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Hemas remains resilient

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Hemas Holdings PLC (HHL) posted a Group revenue of Rs.17.4 billion for the quarter ended 30 September 2020, an increase of 11 per cent over corresponding period last year. Group operating profit for the quarter under review at Rs.2.0 billion is a growth of 188 per cent over Rs.0.7 billion recorded last year. Year on year increase in earnings amounted to Rs.1.1 billion to reach Rs.1.3 billion for the quarter.

Cumulative revenue of Rs.30.4 billion recorded during the first half of financial year 2020/21 is a growth of 5 per cent against the same period last year. Similarly, the Group operating profit of Rs.2.4 billion for the first six-month period is a notable year on year increase over Rs.0.7 billion recorded last year.

Growth in profitability during the quarter and first six months under review against the corresponding periods last year is reflective of the strong rebound in key sectors, Consumer and Healthcare which were impacted in the aftermath of Easter Sunday attacks. Robust year on year performance was also driven by the realization of margin improvements, and cost savings resulting from lean and efficiency initiatives across the Group.

Quarter under review also witnessed a strong recovery from the subdued performance of the preceding quarter with a revenue growth of 34 per cent and an operating profit growth of Rs.1.6 billion, indicating the resumption of business activities to near normal levels for most of the businesses in the Group which were affected by the first wave of COVID-19 pandemic.

During the period under review, Group managed to surpass the performance of the corresponding period of financial year 2018/19 where no anomalies were experienced, reassuring our resilience and faster than anticipated recovery from Easter Sunday attacks and the first wave of COVID-19. I would like to extend my sincere gratitude to all teams across Hemas Group for this noteworthy achievement under trying circumstances.

We achieved an important milestone in our journey as a Group, with the launch of our Group purpose, ‘Make Healthful Living Happen’, in the month of September 2020. Going forward, this will be the ‘North Star’ in what we do and all core sectors of the Group would anchor growth around our purpose, and ensure the goods and services we supply foster wellbeing of individuals and families we serve.



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Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022

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Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.

This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.

Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.

Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.

Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.

“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”

Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.

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INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist

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INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.

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Textile maker Teejay knits strong start to 2022-23

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Q1 revenue more than doubles to Rs 23.9 billion

Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.

In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.

At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.

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