Business

Teejay Lanka 9-month revenue up 64% to Rs 36.1 billion

Published

4 years ago

2022/02/6

Net profit improves by 23% to Rs 1.7 billion with higher productivity reducing impact of rising raw material costs

Improved demand from the region and enhanced capacity have helped Teejay Lanka PLC to post Group revenue of Rs 36.1 billion for the nine months ending December 31, 2021 and record strong topline growth of 64% over the corresponding period of the previous year, the company said in a news release.

These results have also been communicated to the market via a Stock Exchange filing.

A period described by Chairman Mr Bill Lam as less disrupted by COVID-19 than in 2020, the nine months saw Teejay Lanka counter increases in raw material prices with enhanced productivity to achieve gross profit of Rs 3.2 billion and profit after tax of Rs 1.7 billion, an improvement of 23%., the release said.

In the three months under review revenue was up by 53% to Rs 13 billion, but with raw material costs rising ahead of the corresponding product price increases, profit after tax for the quarter declined by 5% to Rs 738 million.

The Group has continued its strong balance sheet, to end the nine months reviewed with a cash balance of Rs 4.4 billion.

Elaborating on the results for the period, Mr Lam said the increases in raw material costs was the biggest challenge faced by the Group with increases in the prices of yarn, energy, freight, dyes, chemicals and auxiliaries reducing margins. However, the operational excellence initiatives implemented over the past two years helped mitigate the impact to some extent.

Teejay Lanka CEO Mr Pubudu De Silva said the Group remains confident of maintaining growth and delivering value to shareholders on a continuous basis, with the anticipated benefits of an integrated Enterprise Resource Planning (ERP) solution with the implementation of SAP S4 HANA, to take advantage of the expansion across the Group.

Among these expansions is a US$ 26 million development at Teejay India which is scheduled to come on stream from February 2022 and will increase production by 20 tons a day by September this year, De Silva said.

Teejay Lanka was the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol, and is a public quoted company with 40 per cent public ownership. The company is backed by Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake. Pacific Textiles of Hong Kong whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.

The Company has been adjudged the Best Textile Exporter in Sri Lanka at the Presidential Export Awards presented by the Export Development Board (EDB) and has been named among the 100 Most Respected Companies in Sri Lanka by LMD.

An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay has been listed on the Colombo Stock Exchange (CSE) since 2011 and was included in the S&P Top 20 Index in Sri Lanka. The Company has also been named among the Forbes ‘200 Best under a Billion in Asia’ and been recognised as the ‘International Textile Firm of the Year’ and the ‘International Dyer and Finisher’ by World Textile Institute, London.

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Business

A regional conversation on the future of English language teaching

Published

9 mins ago

2026/07/4

Thilina Walpola

Free British Council online conference brings together leading educators from across South Asia to explore how creativity, inclusion and technology can help prepare learners for a rapidly changing world

The British Council has announced the South Asia TeachingEnglish Online Conference 2026, a free three-day event that will convene educators, researchers and teacher educators from across the region to examine one of the most pressing questions facing education today: how can schools equip learners with the creativity, adaptability and communication skills needed to thrive in an increasingly complex world?

Taking place from 23–25 July 2026, the online conference comes at a time when education systems across South Asia are grappling with the challenge of balancing curriculum demands, assessment pressures and evolving learner needs. While English remains a critical gateway to academic and professional opportunities, educators are increasingly seeking approaches that move beyond language acquisition alone to foster critical thinking, collaboration, learner agency and participation.

Business

The Ceylon Chamber convenes dialogue on energy security and standards for Sri Lanka’s energy transition

Published

10 mins ago

2026/07/4

Thilina Walpola

The Ceylon Chamber of Commerce recently hosted a discussion titled “Energy Transition in Sri Lanka: Strategic Insights from Global Markets”, bringing together representatives from the public and private sectors, industry experts, academics, and other stakeholders to examine the opportunities and challenges associated with Sri Lanka’s evolving energy landscape.

Held at a time when countries around the world are accelerating their transition towards cleaner, more resilient, and technology-driven energy systems, the event provided a timely platform to examine renewable energy not only as an environmental priority but as a strategic pillar of national energy security, with implications for economic growth and long-term competitiveness. The discussion also considered the increasing importance of reliable energy infrastructure in meeting the growing demands of digital transformation, including emerging technologies such as artificial intelligence, electric mobility, and data centres.

The programme covered a wide range of topics relevant to Sri Lanka’s energy future, including renewable energy development, energy security, regulatory and policy frameworks, electricity sector reforms, energy storage systems, grid modernization, investment and financing considerations, and international experiences in energy transition. Particular attention was given to the need for creating an enabling environment that supports innovation, attracts investment, including the technical and safety standards required to protect consumers and businesses as storage and solar adoption scales nationally.

Business

Expo Visa Services triumphs with five wins at SLASSCOM Ingenuity Awards 2026

Published

10 mins ago

2026/07/4

Thilina Walpola

Expo Visa Services (EVS) has been recognized with multiple accolades at the SLASSCOM National Ingenuity Awards (SNIA) 2026, reaffirming its commitment to innovation and digital transformation within the visa and education services sector.

The company’s digital platforms, Study Fly and the EZ Visa App, were recognized across both provincial and national categories, earning a total of five awards at this year’s competition.

Among the achievements, Study Fly was named the Western Province Winner for Best Innovative Product in Edu-Tech and Best Innovative Product in E-Commerce, while also securing the National Winner title for Best Innovative Product in Edu-Tech and National First Runner-Up for Best Innovative Product in E-Commerce. The EZ Visa App further strengthened EVS’ success by being recognized as the National Winner in the E-Commerce category.