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Hayleys delivers best PAT of Rs. 8.20 billion; Foreign currency earnings exceed USD 443 million

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The Hayleys Group maintained its remarkable growth momentum in the first nine months of FY 2020/21, delivering its highest ever pre-tax profit of Rs.11.51 billion which represents a tripling of profitability compared to the corresponding period of last year.

A Hayleys press release said – ‘The performance reflects exceptional growth in the core performance of the Group’s export-oriented businesses, relentless focus on cost efficiencies through the ‘Haysmart’ program and commendable improvements in the Retail and Construction Materials sectors. The period under review reflects the strongest quarterly and cumulative nine-month performance in the Group’s operating history and demonstrates its adaptability and responsiveness in navigating complexities stemming from the operating landscape.

‘The Group’s revenue increased by 7% to Rs.171.90 billion in the nine months driven by continued growth in the Hand Protection, Purification, Agriculture and Textiles sectors. Gross profit growth amounted to 14% and reflects improvements in core profitability-primarily in the export-oriented businesses. Meanwhile, the Group continued to achieve cost efficiencies with consolidated Administrative expenses declining by 4% during the period, reflecting the successes of Haysmart- the Group’s holistic cost rationalisation programme. The Earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded strong growth of 38% to Rs. 22.60 billion. The stellar performance of the Hand Protection and Purification sectors represent robust demand, timely capacity expansions, improved product mix, effective supply chain management and ongoing cost efficiencies.

‘Agriculture and Construction Materials sectors also recorded commendable growth while Consumer & Retail delivered its highest-ever quarterly profitability supported by targeted sales campaigns, robust demand for IT products and effective margin management. Despite continued losses in the Leisure Sector, the Group’s Consolidated Earnings before Interest and Tax (EBIT) increased by 40% to Rs.17.28 billion during the nine-month period. Resultantly, pre-tax profit nearly tripled to Rs. 11.51 billion while profit-after-tax amounted to Rs. 8.20 billion compared to Rs.2.21 billion in the corresponding period of last year.

“While we expect our export-oriented businesses to maintain their current growth momentum and deliver continued earnings growth, we are also optimistic about our domestic businesses, given the resumption of economic activity and anticipated revival of Sri Lanka’s economy. We commend the government for their efforts in creating a conducive environment for businesses to continue operations, despite unprecedented challenges posed by the COVID-19 pandemic. I would also like to congratulate and acknowledge the dedication and indomitable spirit of the Hayleys Team, which has been a vital factor in the Group’s success during these challenging times” said Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.’

The Board of Directors of Hayleys PLC comprises. 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 .



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Business

Aitken Spence invests in yet another renewable energy project in hydropower

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Dr. Parakrama Dissanayake – Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Harsha Abeywickrama – chairman Sunshine Energy Ltd; in the presence of Ms. Stasshani Jayawardena – Executive Director Aitken Spence PLC, Dr. Rohan Fernando – Executive Director Aitken Spence PLC, Ms. Nilanthi Sivapragasam – Chief Financial Officer Aitken Spence PLC and Leel Wickremarachchi – Managing Director of the power segment from Aitken Spence PLC. Shyam Sathasivam – Managing Director, Sunshine Energy Ltd. and Harin Udeshi – Director, Waltrim Energy Ltd.

Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company contributes 6.6MW to the national grid via three mini hydropower plants located in the Nuwara Eliya district, namely of Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. Waltrim hydropower draws energy from Kothmala Oya, Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya.

Aitken Spence expands its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering our national carbon footprint. This is the second hydropower plant which is owned and operated by Aitken Spence. Branford Hydropower (Pvt) Ltd. is the other hydropower plant with a 2.5MW capacity located in Matale. The company also owns and operates a wind power plant with 3MW capacity located in Ambewela.

“This is yet another investment made by Aitken Spence that shows our commitment to expand the power generation portfolio with renewable energy projects. Hydro power plays a key role in renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and effective and efficient management of sustainable and affordable generation of energy supplied to the national grid,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

“Aitken Spence maintains highest environmental, safety and quality standards in the management of our power plants. These stringent management frameworks will be extended to the newly acquired power plants to meet compliance requirements as well as global benchmarks for cleaner production of energy,” added Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence.

The Power segment of Aitken Spence is a leading player in the sector with a reputation for investing in pioneering technologies and has diversified into renewable energy by establishing hydro power and wind power plants to support Sri Lanka’s demand for energy. With their commitment to increase the country’s energy consumption from renewable energy sources, the company recently introduced Sri Lanka’s first waste to energy power plant that was officially launched in February 2021. Moreover, these initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.

 

 

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Best Woman Entrepreneur at Entrepreneur Awards 2020

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Christell Skin Clinic proved their mettle as industry leaders yet again, by clinching the three topmost awards at the recently held Western Province Entrepreneurship Awards Ceremony 2020. The highly-anticipated annual event -jointly organised by the National Enterprise Development Authority (NEDA) and the National Chamber of Commerce of Sri Lanka- took place this year at the BMICH.

The event brought together industry leaders and newcomers with the aim to recognise and honour micro, small, medium and large sector entrepreneurs that have contributed significantly to Sri Lanka’s service sector over the past year.

The country’s leading aesthetics and wellness centre took home The Best Enterprise service sector trophy, as well as the Best Entrepreneur of the Year award – the most sought-after prize of the night. More notably however, the Best Woman Entrepreneur title was awarded to the director of the Christell Skin Clinic, Dr. Shanika Arsecularatne, in recognition of her inspirational journey to becoming one of the most successful businesswomen in the country, and also of her outstanding contribution to the field of cosmetology and wellness in Sri Lanka.

“I’m truly honoured to receive this recognition, especially because I believe that no one receives an award like this out of sheer luck, but rather in acknowledgement and appreciation of the hard work, sleepless nights and sacrifices we have all made, to be where we are today,” said Dr. Arsecularatne on accepting her award.

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Plastic Modified Asphalt Concrete car park in Sri Lanka

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The car park of the Walgama Food City with its new “Paving with Plastic”

As a socially responsible corporate citizen, Cargills holds a strong commitment to serving the nation and preserving the planet for future generations. By partnering with AGC Innovate Pvt Ltd – one of the country’s leading innovative solutions providers – Cargills initiated the launch of “Paving with Plastic” as a means to address Sri Lanka’s plastic waste menace in an ecofriendly and pragmatic approach.

The benefits of plastic are irrefutable – this versatile material is ubiquitous in our everyday lives, due to it being cheap and convenient to produce as well as being highly durable and user friendly. However, once used and disposed, plastic lingers in the environment for too long and does not decompose.

As a result, the inherent problem of plastic pollution is a global crisis, with Sri Lanka generating approximately 7000 metric tons of mismanaged solid waste daily, with 6% accounting for plastic and polythene waste. Therefore, in the absence of a proper waste management system, non-recyclable plastic is dumped in large landfill sites. These sites are now exceeding their maximum capacity, and has led to pressing environmental and social concerns in the country.

As a first step to tackling this waste plastic problem, Cargills made a landmark decision to pave the Cargills Food City Carparks using Plastic Modified Asphalt Concrete, partnering with AGC Innovate.

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