Employees

It is the people behind our businesses that create value, and drive innovation, differentiating us from the competition and ensuring that we remain resilient and sustainable in the long-term. In turn, we strive to create a work environment which values the unique differences of our people while enabling them to reach their full potential.

Key Employee-related metrics

36,266
Employees
74%
Employee retention rate
35%
Female representation rate
10.19
Average training hours/employee
14%
Increase in employee payments
Chairman

Chairman's Message

"The world of work continues to evolve and during the year, the Group's people strategy centered on creating long-term value through equipping them with stronger skills enabling greater employability, nurturing talent pipelines to enable improved succession planning and increasing diversity around decision making"

  • Group's evolution has been inextricably linked to the country's growth trajectory as we have contributed to Sri Lanka's resilience
  • We are proud to be one of Sri Lanka's most socio-economically impactful organisations, with deep rooted relationships across value chains, customer networks and communities
  • The Group continues to inject value across its ecosystem catalyzing positive change

  • Key areas of strategic focus during the year included diversification of the Group's geographical footprints and customer segments while relentlessly pursuing customer-centric innovation and service excellence
  • Consolidated Revenue declined by 10% to Rs. 436.83 bn, with export-oriented sectors affected by the unfavourable exchange rate dynamics
  • Consolidated Profit Before Tax amounted to Rs. 25.34 bn with the Purification, Projects & Engineering and Hand Protection Sectors emerging as key contributors to profitability

  • The Hayleys Group's resilience and prosperity is driven by our remarkable team of over 36,000 employees who have the integrity, high standards of professional excellence and capabilities to ensure the Group's ongoing success and value creation
  • During the year, we introduced several initiatives aimed at creating a family-friendly work environment which included paternity leave, childcare support and access to counselling services

  • The International Monetary Fund estimates global growth to continue at the same pace with GDP expanding by 3.2% in 2024.
  • Optimistic on the stabilisation of the domestic economy in 2024, supported by the revival in the tourism industry, stronger remittance flows and improvements in fiscal and external balances
  • Key priorities will include strengthening product capabilities, brands and relationships to drive deeper penetration in selected markets, strategically embedding ESG to derive a competitive advantage, access new markets and optimise resources.
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Human capital

People Strategy for 2023/24

  • Building the Group's next generation of leaders through the Management and Leadership Development Programmes

  • Year-round calendar of wellbeing activities and interventions carried out focusing on health awareness, nutrition and women's wellbeing among others

  • Formulation of Group-wide DEI training programme which will be rolled out across the Group through a train the trainer model ensuring continuity and sustenance.
  • During the year, we introduced several initiatives aimed at creating a family-friendly work environment which included paternity leave, childcare support and access to counselling services

  • Improve efficiency of HR processes through digitalisation and automation
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Financial Performance

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Indicator Movement Commentary
Consolidated Revenue
  • 10% decline to Rs. 436.83 bn
  • Revenue was upheld by strong top line growth in Projects & Engineering and Consumer & Retail
  • Export-oriented sectors recorded Revenue contractions
Earnings Before Interest and Tax
  • 30% decline to Rs. 42.72 bn
  • Due to the decrease in Revenue and escalation in Operating Costs
  • Key contributors to EBIT were Transportation and Logistics, Purification and Hand Protection Sectors
Profit Before Tax
  • 41% decline to Rs. 25.34 bn
  • Purification Sector was the largest contributor to PBT, followed by Projects & Engineering and Hand Protection
Total Assets
  • 8% growth to Rs. 446.34 bn
  • Increase in Property, Plant and Equipment driven by investments in Purification, Hand Protection and Transportation & Logistics
Capital and Funding
  • 2% increase in Total Equity to Rs. 125.53 bn
  • 8% increase in Borrowings to Rs. 171.88 bn
  • Despite the increase, gearing levels remained manageable at 1.37X debt to equity ratio

Way forward

Immediate term priorities
  • Product strategy centered on premium, value-added offerings
  • Optimising working capital to reduce inventory build up
  • Talent retention
  • Optimise funding and borrowing structures through proactive negotiations with banks
Medium-term priorities
  • Strengthen foreign currency generating capabilities through enhancing export-oriented sectors
  • Refine product offerings in tourism sector to cater to anticipated surge in industry
  • Organic and inorganic growth in complementary sectors and businesses
  • Digitalisation to drive efficiencies, enhance productivity and obtain richer data sights