State-owned Kalubowitiyana Tea makes record profits

Kalubowitiyana Tea Factory Ltd (KTFL), a fully government-owned public company, has recorded a net profit of Rs.222 million on a revenue of Rs.583 million for the first quarter of 2022, according to a press release issued by the company.

Incorporated on September 30, 1992, KTFL operates four tea factories. The main factory located in Kalubowitiyana produces low-grown CTC tea while the other three factories produce orthodox tea. 

The four factories located in Kalubowitiyana and Derangala in the Matara district, Hiniduma Hills in the Galle district and Menikdiwela in the Kandy district buy leaves from over 4,000 tea smallholders and support the livelihoods of over 350 employees.  Kalubowitiyana Tea Chairman Aminda Rodrigo confirmed that the company has recorded the all-time highest price for low grown CTC tea at more than 50 percent of the 12 auctions held so far, peaking at a selling price of Rs.3250 in the current financial year.

Further, in July 2022, the company offered its smallholders with a record-breaking compensation of 
Rs.434.82 per kilo.