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Teejay Lanka consolidates in Q2 to post 6-month revenue of Rs 23.1 Bn

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Teejay Lanka Chairman Bill Lam (left) and CEO Pubudu De Silva

Teejay Lanka PLC has built on its robust first quarter performance in Q2 of 2021-22, helped by strong demand for fabric from strategic customers due to the changing dynamics of the global market, increased capacities and the depreciation of the Rupee.

Sri Lanka’s leading fabric manufacturer has reported revenue of Rs 23.1 billion at Group level for the six months ending 30th September 2021, reflecting topline growth of 71%. The second quarter contributed Rs 12.7 billion to the topline with an improvement of 44% over the corresponding quarter of last year.

The Group posted profit before tax of Rs 1.15 billion for the six months, up 44%. Pre-tax profit for the second quarter amounted to Rs 763.7 million, largely as a result of reduced margins due to predicted raw material and commodity price increases and higher distribution and marketing costs linked to the increased volumes.

Group profit after tax for the six months improved by a noteworthy 59% to Rs 954.1 million despite the second quarter’s net profit growing by only 2% to Rs 643.5 million, according to interim financial statements filed by Teejay Lanka with the Colombo Stock Exchange (CSE).

Commenting on the Group’s performance, Teejay Lanka Chairman Bill Lam said: “While we continue to see growth opportunities, we also see challenges in this turbulent environment, notably increases in the prices of cotton, dyes, chemicals, auxiliaries and logistics. Considering these factors as well as the challenging operating conditions in the first half due to the Covid waves in India and Sri Lanka, our growth and improvement in profit are noteworthy.”

He said the Group is strategically approaching suppliers to secure yarns at a better price, and negotiations are in progress with customers to manage the margins at better pricing. “The teams are constantly collaborating with suppliers to minimise the impact of supply chain disruptions and higher freight rates,” Lam added.

Teejay Lanka CEO Pubudu De Silva noted that the Group’s US$ 26 million expansion project in India is progressing to planned timelines, with plant construction ongoing and orders for additional machines placed. “As part of our strategy of adapting to the changing environment we are progressing with an upgrade to the SAP-HANA relational database management system,” he disclosed, adding that “Teejay is navigating the journey to achieve the goal of US$ 300 million by 2023 amidst changing business dynamics and uncertainties, with cautiously-placed strategies that will achieve the targets set for our stakeholders.”

Sri Lanka’s largest textile manufacturer and the first textile manufacturer in the country to receive membership of the US Cotton Trust Protocol, Teejay Lanka PLC 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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SIA warns of 1,000 SME collapses, urges fair policies to protect Sri Lanka’s rooftop solar sector

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The Solar Industries Association (SIA) holds a press briefing in Colombo recently.

By Sanath Nanayakkare

The Solar Industries Association (SIA), representing over 1,000 companies and employing 40,000 workers in Sri Lanka’s rooftop solar sector, issued a stern warning recently regarding threats to the industry’s survival and the nation’s renewable energy ambitions. The association condemned recent regulatory instability and called for urgent policy reforms to avert economic and social crises.

The SIA categorically rejected the Ceylon Electricity Board’s (CEB) claim that rooftop solar installations caused the recent island-wide power outage, calling the accusation “baseless and misleading.”

“Public trust is eroded when accountability is misdirected,” the SIA stated. “We demand an independent, transparent investigation led by experts appointed by the Ministry or the Public Utilities Commission (PUCSL). The CEB’s unilateral statements disregard the sector’s contributions and jeopardize Sri Lanka’s renewable energy transition,” they said.

“While acknowledging the formation of a tariff determination committee, the SIA criticized its narrow focus on financial parameters, ignoring the sector’s socioeconomic value. Rooftop solar empowers businesses and households with energy independence, reduces grid strain, and supports climate goals. However, proposed volatile tariff structures risk destabilizing over 100,000 installations—primarily owned by middle-class families—and deter future investment,” they noted.

“A rigid, equation-based tariff system is unsustainable,” the association warned. “Sri Lanka needs a stable policy framework to attract long-term investments. For instance, retirees could invest EPF savings into solar projects, securing income while advancing national energy targets. Without urgent action, 1,000 SMEs and 40,000 jobs face collapse, with dire consequences for employment, energy security, and economic stability,” they pointed out.

SIA urged policymakers to establish an independent committee to investigate the power outage fairly, expand the tariff committee’s mandate to include socioeconomic and environmental benefits and implement predictable policies to safeguard SMEs, households, and investor confidence.

“Sri Lanka stands at a crossroads,” the SIA emphasized. “Protecting rooftop solar isn’t just about energy—it’s about livelihoods, economic resilience, and a sustainable future. We urge stakeholders to collaborate on solutions that prioritize both people and progress,: they emphasized.

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SLT-MOBITEL partners with the Rush Lanka Group to power its apartment portfolio

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Imantha Wijekoon, Chief Business Officer - Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Lanka Group, exchange the signed agreement

SLT-MOBITEL has entered into a strategic partnership with Rush Lanka Group to provide exclusive SLT-MOBITEL Fibre connectivity solutions to their portfolio of luxury apartment developments in Colombo and the suburbs, enhancing the digital experience of all residents.

The agreement was signed between Imantha Wijekoon, Chief Business Officer of Consumer Business at SLT, and Zaid Ariff, Director of Construction at the Rush Group headquarters. Representatives from both companies also attended the ceremony.

Under the partnership, SLT-MOBITEL will serve as the exclusive digital service provider for five prestigious Rush Lanka developments including Street Rush Residencies and Rush Court 4 in Mt. Lavinia, Rush Tower 2, Rush Metropolis in Dehiwala, and Rush Court 5 in Colombo 14. The collaboration ensures residents will enjoy superior fibre connectivity speeds, enabling seamless digital experiences in modern smart homes. The partnership with the Rush Lanka Group aligns with SLT-MOBITEL’s commitment to offer ultra-fast, reliable connectivity solutions to residential developments. Delivering exclusive fibre connectivity to luxury apartments, SLT-MOBITEL ensures residents have access to world-class digital services that complement the living experience promised by Rush Lanka Group.

Powered by advanced fibre technology, SLT-MOBITEL network will provide the residences with seamless performance across digital activities. The SLT-MOBITEL Fibre backbone ensures lag-free experiences whether tenants are gaming online, attending virtual classes, working remotely, or streaming high-definition entertainment. SLT-MOBITEL Fibre will transform the lifestyles of all apartment users bringing greater convenience and superior quality of life.

Rush Lanka Group, established in 1992, is a property developer specializing in luxury and semi-luxury apartments.

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Sri Lanka makes outstanding appearance at OTM and SATTE 2025 in India

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SLTPB has been a regular member of both OTM and SATTE trade fairs in India

Starting its promotional work for 2025, Sri Lanka Tourism Promotion Bureau (SLTPB) added another feather into its cap of endorsements, by being recognized as the most innovative Tourism Board promotion in Outbound Travel Mart (OTM) . In parallel to that, several other sub events were held. The OTM was held in Jio World Convention Centre, Mumbai—India, from 30th January to 01st February 2025.Before OTM, the Global Village – Global Exchange & Trade Exhibition was held at the Surat International Exhibition & Convention Centre , Sarsana, Surat (Gujarat – India , from 25th to 27th January 2025. This travel fair was organized by Southern Gujarat Chamber of Commerce and Industry (SGCCI).

Sri Lanka participated in both OTM and South Asia’s Travel & Tourism Exchange (SATTE), held from 19th – 21st Feb 2025, in New Delhi, India . This was an excellent opportunity for Sri Lanka to promote it’s potential as a unique travel destination, especially for the Indian counterparts, as SLTPB has identified India as the number one source market for Sri Lanka, tourism bringing the largest number of tourist arrivals to the destination.

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