- Company recently announced its entry into African market by establishing a new entity called ‘JAT Paints Africa Limited’ in Kenya
JAT Holdings PLC, Sri Lanka’s market leader in wood coatings, witnessed a significant surge in revenue contribution originating from its operations in Bangladesh in the June quarter (1Q24), the interim financial accounts released to the Colombo Stock Exchange showed.The revenue from Bangladesh operations rose 125 percent year-on-year (YoY) to Rs.690.1 billion.
The group reported a total revenue of Rs.2.1 billion, to which Sri Lankan operations contributed Rs.1.38 billion, down 12 percent YoY.
India, the Maldives and other countries contributed Rs.64.6 million, up 22 percent YoY.
For the quarter under review, the group reported earnings of 14 cents a share or Rs.70.1 million, compared to earnings of 33 cents a share or Rs.167.8 million reported for the corresponding period of the previous year.
The operating profit for the period was Rs.224.6 million, down 20 percent.
The group finance cost for the quarter rose 43 percent YoY to Rs.137.9 million.
JAT Holdings in the latter part of last year unveiled and commissioned into operation an end-to-end manufacturing, warehousing and laboratory facility in Bangladesh.
Owned and operated by Asia Coatings Ltd, a fully-owned subsidiary of JAT Holdings, the new manufacturing facility manufactures wood coating products under the renowned Sayeralck and JChem brands.
Meanwhile, JAT Holdings made its official entry into the African market last month by establishing a new entity called ‘JAT Paints Africa Limited’ in Kenya.
This expansion was made possible through a joint venture with Mayleen Corp, a well-established diversified business house based in Kenya.
With this strategic move, JAT Holdings PLC aims to leverage its expertise in wood coating to capitalise on the business opportunities and potential growth in the African region.
