Hayleys Group largest value-added-exporter among SL’s listed entities
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Hayleys PLC Chairman Mohan Pandithage
With foreign currency earnings exceeding US$600 million, the Hayleys Group has emerged as the largest value-added-exporter among public listed entities.
In the latest annual financial results for the year ending March 31, 2021, Hayleys has delivered its highest revenue and profit in its 143- year history. Revenue increased to Rs.241.28 billion whilst Net Profit stood at Rs. 14.05 billion, it said in a media release.
Profit attributable to shareholders recorded healthy growth to Rs. 7.64 billion, compared to Rs. 372.42 million the previous year. The performance was underpinned by significant growth in the core performance of the group’s export-oriented businesses, ongoing focus on resource optimisation and cost management through the ‘Haysmart’ programme and the group’s strategic agility in navigating the numerous complexities presented by the outbreak of the COVID-19 pandemic during the year.
Group revenue increased to Rs.241.28 billion reflecting strong growth in export-oriented business including Hand Protection, Purification and Textiles. Gross profit increased by 22 percent supported by improvements in core profitability-primarily in export-oriented businesses. Concerted efforts at driving organisation-wide cost rationalisation have generated significant savings, with the increase in Administrative and Distribution expenses contained at 5 percent and 2 percent respectively, despite a considerable increase in activity levels. Meanwhile, Earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded a strong growth of 42 percent to Rs. 33.21 billion and the Group’s Consolidated Earnings before Interest and Tax (EBIT) increased by 58 percent to Rs.25.95 billion during the year.
“Despite the resurgence of COVID-19 infections in recent weeks, we remain optimistic regarding a medium-term economic revival, given the conducive policy environment and Government efforts to ensure continued business activity,” said Hayleys Chairman Mohan Pandithage.
“We expect our export-oriented businesses to maintain their growth momentum while the strong rebound of our domestic businesses seen in the 2nd half of the year is expected to continue in 2021/22. Our optimism is demonstrated by continued investments in expanding our operations and driving increased economic value, as evidenced by the Group’s recent acquisition of South Asia Textiles Limited which is expected to further strengthen our proposition in the textiles sector,” he said.