The Hayleys Group delivered a record profit in the first six months of FY 2020/21, with pre-tax profit nearly tripling to Rs. 5.52 billion compared to the corresponding period of last year.
The period under review reflects the strongest six months performance in the Group’s operating history and is underpinned by solid improvements in the core performance of the Group’s export-oriented businesses and proactive efforts on driving cost efficiencies through the ‘Haysmart’ programme. Despite numerous challenges stemming from the outbreak of the COVID-19 pandemic the Group ensured continuity of its businesses while operating under strict guidelines of the relevant authorities and ensuring continued value creation to its employees, suppliers, and other stakeholders.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded strong growth of 38% to Rs. 13.32 billion. Improved profitability in the Purification and Hand Protection sectors was underpinned by capacity expansions, better product mix, effective supply chain management and ongoing cost efficiencies. The Group’s Consumer & Retail business recorded a growth, supported by an aggressive sales drive and ongoing cost efficiencies. The Agriculture and Textiles sectors also delivered strong performances, while the Plantation sector’s profitability was upheld by significant growth in the tea exports arm. Understandably, the Leisure Sector continued to be in the red and proactive measures have been implemented to reduce overheads and optimise resource utilisation. Meanwhile, Consolidated Earnings before Interest and Tax (EBIT) increased by 39% to Rs.9.83 billion during the year.
Overall profitability was also supported by a near 15% decline in finance costs, as the Group successfully negotiated favourable terms with banks to maximise the benefit of reductions in market interest rates. Resultantly, the Group’s pre-tax profit more than tripled to Rs.5.52 billion while profit after tax amounted to Rs. 3.82 billion compared to Rs. 640.86 million the previous year. Strong earnings of key businesses led to a significant increase in the share prices and trading activity of Haycarb PLC, Dipped Products PLC, Singer (Sri Lanka) PLC and Hayleys PLC signalling positive investor sentiments and strong upside potential of these shares.
“We anticipate our export-oriented businesses to maintain the current growth momentum and are confident of delivering significant earnings growth in the ensuing quarters” said Mohan Pandithage, chairman & Chief Executive of of Hayleys PLC. He added, “Managing our supply side along with our passionate, dedicated and disciplined workforce ensured we delivered in this very challenging environment. We are also mindful of the risks arising from the recent resurgence in COVID-19 infections and will continue to adhere to stringent health and safety guidelines as prescribed by relevant health authorities”.
The Board of Directors of Hayleys PLC comprises Messrs. Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Ruwan Waidyaratne, Hisham Jamaldeen, Aravinda Perera, Jayanthi Dharmasena ,Rohan Karr and Gamini Gunaratne.
BOI launches long term residence visa programme for investors
The Board of Investment (BOI) recently launched the five-year residence visa program dedicated to investors, stakeholders and BOI enterprises.Issuing long-term visas for investors has been the practice as per the international standards. On par with matching the international benchmark in respect of ease of doing business, the BOI has decided to launch this program to attract more investors to the country.
The long-term visa program, a long-felt need, primarily aims to facilitate the investors who wish to embark on a journey with the BOI.The BOI annually issues 7500-8000 visa recommendations for investors, employees and dependents.The BOI has granted visas for foreign nationals from 109 countries such as India, the United Kingdom, Japan, Korea, Malaysia and Pakistan which represent the most applicants based on last year’s statistics.
Addressing the gathering, Investment Promotion Minister Dhammika Perera said “The happiness on the faces of those investors present at the occasion, implies that the newly launched visa residence scheme is a success,”
“Before the implementation of this program, they had to go through a long documentation process every year to get these visas,” he pointed out.
“Having understood the prime need to provide a seamless and convenient service for investors, we have launched the new program albeit I have not officially assumed duties as the Investment Promotion Minister,” Perera highlighted.
BOI Director General Renuka M Weerakone stated “It is certainly a pleasure to see all our long-standing investors on this special day of launching the long-term residence visa program for investors.
“You all have been the contributors towards 65% of export earnings to Sri Lanka and have stood by us even in times of difficult periods that our country faced, which we wish to acknowledge with great gratitude,” she underscored.
Dialog Enterprise introduces Dialog SmartLife App for Three Sinha roller doors
The Three Sinha Group, a leading roller door company in Sri Lanka, has teamed up with Dialog Enterprise, the corporate ICT solutions arm of Dialog Axiata PLC, to launch a smart roller door controlled via the Dialog SmartLife App. This app enables users to control and access roller door services conveniently from their smartphones. Customers who use Three Sinha roller doors simply need to download the Dialog SmartLife App on Apple App Store and Google Play Store on their smartphone to operate the roller doors from anywhere.
“This is another important step in that process, and we are pleased to partner Dialog Enterprise to provide customers with a future-fit solution. I invite our customers to become a part of this experience”, said Manjula Ariyakumara, the Managing Director of Three Sinha Group of Companies. “As expounded by our brand ethos ‘The Future.Today’, Dialog is continuously seeking avenues of incorporating communication technology into many service areas and product offerings. In line with this vision, we are delighted to partner Three Sinha, a leading Roller Door company in Sri Lanka”, stated Navin Pieris, Group Chief Officer – Dialog Enterprise of Dialog Axiata PLC
People’s Bank commemorates its 61st anniversary
People’s Bank, held a modest ceremony to on 1st July to commemorate their 61st anniversary at the bank’s Head Office in Colombo 02. Chairman of the People’s Bank Sujeewa Rajapakse and CEO/General Manager Ranjith Kodituwakku addressed the staff at this event.
In addition, Religious programs were organized by the Buddhist Association, Hindu Association, Muslim Majlis and the Christians Guild of the People’s Bank to invoke blessings on the country, the people, the customers and the pioneering leaders who have contributed to establish the People’s Bank.
Accordingly, a Pirith chanting was held at the Head Office which was followed by an alms giving at Sambodhi Viharaya in Fort with the patronage of Chief Incumbent Most Ven. Professor Iththademaliye Indhasara Thero. Hindu pooja was conducted by Sri Nivasa Kurukkal, Bambalapitiya, Islamic Service conducted by Deshabandu Al Haj Faisal Hassan mowlavi at Dawatagaha Jumma mosque in Colombo and the holy mass was conducted by Rev. Father Anton Rohitha at St. Philip Mary’s church in Pettah.People’s Bank Corporate and Executive Management, bank staffs and retired employees were also present at the occasion.
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