JAT Holdings PLC, has demonstrated resilience in Q2 and the first half of FY 2024/25, with profit after tax (PAT) witnessing a 67% surge during the six months ended September 30 2024, reaching Rs. 512 million, amid challenges in Bangladesh and Maldives.
Meanwhile, revenue from the Group’s Sri Lanka operations grew by 8% to Rs. 3,287 million during the period. Gross profit margin increased by 2% reflecting the positive impact of JAT’s Acrylic Binder and Alkyd Resin manufacturing plants.
During the six months ended September 30, 2024, JAT reported a 7% decline in Total Group Revenue, recording Rs. 4,536 million compared with Rs. 4,878 million in the corresponding period in the year prior.
This was led by a 33% slump in Revenue from Bangladesh, down to Rs. 1,148 million. As a result, profit before tax (PBT) too recorded a marginal 3% contraction to Rs. 408 million, with finance costs seeing a slight increase due to financing of investments through debt. Meanwhile, Revenue from India, the Maldives, and other markets recorded a 9% dip, with restrictive foreign exchange policies in the Maldives driving the decline.
Chief Executive Officer (CEO) Nishal Ferdinando at JAT Holdings commented, “We have successfully navigated through a particularly challenging period in Bangladesh with resilience and strategic focus. As we move forward, we’re optimistic that the market is now shifting towards a more favourable macroeconomic environment. We anticipate that the upcoming six months will bring significant progress, meeting our expectations and driving further improvement across our operations.”
Managing Director of JAT Holdings PLC Aelian Gunawardene said, “We will continue to invest in initiatives that uplift the communities we serve and create improved customer experiences, building long-term loyalty that strengthens our market position. Over the next six months, we will be able to witness the fruits of these strategic investments and efforts to improve operational efficiency.”
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