Teejay achieves US$ 250M in sales

0
27

Teejay Lanka PLC has reported a revenue milestone of Rs 50 billion at Group level for FY 2021-22, achieving its first annual sales of a quarter of a billion in US Dollar terms at the rates of exchange that prevailed during the year.

A strong fourth quarter during which revenue grew 38% to Rs 13.5 billion, the highest quarter revenue since the Company’s inception, enabled Sri Lanka’s largest textile manufacturer to achieve 12-month sales growth of
Rs 17.8 billion or 56% to end what was a challenging year for businesses in general, on a high note.

The Group posted profit before tax of Rs 2.887 billion and net profit of Rs 2.517 billion for the year ending 31st March 2022, recording healthy growth of 11% and 18% respectively. Net profit for the fourth quarter was Rs 826.2 million, reflecting an improvement of 9%.

At company level, Teejay Lanka increased revenue by 40% to Rs 29.4 billion for the year, and reported pre-tax profit of Rs 2.6 billion and net profit of Rs 2.4 billion, achieving growth of 23% and 24% respectively.

Notably, the Group has continued its strong balance sheet, to end the year reviewed with a cash balance of Rs 7.8 billion.