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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Richard Pieris Group posts Rs.2.58 bn PBT

Richard Pieris Group posts Rs.2.58 bn PBT

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Melissa Pereira


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics
The Richard Pieris Group ended it’s performance in the financial year 2014/15 reporting a Group Revenue of Rs.37.8b with a profit before tax of Rs.2.58 bn. The Retail Sector of the Group comprises of Arpico supercentres and the network of Arpico outlets across the island.

The sector was very active during the period under review and opened its newest large format retail store in Kottawa. The sector also began commercial operations in 4 Arpico Daily outlets during this period.

The “Top Tips” campaign continued to maintain its popularity amongst customers. A very vibrant and novel marketing campaign titled “Powerplay” was carried out during the cricket world cup which resulted the winners travelling to Australia to witness the cricket world cup final at MCG.

The Plastics and Distribution Sector had a very successful year reporting growths in terms of both revenue and profits when compared with the previous year. The sector continued to dominate the market place in water tanks with heavy media campaigns to support its initiatives. The hybrid mattress introduced to the market in the third quarter continued to gain momentum and is perceived as an innovative brand.

The Plantation Sector of the Group faced many challenges during 2014/15 with adverse weather conditions and low prices.

The Richard Pieris Group possesses 3 of the largest plantation companies in the country with diverse crops which includes high grown, mid grown and low grown tea, rubber, oil palm, coconut, cinnamon, cardamom, rambutan and other crops contributing to more than 15% of the Group Turnover.

The Plantation Sector was adversely affected by low prices and production volumes. There was an increase in the price of Oil Palm during the year and there was an increase in the production volumes in tea, rubber and coconut during the 4th quarter of 2014/15 financial year.

Tyre Sector
The tyre sector of the Group had a remarkable year in its history reporting a business profit in excess of Rs.500m. This was achieved despite the fact of an overall decline in the re-treading business of tyres. Tyre sales of the brand “Nexen” continued to maintain its popularity and several new tyre sizes were introduced by the sector during the period under review.

Rubber Manufacturing (Exports) Sector
The exports sector of the Group continued its success story with another successful year. The sector continued to focus on many marketing activities and participated at international fairs and exhibitions. Continuous improvements were made on the reduction of wastage, energy and other overheads. The latex foam business of the sector commenced commercial operations of the world’s first 100% Natural Latex Continuous Sheet Latex Plant during the fourth quarter.Richard Pieris Finance Limited (RPFL) continued to expand its business base reaching a fixed deposit base of Rs.2bn within 2 years of operations. It also carried away the Gold Award for Emerging Islamic Finance Entity of the year for 2015.

Arpico Insurance Company celebrated its third anniversary in January 2015 and after a successful IPO, the shares commenced trading during the same month
The Group continues to focus on its core sectors whilst considering many opportunities for further expansions both locally and globally, a spokesman for the company said. 
Courtesy: Daily News 04 June 

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