The Richard Pieris Group ended its first six months on a positive note reporting a Group Revenue of Rs.23.5 bn and a PBT of Rs.2.17 bn.
The reported Revenue and PBT signifies a growth of 12% and 29% respectively over and above the corresponding period of the previous year.
The reported profits represent business profits, and do not include any gains of a capital nature.
The Retail Sector of the group comprises of Arpico Supercentres and Superstores, Arpico Daily Supermarkets and a network of Arpico Showrooms scattered island wide.
The sector continued to focus on consumer promotions to drive footfall and expand basket value through the most anticipated “Top Tips” and “Daily Deals” price drop strategies.
The marketing strategies were further leveraged by securing strategic partnerships with banking and credit card partners offering greater value to customers.
The Arpico Supercenter Brand won the award for the “Excellence in Branding and Marketing” - Retail Sector at the CMO Asia Awards in Singapore during the period under review, becoming the first Sri Lankan modern trade chain to win this accolade among many other Asian competitors.
The Plastics and Distribution Sector comprises a range of products including mattress, water tank, PVC products, rigifoam, rubber products and water pumps. New production line commissioned during this financial year assisted water tanks operation to cater the increased demand.
Rigifoam operation also celebrated its 50 years existence in the market during the period under review. Continuous marketing campaigns and various promotional activities have assisted the sector to gather momentum in its sales volumes.
The Plantation Sector of the Group improved its performance during the first six months of the financial year 2016/17, mainly driven by the solid performance of palm oil.
Production of rubber improved but the prices have declined during the second quarter of the financial year 2016/17. Initiatives such as quality improvements and productivity enhancements were undertaken to improve the performance of the tea segment.
The Retreading business of the sector was affected by the declining demand for retreading tyres in the market. The sector continued to focus on marketing campaigns and effective use of resources.
The Rubber manufacturing sector comprises a range of products including natural latex foam mattresses, pillows, rubber mats, jar sealing rings and small moulded products.
The Latex foam business segment recorded high sales volumes during the period under review due to the aggressive sales and marketing activities.
The Financial Services sector of Richard Pieris Group consists of its own life insurance, stock broking, fund management and a finance company.
Arpico Insurance PLC opened its latest branch in Jaffna during the period under review.
The Group continues to focus on its core business sectors whilst considering many opportunities for further expansions both locally and internationally, a spokesman for the company said.
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