On the 22nd of March, 2021 Haleys Fabric PLC announced the acquisition of a 98.84% equity stake of South Asia Textiles Ltd. For an estimated value of LKR 4 billion from Ambeon Holdings PLC as part of its strategic plan to expand its capacity for higher value added fabrics for export purposes.
Established in 1993 Haleys Fabrics is the pioneer of Weft unit fabric manufacturing in Sri Lanka recognized as a world class manufacturer with a high degree of innovative capabilities. In recent years the company has shifted towards presented more sustainable innovations such as the obtaining of yarns from discarded PET bottles littering the shores of Sri Lanka. The company business model focuses on establishing strategic partnerships with selected Tier
1 customers such as Nike, L- Brands and Decathlon.
Post announcement of the acquisition the Haley Share in the Stock Market established a gain of 5% valuing close to LKR 16.40 per share. Ambeon Holdings PLC share value was recorded at LKR 22 demonstrating a 3% growth.
Haleys Fabric in the 1st 9 months of FY21 reported a pre-tax profit of LKR 583 million, up to 25% from a year earlier. The revenue experienced a growth of 11% recording LKR 11 million. Top of the line growth in the third quarter was valued at $3.8 billion, a 24% leap forward. Pre-tax profits highlighted a record leap of 262% to value at LKR 235 million.
The company recorded a total revenue of LKR 12.2 billion with pre-tax profits valued at LKR 304 million while after tax profits were recorded at LKR 231 million. As of 31st of December, 2020 the asset value was recorded to be LKR 10.8 billion.
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