sujeewa Palliyaguruge, stated that his vision is to provide a creative platform for such skilled young individuals.

“Our goal is to allow talented creators like Weerakoon the freedom to innovate and bring their unique visions to life, which ultimately benefits the entire culinary industry in Sri Lanka,” he said.

Weerakoon’s dedication to natural ingredients and his mastery of cake architecture continue to set new benchmarks for the next generation of chefs in the hill capital.