Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, reported a Profit Before Tax (PBT) of Rs. 1.75 billion for the first quarter of the 2024/25 financial year. This represents a 281% increase from the Rs. 459 million recorded in the same period last year.
This impressive performance underscores the Group’s resilience amid volatile domestic and global economic conditions. The significant profit growth was primarily driven by robust contributions from the Rubber, Plastics, Furniture and Electronics, Retail, and Plantations sectors.
As a leading entity in the manufacturing sector and a key economic player, Richard Pieris Group operates over 51 factories across Sri Lanka. The Retail sector saw a 35% increase in operating profit compared to Q1 of the previous year, attributed to strategic initiatives aimed at enhancing business performance and operational efficiency.
The Plantations sector also experienced a notable 61% rise in operating profit, bolstered by higher yields and advantageous pricing. The Plastics, Furniture, and Electronics sector achieved a remarkable 261% growth in operating profit, driven by aggressive sales campaigns, an expanded distribution network, and favorable material pricing.