Hayleys crosses Rs.100 billion turnover in 2016/17

Leading Sri Lankan conglomerate Hayleys PLC concluded the 2016/17 financial year with its strongest performance to-date, setting a new benchmark for the turnover among listed Sri Lankan corporates.

Revenue during the year increased by 21 per cent yearon-year (YoY) to Rs. 111.4 billion supported by strong performances across the group's core businesses spanning transportation, purification, agriculture, construction materials, and power and energy. This lead to a substantial 14 per cent YoY improvement on the group's results from operating activities, which closed the year at Rs. 9.67 billion, the company stated in an announcement to the media.

This enabled the group to cross another important milestone during the year posting its highest ever pre-tax profit of Rs. 7.03 billion.

"We take great satisfaction and encouragement from the outstanding performance of Hayleys Group over the last financial year. The strength, vitality and innovative spirit of our group continues to be demonstrated through our record-breaking revenues and PBT, and in the many other remarkable milestones achieved during the year. In this regard we wish to commend the efforts of our employees across the Hayleys Group. It is through their skill and dedication that we continue to thrive in domestic and international markets. Moving forward we will continue to consolidate our operations with a view to further strengthening overall profitability while also exploring opportunities to expand growth within our current business segments," said Hayleys PLC Chairman and Chief Executive, Mohan Pandithage.

All of the group's top five performing sectors were able to register pre-tax profit in excess of Rs. 1 billion.

Hayleys Global Beverages, a state of the art manufacturing facility producing tea extracts which include tea powder, concentrates and aroma has commenced commercial operations during the year.