Richard Pieris and Company PLC is planning to invest on expanding its retail network, strengthen the presence in the finance sector and move into renewable energy business among several other plans to reap the benefits of an economy, which it believes has future potential.
“We are optimistic of the future that the Sri Lankan economy holds. The direction of the economy and the large scale infrastructure developments will enhance its potential, yielding many benefits to all stakeholders, and we are geared to reap such benefits” Chairman/MD/CEO Dr. Sena Yaddehige commented on the groups 2011/2012 annual report.
Accordingly, the Richard Pieris is planning to allocate more funds for the expansion of its retail sector in the coming years.
“As personal disposable income increases, we believe that our retail sector will perform well” added Yaddehige.
Richard Pieris is also planning to start operations of the its proposed finance company, which has already got regulatory approval, during the ongoing financial year.
Chairman says plans are underway to provide all types of financial solutions to its customers via the new firm.
“We also recognize that there is potential for renewable energy sources in Sri Lanka, and we anticipate securing the land and the permit necessary for a solar power generation project” Yaddehige further revealed in his review.
Richard Pieris in another development is focusing on building up foreign partnerships to expand its plantation sector to the global market.
Already the firm is discussing with relevant foreign stakeholders towards this, Yaddehige disclosed.
The group turnover during the year 2011/2012 has grown by 16% to reach a sum of Rs. 31.5 billion while its gross profit has risen to Rs. 6.9 billion during the year under review, a 4% growth.
Profit after tax for the Group during the subject year has reached Rs. 2.6 billion having grown at 20%.
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