Richard Pieris Group records Rs.1.75 bn PBT in 1Q25

Richard Pieris Group recorded a Profit Before Tax (PBT) of Rs.1.75 billion for 1Q25 financial year, recording a growth of 281 percent over the corresponding period from the last financial year which was Rs.459 million.

The Group’s overall performance was mainly boosted by contributions from the Rubber, Plastics, Furniture & Electronics, Retail and Plantations sectors during the period. 

The entity recorded revenue of Rs. 18.6 billion, a 5.5 percent increase Year-on-Year (YoY), and a 3.1 percent increase from the previous quarter. For the quarter under review, revenue from contracts from customers expanded 7 percent YoY to Rs. 17.6 billion, whereas revenue from insurance contracts dipped 30 percent YoY to about Rs. 400.40 million.

The 89 percent reduction in other operating expenses helped expand operating profit by 95 percent YoY to Rs. 1. 96 billion in 1Q25. 
The Retail sector operating profit grew by 35 percent over last year’s first quarter mainly driven by strategic initiatives to gear up enhance business performance and operational efficiencies.

The Plantations sector also recorded a 61 percent uptick in operating profit boosted by the increased yield and price advantages. 

The Plastics, Furniture & Electronics sector operating profit increased by 261 percent in the first quarter attributed to multiple positive developments including aggressive sales campaign, extended distribution network and leveraging the material price advantages.

The earnings attributable to shareholders expanded 6429.9 percent YoY, and 392.8 percent from the previous quarter to Rs. 1.083 billion.