Business
Teejay records a positive Q3 despite market challenges
Teejay Lanka PLC has maintained its positive trajectory in the third quarter of 2023-24, recording noteworthy pre- and post-tax profit growth for the three months ending 31st December 2023 and reversing the losses of the corresponding quarter of the previous year.
Sri Lanka’s first multinational textile manufacturer has reported profit before tax of Rs 677.7 million for the third quarter of the financial year, as against a pre-tax loss of Rs 24.4 million for the third quarter of 2022-23, recording growth of 2870%.
The Group posted a net profit of Rs 477.4 million for the three months, a gain of Rs 843.3 million or 230% over the net loss of Rs 366 million reported for the corresponding three months of the preceding year.
The Group’s revenue for the quarter reviewed, at Rs 15.9 billion, was down 12% over the Rs 18.1 billion recorded in the corresponding quarter of the last financial year. Nevertheless, the Group’s top line improved by 2.2% over the figure for the second quarter of 2023-24, the Company said.
For the nine months ending 31st December 2023, Teejay Lanka reported revenue of Rs 45.44 billion, profit before tax of Rs 1.2 billion, and net profit of Rs 567 million, reflecting declines of 32%, 56% and 71% respectively over the first nine months of 2022-23.
Teejay Lanka Chairman Ajit Gunewardene said the consistent challenges presented by on-going industry uncertainties have prompted the Group to respond proactively by entering a recovery phase. This involves implementing strategies such as identifying new customer bases, introducing novel product segments, investing in advanced infrastructure, and enhancing skills to adapt to evolving industry dynamics. “These initiatives position Teejay Group effectively to meet the evolving needs of a dynamic market,” Gunewardene said.
Commenting on the Group’s performance in the third quarter, Teejay Lanka CEO Pubudu De Silva disclosed that positive outcomes were achieved due to a timely execution of strategic initiatives during the period under review, including stringent inventory management initiatives and effective cost reduction strategies. “The Group’s advantage due to its multinational footing offers it the flexibility to capitalise on its location advantages to optimise capacity utilisation and operational efficiency. Additionally, the sustained stability in yarn prices has positively contributed to the growth of the Group’s top-line and profitability,” he said.
The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the-art printing facility in Sri Lanka. An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay Lanka was also the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol.
Teejay is a public quoted company with 40 per cent public ownership and the backing of Sri Lanka’s largest apparel exporter Brandix Lanka which has a 33 per cent stake in the Company. Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 per cent of Teejay Lanka.
Teejay Lanka was ranked the No 1 corporate entity among 100 public listed companies in Sri Lanka for Transparency in Corporate Reporting in the TRAC 2022 assessment carried out by Transparency International Sri Lanka (TISL), the local arm of the international corruption watchdog. The TISL assessment was carried out on three areas crucial to fighting and preventing corruption: reporting on anti-corruption programmes, transparency in company holdings and the disclosure of key financial information in domestic operations.
Business
Sri Lanka Customs exceeds revenue targets to enters 2026 with a surplus of Rs. 300 billion – Director General
The year 2025 has been recorded as the highest revenue-earning year in the history of Sri Lanka Customs, stated Director General of Sri Lanka Customs, Mr. S.P. Arukgoda, noting that the Department had surpassed its expected revenue target of Rs. 2,115 billion, enabling it to enter 2026 with an additional surplus of approximately Rs. 300 billion.
The Director General made these remarks at a discussion held on Tuesday (30) morning at the Sri Lanka Customs Auditorium, chaired by President Anura Kumara Dissanayake.
The President visited the Sri Lanka Customs Department this to review the performance achieved in 2025 and to scrutinize the new plans proposed for 2026. During the visit, the President engaged in extensive discussions with the Director General, Directors and senior officials of the Department.
Commending the vital role played by Sri Lanka Customs in generating much-needed state revenue and contributing to economic and social stability, the President expressed his appreciation to the entire Customs employees for their commitment and service.
Emphasizing that Sri Lanka Customs is one of the country’s key revenue-generating institutions, the President highlighted the importance of maintaining operations in an efficient, transparent and accountable manner. The President also called upon all officers to work collectively, with renewed plans and strategies, to lead the country towards economic success in 2026.
The President further stressed that the economic collapse in 2022 was largely due to the government’s inability at the time to generate sufficient rupee revenue and secure adequate foreign exchange. He pointed out that the government has successfully restored economic stability by achieving revenue targets, a capability that has also been vital in addressing recent disaster situations.
A comprehensive discussion was also held on the overall performance and progress of Sri Lanka Customs in 2025, as well as the new strategic plans for 2026, with several new ideas and proposals being presented.
Sri Lanka Customs currently operates under four main pillars, revenue collection, trade facilitation, social protection and institutional development. The President inquired into the progress achieved under each of these areas.
It was revealed that the Internal Affairs Unit, established to prevent corruption and promote an ethical institutional culture, is functioning effectively.
The President also sought updates on measures taken to address long-standing allegations related to congestion, delays and corruption in Customs operations, as well as on plans to modernize cargo inspection systems.
The discussion further covered Sri Lanka Customs’ digitalization programme planned for 2026, along with issues related to recruitment, promotions, training and salaries and allowances of the staff.
Highlighting the strategic importance of airports in preventing attempts to create instability within the country, the President underscored the necessity for Sri Lanka Customs to operate with a comprehensive awareness of its duty to uphold the stability of the State, while also being ready to face upcoming challenges.
The discussion was attended by Minister of Labour and Deputy Minister of Finance and Planning, Dr. Anil Jayanta Fernando, Deputy Minister of Economic Development, Nishantha Jayaweera, Secretary to the President, Dr. Nandika Sanath Kumanayake, Deputy Secretary to the Treasury, A.N.Hapugala, Director General of Sri Lanka Customs, S.P.Arukgoda, members of the Board of Directors and senior officials of the Department.
Business
Construction industry offers blueprint for Sri Lanka’s recovery
The dawn of 2026 represents a time for critical recalibration, not just ceremony, for the nation’s vital construction sector, says Eng Nissanka N Wijeratne, Secretary General/CEO of the Chamber of Construction Industry (CCI).
In a New Year message, Wijeratne reframes the annual greeting as a strategic call to action. “For Sri Lanka’s construction industry – the true backbone of our economy – the turning of the calendar is an ideal moment for a realistic and forward-looking assessment,” he states.
His vision sketches a practical blueprint where the unprecedented challenges of the recent past become the foundation for a smarter, more sustainable future.
The industry, long considered a barometer of national prosperity, has weathered severe headwinds: economic volatility and spiraling material costs. “These were not mere business cycles, but unprecedented tests,” Wijeratne notes, acknowledging the severe strain on firms and professionals. Yet, the sector’s response, he observes, has been “nothing short of remarkable,” showcasing a deeply ingrained resilience.
The Chamber’s chosen theme for the year, “Resilience through Innovation,” signals a pivotal shift from enduring hardship to actively engineering progress.
The pathway forward, Wijeratne outlines, is built on three interdependent pillars.
First is the revitalization of Infrastructure. “This is not a simple call for new projects,” he clarifies, “but a strategic push to reactivate stalled ventures and initiate sustainable developments in concert with the government and international agencies.” He emphasises that construction activity is intrinsically linked to the broader economy’s pulse, where resuming projects catalyses employment, energises supply chains, and restores public confidence.
The second pillar, technological Integration, addresses the urgent need to modernise the sector’s core. Advocacy for Building Information Modeling (BIM), green building practices, and digital project management is a direct answer to past inefficiencies. “It is a commitment to ensuring Sri Lankan construction is not just rebuilt, but upgraded becoming more competitive, cost-effective, and environmentally responsible,” Wijeratne says. ” Innovation must move from slogan to practice, transforming how the nation conceives, builds, and maintains its infrastructure,” he notes.
The third pillar, consistent policy advocacy, underpins all efforts. The Chamber positions itself as a vital intermediary, fighting for fair pricing mechanisms, streamlined regulations, and a protective framework for local contractors. Wijeratne stresses that the best-laid plans of engineers can falter without a conducive policy environment, calling for a strengthened partnership with the state to create a level playing field where skill and enterprise determine success.
Ultimately, Wijeratne’s message is a powerful reminder of the industry’s profound legacy. “When we build, the nation grows,” he states, elevating construction from a commercial activity to a national mission. The structures that rise from the ground are more than concrete and steel; they are the schools, hospitals, roads, and homes that shape the nation’s future.
As Sri Lanka steps into 2026, the construction industry’s message is clear: it is ready to transform resilience from a trait of survival into a dynamic force for innovation.
The past challenges, according to Wijeratne, have been met with grit. Now, the future must be built with vision.
By Sanath Nanayakkare
Business
Expo Commodities and STAY Naturals honoured at the Presidential Export Awards 2024/25
Expo Commodities (Pvt) Ltd, together with its member company STAY Naturals (Pvt) Ltd, has been recognized with Merit Awards at the Sri Lanka Export Development Board (EDB) Presidential Export Awards 2024/25, one of the country’s most prestigious platforms celebrating export excellence.
The awards were presented under the categories of Spices and Allied Products and Essential Oils, Oleoresins & Condiments, recognizing the companies’ consistent performance, product quality, and contribution to strengthening Sri Lanka’s presence in global markets.
The recognition reflects Expo Commodities’ continued focus on delivering high-quality, value-added Sri Lankan products while upholding international standards across innovation, sustainability, and responsible sourcing. Through STAY Naturals, the group has expanded its reach in key export markets, promoting Sri Lanka’s essential oils, oleoresins, and condiments derived from its rich agricultural heritage to customers worldwide.
The achievement also reflects the collective effort, technical expertise, and commitment of the teams behind the operations, alongside the continued trust of global partners and customers. Expo Commodities (Pvt) Ltd, part of Expo Commodities Global, is strategically focused on driving sustainable export growth and strengthening Sri Lanka’s global positioning as a reliable supplier of high-quality natural products.
Expo Commodities Global is a globally active Agri-commodity enterprise with operations spanning multiple origins including Sri Lanka, Vietnam, Indonesia, Madagascar, Comoros, Egypt, the UAE, India, Germany, and the Netherlands. The company specializes in the production, processing, and export of premium organic and conventional spices, coconut products, essential oils, oleoresins, and value-added agricultural products, delivering consistent quality through integrated and sustainable operations.
Expo Commodities Global and STAY Naturals (Pvt) Ltd are part of Aberdeen Holdings, a diversified Sri Lankan conglomerate with interests across pharmaceuticals, packaging, commodities, transport and logistics, power generation, and digital innovation, supporting long-term growth through strong governance, sustainability, and global market engagement.
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