The Richard Pieris Group ended its performance in the financial year 2014/15 reporting a Group Revenue of Rs.37.8 billion with a Profit Before Tax of Rs.2.58 billion.
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 3rd 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 percent 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.
The tyre sector of the Group had a remarkable year in its history reporting a business profit in excess of Rs.500 million. This was achieved despite the fact of an overall decline in the re-treading business of tyres.
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.
Though the Group is focused in its traditional businesses, diversification into financial services was successfully ventured over the past few years. At present Richard Pieris Group consists of its own life insurance, stock broking, fund management and a finance company.
Richard Pieris Finance Limited (RPFL) continued to expand its business base reaching a fixed deposit base of Rs.2 billion 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 3rd 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.
The retail sector led by its flagship brand “Arpico Supercenters” operates a growing network of outlets spread island-wide. Arpico Supercenters takes pride in pioneering the modern hyper market retailing in Sri Lanka.
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