The  Hayleys  Group  delivered  the  highest  revenue  and  profit  in  its  143-year  history  during  FY 2020/21. The revenue increased to Rs 241.28 billion whilst Net Profit stood at Rs. 14.05 billion a 6% on  Revenue.  Profit  attributable  to  shareholders  recorded  a  healthy  growth  to  Rs.  7.64  billion, compared to Rs. 372.42 million the previous year. The Performance was underpinned by significant growth  in  the  core  performance  of  the  Group’s  export-oriented  businesses,  ongoing  focus  on resource optimisation and cost management through the ‘Haysmart’ program and the Group’s strategic agility in navigating the numerous complexities presented by the outbreak of the COVID- 19 pandemic during the year.

The Group’s revenue increased to Rs.241.28 billion  reflecting strong growth in  export-oriented business  including  Hand  Protection,  Purification  and  Textiles.  With  foreign  currency  earnings exceeding USD 600 million, Hayleys emerged as the largest value-added-exporter among public listed entities. Gross profit increased by 22% supported by  improvements in  core profitability- primarily  in  export-oriented  businesses.  Concerted  efforts  at  driving  organisation-wide  cost rationalisation  have  generated  significant  savings,  with  the  increase  in  Administrative  and Distribution  expenses contained at 5% and 2% respectively, despite a considerable increase in activity levels.  Meanwhile, Earnings before interest, tax, depreciation, and amortisation (EBITDA) recorded a strong growth of 42% to Rs. 33.21 billion and the Group’s Consolidated Earnings before Interest and Tax (EBIT) increased by 58% to Rs.25.95 billion during the year.  Net finance cost declined by 38% reflecting the Group’s efforts to rationalise borrowings and the continued decline in market interest rates during the year.

The Hand Protection, Purification and Textile sectors delivered remarkable growth supported by robust demand, proactive efforts to increase capacity utilisation, effective supply chain management and increased contributions from value-added products. The Agriculture and Construction Materials Sectors also recorded good profit growth, demonstrating strong resilience amidst the innumerable challenges that prevailed. The Transportation sector recorded strong rebound in the second half of the year delivering commendable earnings growth. Meanwhile, the Consumer & Retail Sector delivered its highest ever profitability, reflecting robust demand for IT products and the Singer Group’s strategic focus on optimising distribution channels to increase customer penetration. Understandably the Leisure Sector continued to generate losses.

“Despite the resurgence of COVID-19 infections in recent weeks, we remain optimistic regarding a medium-term economic revival, given the conducive policy environment and Government efforts to ensure continued business activity” said Mr. Mohan Pandithage, Chairman of Hayleys PLC. “Our team  has embraced  the realities  of  a post-pandemic  world,  through  adapting  to new  ways  of working.  I have a special word of thanks to Mr Dhammika Perera, the Board of Directors and the Group Management Committee who steered the Group to deliver this exceptional results. I would like to extend my appreciation and gratitude to Hayleys Team, who have once again proven that they are the Group’s most valuable asset. We expect our export-oriented businesses to maintain their growth momentum while the strong rebound of our domestic businesses seen in the 2^nd half of the  year  is  expected  to  continue  in  2021/22.  Our  optimism  is  demonstrated  by  continued investments in expanding our operations and driving increased economic value, as evidenced by the Group’s recent acquisition of South Asia Textiles Limited which is expected to further strengthen our proposition in the textiles sector”

The Board of Directors of Hayleys PLC comprises Messrs. Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Ruwan Waidyaratne, Hisham Jamaldeen, Aravinda Perera, Jayanthi Dharmasena ,Rohan Karr, Gamini Gunaratne and Kawshi Amarasinghe (Alternate to Dhammika Perera) .