Opportunity Sri Lanka | » Richard Pieris Group’s 1H PBT grows by 184% to Rs. 3.6 billion
Richard Pieris Group’s 1H PBT grows by 184% to Rs. 3.6 billion

Richard Pieris Group’s 1H PBT grows by 184% to Rs. 3.6 billion

Daily FT: Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, recorded a Profit Before Tax (PBT) of Rs. 3.59 billion in the first six months of the 2024/25 financial year, recording a significant profit growth of 184% over the corresponding period from the last financial year where the company recorded a PBT of Rs. 1.26 billion.
The Group’s outstanding performance for Q2 is a continuation of the progress they demonstrated in Q1 of the current financial year. It underscores the Group’s resilience in successfully facing and overcoming an uncertain domestic economic environment amidst volatile global economic factors.
With more than 50 factories spread across the country, the Group continues to play a major role in manufacturing while adapting strategies to navigate external challenges. They also remain resolutely committed to creating sustainable value across diverse sectors.
As the Group forges ahead with a focused approach in expansion and modernisation in multiple sectors, the Plantations Sector has played a major role in driving the growth of the Group with an exceptional performance during the period under review. Richard Pieris Group remains a major player in the Plantations Sector, strengthening its position as the largest tea and rubber producer in Sri Lanka and to command a key position in oil palm as the country’s second largest oil palm producer. The Manufacturing Sector, with emphasis on sleep solutions and hardware business units, also delivered major revenue and profit growth. Both of which have been major contributors to the exceptional revenue expansion of the Group.

OSL take:
The growth and profits recorded by businesses in Sri Lanka’s private sector is indicative of the overall strength, resilience and growth of the country’s economy. Many local businesses showed growth and profits even amidst challenging economic conditions faced by the country in the past few years. It indicates the business conducive environment in the country and supported by Sri Lanka’s geographical positioning in the Indian Ocean and the strong trade ties enjoyed by the country with other countries have all placed Sri Lanka as an emerging business destination in the South Asian region. The ongoing economic activities in the country and the growth in businesses have opened up many business/investment opportunities in key economic sectors in the country. With Sri Lanka targeting on becoming a hub in the South Asian region, the business/investment opportunities will also see an increase. Foreign businesses/investors could therefore explore the expanding opportunities in Sri Lanka while also looking at setting up bases in the country and forming collaborations with local businesses with the aim of further expansion locally and internationally.

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Article Code : VBS/AT/20241025/Z_6

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