Revenues seen rising at Richard Pieris Group
View(s):The group, in a media release, said it also maintained a strong financial position, with total assets growing by 3 per cent to Rs.87.5 billion and shareholder funds growing by 7.4 per cent to Rs.24.5 billion.
In addition, market capitalisation was Rs.42.1 billion, up 55.3 per cent from Rs.27.1 billion the previous year.
The group recently hosted an exclusive gathering with over 500 attendees, including business leaders and diplomats where it unveiled its strategic roadmap, including its vision for 2024 and beyond.
Addressing the gathering, Dr. Yaddehige said: “We are bold. We go where others do not go, do not dare to go. We take chances, we take risks. That is who we are. Part of being Sri Lankan is being grateful to any little thing anybody could do for you. That is our Sri Lankan nature. Not think of what the country can do for you. Each and every one of you, well educated, experienced, intelligent people – (need to) think of what you can do for the country.”
Key focus areas going forward include, launching in-house solar panel and lithium battery manufacturing to reinforce sustainability efforts, entering the hospitality sector to augment portfolios, and expanding coffee plantations over 1000 acres in the coming year.
The group comprises 54 subsidiaries across various sectors. The group’s Retail Sector, a strong and vital arm, comprises five entities led by the flagship Arpico retail chain with 69 outlets across formats such as Supercentres, Superstores, Arpico Daily, and Arpico showrooms.
The Plantations Sector, involved in tea, rubber, oil palm, coconut, and cinnamon cultivation and production, also produces the award-winning St. Clair’s Ceylon tea. Tyre Sector is engaged in tyre retreading, trading, and the manufacturing of solid industrial tyres, and leads the tyre retreading space in Sri Lanka.
Plastics, Furniture and Electronics Sector consists of a diverse portfolio of mattresses, furniture, water tanks, PVC pipes, rubber products, and consumer durables.
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