Teejay Lanka sees strong growth in Q3 amidst dynamic market conditions
View(s):Group revenue reached Rs.49.8 billion for the period ending December 31, 2024, reflecting a 10 per cent growth compared to the previous year. The group managed to navigate the continued price pressure through recovery in volumes, improved productivity and focused cost reduction initiatives, it said in a statement.
While gross profit for the period reached Rs.5.4 billion, representing a 57 per cent improvement year-on-year, Teejay Lanka PLC also reported a strong balance sheet, ending the third quarter with cash and cash equivalents of Rs.8.4 billion.
Teejay Lanka Chairman, Ajit Gunewardene, said the group has stepped up its strategies to adapt to market shifts and has executed strategic initiatives to maintain the growth momentum. “With the focus on innovation the group has developed new product lines while expanding its synthetic footprint. The operational efficiency and ESG framework, is well-positioned to capitalise on emerging opportunities in the global textile market,” he said, adding that the group is confident the strategies put in place will enable the group to maintain its current growth trajectory and reach US$300 million in revenue.
Teejay Lanka CEO, Pubudu De Silva, added, “The group’s consistent growth reflects our commitment to excellence and adaptability. The shift in orders to Asia has provided us with significant opportunities and our strategic manufacturing locations allow us to meet the demands effectively. We remain focused on driving innovation and operational excellence to sustain our momentum.”
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