Teejay Lanka delivers resilient growth in Q3 amidst dynamic market conditions

Teejay Group, Sri Lanka’s first multinational textile manufacturer, announced a Year-to-Date (YTD) Profit after Tax of LKR 1.9 billion for Q3 (third quarter) of FY2024/25, marking a remarkable 234% increase compared to the same period last year. Group revenue reached an impressive LKR 49.8 billion for the period ending 31st December 2024, reflecting a 10% growth compared to the previous year. The Group managed to navigate the continued price pressure through recovery in volumes, improved productivity and focused cost reduction initiatives.

While Gross Profit for the period surged to LKR 5.4 billion, representing a 57% improvement year-on-year, Teejay Lanka PLC also reported a strong balance sheet, ending the third quarter with cash and cash equivalents of Rs 8.4 billion.

Teejay Lanka Chairman, Mr. Ajit Gunewardene, said that the Group has stepped up its strategies to adapt to market shifts and has executed strategic initiatives to maintain the growth momentum. “With the focus on innovation the Group has developed new product lines while expanding its synthetic footprint. The operational efficiency and ESG framework, is well-positioned to capitalise on emerging opportunities in the global textile market,” he said, adding that the Group is confident of the strategies put in place will enable the Group to maintain its current growth trajectory and reach US$ 300 million in revenue.          

Teejay Lanka CEO, Mr. Pubudu De Silva, added, “The Group’s consistent growth reflects our commitment to excellence and adaptability. The shift in orders to Asia has provided us with significant opportunities and our strategic manufacturing locations allow us to meet the demands effectively. We remain focused on driving innovation and operational excellence to sustain our momentum.” 

About Teejay Group

The Teejay Group owns manufacturing facilities in Sri Lanka and India, along with a state-of-the-art printing facility in Sri Lanka. An ISO 9001:2015, ISO 14001:2015 and OHSAS 18001:2007 compliant company and the first in the industry to develop green fabric, Teejay Lanka was also the first textile manufacturer in Sri Lanka to receive membership of the US Cotton Trust Protocol. Teejay is a publicly quoted company with 40 percent public ownership and the backing of Sri Lanka’s largest apparel exporter Brandix Lanka which has a 32 percent stake in the Company. Pacific Textiles of Hong Kong, whose key shareholder is the Tokyo Stock Exchange listed Toray Industries Inc., owns 27 percent of Teejay Lanka.

Teejay Lanka was ranked the No 1 corporate entity among 100 public listed companies in Sri Lanka for Transparency in Corporate Reporting in the TRAC 2023 assessment carried out by Transparency International Sri Lanka (TISL), the local arm of the international corruption watchdog. The TISL assessment was carried out on three areas crucial to fighting and preventing corruption: reporting on anti-corruption programmes, transparency in company holdings and the disclosure of key financial information in domestic operations.