Overcoming cotton prices that caused problems for the knitted garments sector last year is now seeing the Textured Jersey listing on the Colombo Stock Exchange in July with the primary aim of expansion.
With Sri Lanka’s export profile racing towards the knit industry it is now turning out to highlight the fact that the country is now becoming best at certain items.
These observations were made by Textured Jersey during the media briefing held to announce the launch of the Initial Public Offering (IPO).
The company on Monday announced that it is expected to grow by 50% over the next five years with a portfolio of buyers namely Intimissimi, M&S and Victoria’s Secret.
Brandix CEO Ashroff Omar said that the company’s next phase of expansion is to take place this year. Currently they are marketing to India, Pakistan and Indonesia.
He noted that the listing would provide Textured Jersey with a separate independent platform to raise funds from the capital markets to support is future growth aspirations.
Recently the company leveraged when two independent directors namely Commercial Bank Managing Director Amitha Gooneratne and Moratuwa University Vice Chancellor Prof. Malik Ranasinghe.
The company is backed by two strong shareholders Brandix Lanka and Pacific Textiles of Hong Kong marketing manufactured knitted fabrics for the intimate apparel and sportswear industries.
Textured Jersey recorded a revenue of US$83.2 million of Rs.9284.6 million and a net profit after tax of US$6.1 million representing a 15-23% growth year on year.
Further it was noted that despite facing challenges in the form of rising cotton prices, high energy costs and loss of tariff concessions, Textured Jersey has delivered strong financial results during the past five years. |
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