Teejay Lanka PLC, Sri Lanka's pioneering multinational textile manufacturer, reported a significant net profit growth in the final quarter of the 2023-24 financial year. The company achieved a net profit of Rs 549.1 million for the quarter ending March 31, 2024, marking a 260 per cent increase over the same period last year and a 15 per cent rise from the previous quarter.

This impressive quarterly performance helped offset the year's challenges, which included the appreciation of the Sri Lankan Rupee. Despite an increase in sales volumes, quarterly revenue fell by 4 per cent from the third quarter and 12 per cent from the previous year, totaling Rs 15.3 billion.

For the full fiscal year, Teejay Lanka reported revenue of Rs 60.8 billion, a profit before tax of Rs 1.6 billion, and a net profit of Rs 1.1 billion, reflecting declines of 28 per cent, 49 per cent, and 48 per cent respectively from 2022-23 due to softer global market conditions. However, the company maintained a robust balance sheet with cash and equivalents of Rs 8.9 billion and net assets of Rs 30.1 billion. The net asset value per share was Rs 42, down 6 per cent year-on-year due to currency fluctuations.

CEO Pubudu De Silva attributed the Q4 profit growth to effective capacity utilization and stable yarn prices, expressing confidence for the future. Chairman Ajit Gunewardene highlighted strategic initiatives aimed at digitalization, ESG frameworks, cost reduction, new product development, and human capital enhancement as pivotal for future resilience.

Teejay Lanka's adherence to high standards is underscored by its ISO certifications and recognition by Transparency International Sri Lanka for corporate reporting transparency. The company's strategic backers include Brandix Lanka and Pacific Textiles, enhancing its market position and operational strength.