Teejay closes first half charting strong course for the future

Teejay Group, Sri Lanka’s first multinational textile manufacturer, recorded a Profit after Tax of Rs. 0.9 billion for the first half of the financial year ending 30th September2024.

The Group Revenue reached a notable Rs. 32.7 billion, recording an 11 percent increase compared to the first half of the previous year.

Gross Profit of the Group posted at Rs. 3.2 billion for the first half of FY2024/25 with a 47 percent improvement when compared to the same period in the previous financial year with a strong balance sheet and a cash balance of Rs. 8.4 billion. The net assets base at the close of the period under review stood at Rs. 30.4 billion, with a value of Rs. 42.19 net assets per share.

Teejay Lanka Chairman Ajit Gunewardene said the Group has stepped up its strategies to drive initiatives with our commitment to digitalisation; environmental, social, and governance (ESG) initiatives. The cost reduction and innovative product development is setting us on a trajectory for growth. These strategic priorities are opening promising opportunities, enabling us to navigate and overcome market challenges.”

Commenting on the performance, Teejay Lanka CEO, Pubudu De Silva said, “The growth inrevenue is attributable to the improvements in the Group’s, demand increase despite the   challenges posed by the depreciation of the Rupee and the volatility in the supply chain disruptions. “The Group is witnessing a significant shift of orders to the Asian region due to the China One Plus strategy & the Group has made the necessary strategic shifts to seize emerging opportunities to navigate the current market dynamics successfully,” De Silva added.

The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the-art printing facility in Sri Lanka. An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007compliant company and the first in the industry to develop green fabric, Teejay Lanka was also the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol.

Teejay is a public quoted company with 40 percent public ownership and the backing of SriLanka’s largest apparel exporter Brandix Lanka which has a 32 per cent stake in the Company. Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 percent of Teejay Lanka.