JAT Holdings records Rs. 1.4 bn revenue in 1Q FY22

JAT Holdings reported outstanding performance in the first quarter of FY22, with record revenue of Rs 1.4 billion during the period. In the financial year 2021 (FY21) this figure was LKR(Rs) 485 million, amid the peak of the pandemic, and LKR 1 billion in FY20, in the aftermath of the Easter attacks.

Consolidated Profit After Tax (PAT) for the quarter ended June 30, 2021, was LKR 161 million, against losses of LKR 107 million and LKR 7 million for the same quarter in FY21 and FY20, respectively. As such, the trailing twelve months consolidated PAT of JAT Holdings came in at LKR 869 million, of which LKR 782 million accounts for the last 3 quarters, whilst LKR 86 million relates to the second quarter of FY21 which was a subdued quarter due to pandemic conditions.

JAT is in line to achieve a PAT of LKR 301 million in the corresponding second quarter of FY22.

JAT Holdings Founder and Managing Director Aelian Gunawardene said, “We have been able to take the necessary steps to deftly adapt to the post-pandemic environment. Our excellent business acumen, outstanding resource management and agile manoeuvring are attested to by the incredible performance we have achieved during what can only be described as a very tough quarter. As the year progresses, we anticipate further temperance of the pandemic and a wider recovery of economic activity. We intend to use these improving conditions and the lessons we have learned, to continue to deliver stellar performance for our shareholders.”

“With a strong focus on ethics and corporate governance, we pivoted to a work from home model for our corporate staff and invested into ensuring the safest possible work environments for our manufacturing staff,” commented JAT Holdings Chief Executive Officer Nishal Ferdinando. “Additionally, we were one of the few companies to record growth during these trying times, being reaffirmed as an “A+ (stable)” private company for the fifth consecutive year, last year.”

Strong local market sales witnessed in the second half of FY21 continued during the period, with the Sri Lankan market contributing 71% of total consolidated revenue for the period, followed by the international market segment which contributed 29% of consolidated revenue during the quarter. The consolidated PAT of LKR 161 million accounted for 14% of the planned and targeted profit objective of LKR 1.2 billion for FY22. JAT typically experiences seasonality in its profitability with around 70% of the full-year PAT being achieved during the second half of the financial year due to seasonally high revenue months such as November, December, February and March.

Shares of JAT Holdings will begin trading on the CSE on August 13, after the conclusion of its IPO opening on July 20.

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