Hayleys PLC announced a record breaking top-line performance as revenue expanded by 47% Year-on-Year to Rs. 163.2 billion during the 12 months to 31st March 2018.
Supported by addition of 6 months of operations from its recently acquired subsidiary, Singer (Sri Lanka) PLC, the conclusion of the financial year marked two important milestones for the Hayleys Group, as it became the first listed entity in the country to surpass annual turnover of US$ 1 billion while celebrating its 140th year of business in Sri Lanka.
To page vDuring the year in review, the Hayleys Group made numerous bold new investments across the sectors which the diversified conglomerate operates in, with a view to repositioning its subsidiaries to capitalize on new growth opportunities over the medium-long term.
The Group posted strong operating profits which expanded by 18% YoY to Rs.11.4billion. However, increased borrowings, combined with the prevalence of higher interest rate conditions throughout the financial year resulted in net finance costs increasing to Rs. 5.93 billion, leading to a reduction in profit before tax (PBT) to Rs. 5.76 billion during the period in review
Commenting on the performance of the group over the past year, Hayleys PLC Chairman and Chief Executive, Mohan Pandithage commended the determined efforts of all of the group’s subsidiaries in achieving the US$ 1 billion revenue milestone and outlined plans to leverage investments made during the period in review to generate new growth opportunities over the coming financial year.”
“At the outset, I wish to commend the strong performances across Hayleys which has enabled our group to emerge in its 140th year of operations as the first listed Sri Lankan entity to surpass the US$ 1 billion turnover milestone.
This is truly a remarkable milestone that serves to highlight the scale of our operations and the vital contributions that Hayleys continues to make as an engine of growth and innovation in the Sri Lankan economy.
I would also like to thank the Co- Chairman Dhammika Perera, the Board of Directors and the Group Management Committee in achieving this milestone.