Teejay Group, Sri Lanka’s first multinational textile manufacturer, announced a Year-to-Date (YTD) Profit after Tax of LKR 1.9 billion for Q3 (third quarter) of FY2024/25, marking a remarkable 234% increase compared to the same period last year. Group revenue reached an impressive LKR 49.8 billion for the period ending 31st December 2024, reflecting a 10% growth compared to the previous year. The Group managed to navigate the continued price pressure through recovery in volumes, improved productivity and focused cost reduction initiatives.

While Gross Profit for the period surged to LKR 5.4 billion, representing a 57% improvement year-on-year, Teejay Lanka PLC also reported a strong balance sheet, ending the third quarter with cash and cash equivalents of Rs 8.4 billion.

Teejay Lanka Chairman, Ajit Gunewardene, said that the Group has stepped up its strategies to adapt to market shifts and has executed strategic initiatives to maintain the growth momentum. “With the focus on innovation the Group has developed new product lines while expanding its synthetic footprint. The operational efficiency and ESG framework, is well-positioned to capitalise on emerging opportunities in the global textile market,” he said, adding that the Group is confident of the strategies put in place will enable the Group to maintain its current growth trajectory and reach US$ 300 million in revenue.

Teejay Lanka CEO, Pubudu De Silva, added, “The Group’s consistent growth reflects our commitment to excellence and adaptability. The shift in orders to Asia has provided us with significant opportunities and our strategic manufacturing locations allow us to meet the demands effectively. We remain focused on driving innovation and operational excellence to sustain our momentum.”

HUTCH, in partnership with Trainocate, has launched an ambitious program “Srilankanization” to empower Sri Lankans with essential digital knowledge and skills to contribute inbuilding Sri Lanka’s digital economy.

The Srilankanization initiative offers world-class training courses on digital applications to individuals including students, entrepreneurs, professionals and trainers, through globally recognized certification programs from top tech corporations such as Microsoft, AWS, Google Cloud, and Cisco and more.The initiative seeks to upskill citizens and position Sri Lanka as a leader in the Digital landscape in South Asia.

A broad range of learning material are offered on the Srilankanization initiative and accessible via the “RESET” e-learning platform hosted on the HUTCH website (www.hutch.lk/srilankanization). The RESET platform is an innovative platform offering 5,000+ training videos and 130+ certifications on various digital spheres.

Anyone can enroll into the platform at a highly subsidized price of just Rs 7,500 a year. The subscription provides unlimited access to all courses on the platform all year round enabling a flexible and comprehensive learning experience.

By Sanath Nanayakkare

Sri Lanka is probably running the risk of becoming a pawn or whatever, between China’s assertive politics and India’s, a German economic policy leader said in Colombo recently.

Tobias Pierlings, Director and Head of Division for External Economic Policy South and Southeast Asia, Australia, New Zealand, and Oceania at the German Federal Ministry for Economic Affairs and Climate Action (BMWK), made this remark during his speech at a reception where the Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka), hosted a New Year’s reception at the Taj Samudra Hotel in Colombo, on 23rd January 2025.

Tobias spoke at the reception in a private capacity as he was holidaying in Sri Lanka.

The last item on his travel itinerary after the AHK’s reception was to go to Ahungalla for a brief holiday, and then fly back home.

Tobias had been in Sri Lanka officially in September 2024 – the presidential election month of Sri Lanka. He described his trip to Sri Lanka at the time, as a very insightful trip, given that ‘we all witnessed the return of geopolitics to the international stage’, for a country strategically located along the world’s major sea thoroughfares.

“That [development] merits more attention than what many of us had attributed to Sri Lanka in the wake of Sri Lanka’s financial and debt crisis in the years before,” he noted.

“As I said, I am here on holiday, but when the Chief Delegate of AHK Sri Lanka, Ms. Marie Antonia von Schönburg invited me to come and address this important reception, I couldn’t say ‘no’. So, please bear with me, I am here in an unofficial capacity. I am overseeing the German government’s external economic policy relations with partner countries in South and Southeast Asia, and a whole host of other countries. I have said this before; we want to see Sri Lanka back at the table. Even though Germany is heading towards elections in a few weeks, Germany will remain unchanged in steering its diversified economic policy efforts. We need more partners; we need more investments coming from Germany into partner countries in Asia and vice versa,” he said.

“Sri Lanka, the gem in the Indian Ocean is a no brainer to look at, and that’s the message that I would like to convey here tonight. we want to engage more deeply with Sri Lanka. We want to foster geoeconomic strategic relations with Sri Lanka given that Sri Lanka is in, what I said, ‘in the return of geopolitics’- is probably running a risk of becoming a pawn or whatever between China’s assertive politics and india’s. So please keep Germany in your mind as a devoted partner to Sri Lanka’s development,” he said.

The event brought together representatives of over 300 German brands present in Sri Lanka, along with key business representatives and journalists.

Olaf Malchow, Deputy Ambassador of the Federal Republic of Germany in Colombo was an honoured guest at the event.

The participation of these two distinguished personalities underscored the enduring partnership between Sri Lanka and Germany while highlighting the potential for expanding bilateral economic cooperation in the years to come.

Addressing the gathering, Chief Delegate of AHK Sri Lanka, Ms. Marie Antonia von Schönburg, highlighted the shared vision for growth and collaboration.