Hela Apparel Holdings aiming to set up in Egypt
View(s):Hela Apparel Holdings Ltd which ended its third quarter on a high note, having exceeded its annual performance for FY2020/21 within the first 9 months of the current financial year, is aiming to expand its overseas operations to Egypt.
The group recorded year-to-date revenue of Rs. 41.6 billion, which represents a growth of 88 per cent compared to the same period of the previous financial year, while Profit-After-Tax (PAT) for the first nine months of the year reached Rs 1.1 billion, representing a year-on-year increase of 173 per cent.
A media release from the company said its top line grew by 44 per cent in the third quarter compared to the corresponding period of the previous financial year – a continuation of the positive trend in sales volumes seen in the first half of the year.
Speaking about the group’s financial and business performance, A. R. Rasiah, Chairman of Hela Apparel Holdings, said, “These results reflect the continuation of strong consumer demand conditions in our main markets in Europe and North America, as well as increased penetration with our major customers as a result of the group’s strategic expansion initiatives, such as the establishment of partnered capacity in Tanzania and initial steps taken to establish operations in Egypt. In addition, the operational turnaround of Hela’s second factory in Ethiopia and first focused on the manufacturing of bras was successfully completed as planned in the third quarter.”
These results come alongside Hela’s record-breaking IPO, which sought to raise Rs. 4 billion for a 20.5 per cent stake in the company and was oversubscribed by 5.4 times on its opening day. Shares are set to start trading on the Main Board of the Colombo Stock Exchange on Monday February 7.
Through its global expansion initiatives, the company has also emerged as a leader in Africa’s apparel manufacturing revolution. The group provide manufacturing solutions to some of the world’s top luxury apparel brands including Tommy Hilfiger, Calvin Klein, Michael Kors, and VF Corp, through its 11 manufacturing facilities located in Sri Lanka, Kenya, and Ethiopia, and is in the process of expanding its global footprint into Egypt.
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