Business News

SLT-MOBITEL and NWSDB sign agreement to provide Call Centre solution for citizens – The Island


Sri Lankan multinational conglomerate and market leader in wood coatings, JAT Holdings PLC, has posted its best ever financial year on record, doubling its Profit After Tax (PAT) during FY2021/22. Demonstrating resilient performance amidst the most challenging economic environment ever experienced in Sri Lanka, the Company’s Revenues rose by 66% percent to LKR 8.897 billion, from LKR 5.36 billion in the year prior.

Meanwhile, Gross Profits grew 58% to LKR 2.603 billion, compared with LKR 1.644 billion in FY2020/21, while Operating Profit rose by 73%. Most notably, JAT Holdings PLC witnessed its Profit After Tax expanding by an admirable102% to LKR 1.211 billion, up from LKR 600 million in the previous year. The company also witnessed export revenues grow during the year to account for 23% of Group Revenue, from 12% in the year prior, as the business pivots towards more export-oriented activity.

A JAT Holdings press release said: ‘During the year, the Company was able to maintain its Gross Profit margins at 29%, while Operating Profit remained constrained at 13% due to input cost inflation and foreign exchange volatility during the period under review. However, the Company was able to make two separate interim dividend pay-outs to investors worth LKR 0.32 and LKR 0.25 per share, during the year. An analysis of key sectoral growth further demonstrated that Wood Coatings grew by 61%, Decoratives (which includes WHITE by JAT) grew by 77% and Brushes grew by 43%, during the period under review, reflecting growth in both volume and value.

‘Discussing the financial performance of the enterprise, Founder and Managing Director, Aelian Gunawardene said, “We’re very pleased to state that we’ve lived up to our promise and commitment to our stakeholders, which we made during our IPO. We have delivered, as promised, a profit after tax of 1.2 billion rupees. Furthermore, we have achieved this milestone amidst the most serious economic crisis that Sri Lanka has experienced. Therefore, this should stand as testament and reassurance to our investors and other stakeholders, that JAT Holdings PLC is capable of delivering exceptional value, even in the face of adversity, and is supported by a business strategy suitable to the present environment, and will continue to remain resilient for the foreseeable future and beyond.”

‘JAT Holdings PLC will embrace the present challenges and transform them, where possible, into opportunities, and implement a future focussed business strategy to consolidate its position and remain resilient amidst Sri Lanka’s many evolving crises.

‘Commenting on the business strategy, CEO Nishal Ferdinando said, “A major component of our resilience focused business strategy will be to pivot towards export-oriented and international business with a view to expanding export revenues as much as possible in the near to medium term. Doing so will provide the Company with stability and the ability to outperform. In fact, during FY2021/22, export revenues have grown to account for 23% of Group Revenue, which is a significant increase from the previous year, where the figure was only 12%.”

‘To support this strategy, JAT Holdings PLC has already implemented various initiatives in the Bangladesh market such as the establishment of a new state-of-the-art R&D facility and the commissioning of a manufacturing plant, along with expansion into the retail market. Furthermore, the company is also working to develop its operations in Africa, with discussions underway to commission a plant in the country. Together, these new facilities will further consolidate the company’s position in the regional market, while contributing towards revenue and margin growth.’



Source link

Leave a Reply

Your email address will not be published.