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.
HNB joins CBSL to promote ‘Rata Purama LANKAQR’ campaign in Kandy
HNB PLC once again joined the Central Bank of Sri Lanka (CBSL) to promote the ‘Rata Purama LANKAQR’ campaign to raise awareness and encourage the public in the Kandy district towards a cashless payment ecosystem.
HNB, together with other financial institutions and telecommunication partners, participated in the day-long event held at the Kandy City Center. The bank raised awareness regarding its LANKAQR integrated HNB SOLO payment app while onboarding merchants during the promotional campaign.
“During the early stages of the pandemic we witnessed many of our customers and members of the public seamlessly adopt our cashless and contactless payment app HNB SOLO. With COVID and the subsequent launch of the ‘Rata Purama LANKAQR’ campaign the number of users of these types of systems have increased exponentially.
“Given that the mutual vision of the Central Bank of Sri Lanka and HNB is for a financially and technologically empowered Sri Lanka, HNB is proud to serve as an enthusiastic partner to roll out LANKAQR island-wide. The fact that we now have merchants in the cultural capital of Sri Lanka making this shift is another major milestone in this digitalization journey,” HNB Deputy General Manager – Retail and SME Banking, Sanjay Wijemanne said.
ComBank’s ATM network sets new records for cash dispensed during festive season
The automated teller machine (ATM) network of Commercial Bank of Ceylon dispensed a record Rs 8.818 billion on 9th and 10th April 2021, shattering the previous records for the highest and second highest cash disbursements for a 24-hour period, as Sri Lanka’s leading private bank facilitated the celebration of the Sinhala and Tamil New Year.
The disbursements of Rs 4.498 billion on April 9 and Rs 4.320 billion on the following day represented a substantial increase over the single-day values recorded in previous years.
In total, Commercial Bank dispensed Rs 41.748 billion via its ATM network between 1st and 15th April 2021 at an average of Rs 2.783 billion per day, reaffirming the indispensable role it plays in the lives of Sri Lankans, as well as the reliability and robustness of the network. On seven of these 15 days the network dispensed more than Rs 2 billion a day, and on five days disbursements exceeded Rs 3 billion a day, the Bank said.
Comprising of 890 ATMs, the network processed 2.434 million transactions over the 15 days at an average of 168,988 transactions a day, while on 9th April, the number of transactions processed totalled 233,990 at an average of 9,749 transactions per hour or 162 transactions per minute.
The first Sri Lankan bank to be listed among the Top 1000 Banks of the World and the only Sri Lankan bank to be so listed for 10 years consecutively, Commercial Bank operates a network of 268 branches in Sri Lanka. The Bank’s overseas operations encompass Bangladesh, where the bank operates 19 outlets; Myanmar, where it has a Microfinance company in Nay Pyi Taw; and the Maldives, where the bank has a fully-fledged Tier I Bank with a majority stake.
‘Ceylinco VIP Cyber Tharu’ to showcase Sri Lankan talent
Ceylinco General Insurance has announced an online competition with a novel concept to showcase Sri Lankan talent by providing a platform for them with the opportunity to win handsome cash prizes.
“This time, our effort is to organize an online competition that provides an opportunity for Sri Lankan people to display their talent and also to identify hidden talents whilst rewarding them. There will be five overall winners whose prize money will be over Rs. 1 million and each category winner will get Rs 100,000/-. Ten randomly picked voters too will receive handsome cash awards,” said Patrick Alwis, chairman CEO of Ceylinco General Insurance.
The guidelines and the criteria of the competition were announced recently through a dedicated website and other social media platforms: Facebook, Instagram, twitter, You Tube as well as LinkedIn. Contestants can perform under five categories, namely, singing, dancing, instrumental performances, fashion modelling and funny videos / Standup comedy. Individuals over 18 years could perform under the individual category whilst the group category will have no age limit.
Under the group category either families or a group of friends could take part. Each entry will have to be specially recorded for this competition. Prior to recording the performance, they should download the image of the logo and have it displayed prominently in the background. Performances could be recorded using a smart phone or a video cam.
Regulate sports in popular schools ahead of big matches
‘Post turtle’ revisited
Sinharaja world heritage
7-billion-rupee diamond heist; Madush splls the beans before being shot
Unfit, unprofessional, fat Sri Lankans
The Burghers of Ceylon/Sri Lanka- Reminiscences and Anecdotes
Features6 days ago
Port City Bill Requires Referendum
Sports7 days ago
Sebs’ cricket stalwart Cooray retires after more than three decades of service
news6 days ago
Two hotels to be built obstructing elephant corridor in Sinharaja – MONLAR
Opinion7 days ago
Buddhism and all beings’ right to life
news7 days ago
Govt. MP Wijeyadasa strikes discordant note on Port City Bill
news3 days ago
Kanag-Isvaran PC fires opening salvo against Colombo Port City Economic Commission Bill before SC
Sports7 days ago
Mendis and Babar; careers that have taken different routes
Features7 days ago
Precision measurement shakes world of science