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. 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” programme, 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 $ 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.
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” programme, 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 $ 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.