Teejay Group records Rs 0.9 Bn 1H PAT

Teejay Group recorded a profit after tax of Rs 0.9 Bn for the first half of the financial year ending September 30, 2024.

The group revenue reached a notable Rs 32.7 billion, recording an 11% increase compared to the first half of the previous year. Gross profit of the group was Rs 3.2 billion for the first half of FY2024/25 with a 47% improvement when compared to the same period in the previous financial year with a strong balance sheet and a cash balance of Rs 8.4 billion. The net assets base at the close of the period under review stood at Rs 30.4 billion, with a value of Rs 42.19 net assets per share.

Teejay Lanka Chairman Ajit Gunewardene said the Group has stepped up its strategies to drive initiatives with our commitment to digitalization; environmental, social and governance (ESG) initiatives. The cost reduction and innovative product development is setting us on a trajectory for growth.

These strategic priorities are openning promising opportunities, enabling them to navigate and overcome market challenges.”

Commenting on the performance, Teejay Lanka CEO, Pubudu De Silva said, “The growth in revenue is attributable to the improvements in the Group’s demand increase despite the challenges posed by the depreciation of the Rupee and the volatilityit in the supply chain disruptions.

“The Group is witnessing a significant shift of orders to the Asian region due to the China One Plus strategy & the Group has made the necessary strategic shifts to seize emerging opportunities to navigate the current market dynamics successfully,”De Silva added.