The strong bottom-line performance was driven by the rapid execution of strategic initiatives, effective cost optimisation and Teejay’s ability to leverage its multinational presence in Sri Lanka and India.
The Group also reported a revenue of LKR 67 billion, marking a 10% increase from the previous year.
This growth was driven by a favourable sales mix and increased demand, achieved despite market challenges and the appreciation of the Rupee against the US Dollar.
The Group has recorded a Gross Profit of LKR 7.9 billion, a 56% increase compared to the same period last year.
This significant growth has been largely driven by the continued stability in raw materials and a favourable product mix, both of which have positively impacted the Group’s topline and its overall profitability.
Highlighting the company’s resilient performance, the Chairman of Teejay Group, Ajit Gunewardene said,
“These results reflect the strength of our business fundamentals and the resilience of our team across borders.
Despite a complex external environment, we remained focused on delivering shareholder value through operational discipline and innovation.
The significant growth in profitability and revenue this year is a direct outcome of the Group’s consistent efforts to remain agile and respond effectively to changing market dynamics.”
The CEO of Teejay Group, Pubudu De Silva, added,
“Our performance this year is a testament to our long-term strategies and our ability to adapt swiftly to market shifts.
While remain focused on driving innovations, lean operations and product excellence the teams are working on new product segments to identify new customers to sustain the growth momentum.
The Group is now better positioned than ever to explore new markets and growth opportunities with its multi-location footing.
Despite the volatilities in the market, Teejay will continue to explore opportunities for growth by discovering new business and evaluate the potential of capturing new international markets.”
Image Caption - Teejay Lanka Chairman Mr. Ajit Gunewardene and CEO Mr. Pubudu De Silva