Hayleys records stellar 2Q with net profit surging 45%

Export-heavy diversified conglomerate Hayleys PLC recorded strong top line and bottom line performances for the quarter ended September 30, 2022 (2Q23), the interim financial accounts released to the Colombo Stock Exchange showed yesterday. 

The group recorded a net profit of Rs.4.04 billion, up 45 percent year-on-year, on revenue of Rs.129.9 billion, up 64 percent YoY. However, on a quarter-on-quarter basis, the earnings were down 61 percent YoY.

Meanwhile, for the first half of 2022/23 the group reported net profit of Rs.14.5 billion, up from Rs.4.9 billion on revenue of Rs.253.5 billion, up 69 percent YoY.
The group’s remarkable financial performance was also helped by currency conversion gains,

stemming from its foreign exchange generating export operations. The rupee has depreciated over 80 percent so far this year against the US dollar.

During 2Q23, the group saw its finance cost surging 227 percent YoY to Rs.10 billion amid higher interest rates.

The group’s key transportation & logistics business was the biggest contributor to its revenue and profits.

Except power & energy, construction materials and hand protection, all other segments contributed to the earnings growth during the quarter under review. 
Hayleys share closed at Rs.70.40 yesterday, 20 cents or 0.28 percent up from previous close. 

Business tycoon Dhammika Perera has over 51 percent stake in Hayleys PLC.