28 - Richard Peiries and Companies
I am truly honored to represent the company and to say a few words on this special occasion today. We are pleased that Richard Peiries and Company has reentered Business Today Top 30 amongst the best performing corporates for the financial year 2015 - 2016 after a lapse of few years. During the year under review the company has focused on core sectors of the business namely retail, plastic, tyer and rubber we continue to drive the group's financial performance. Whilst the plantation sector was affected by global economic constraint, our company recorded a revenue of 43 billion rupees, which is a 14 per cent increase on the previous year. Profit After Tax grew by 23 per cent and the asset base of the group totaled at 43.6 billion rupees.
This enabled the group to continue to expand its business portfolio. Richard Peiris has always evolved with time and is continuously looking for strategic investment opportunities with plans to expand into different market segments. Plastic sector is already looking into penetrating into South Asian markets and strategic initiatives are in the pipeline to try more exposed through USA and great energy will be pumped into the plantation sector by looking at new market segments.
We are confident that with the vision and direction given by our group chairman Dr Sena Yaddehige, our company will be able to secure a better ranking on the Business Today TOP 30 for the financial year 2016/2017. Today Sri Lanka's outward looking skill population is a major economic asset and a competitive advantage. The geography and human capital combined with growing peace has given the island tremendous potential as a regional and even as a global hub for trade. In this respect the Hon Prime Minister Ranil Wickremasinghe has already taken action to widen up trade and other business relationships with neighbouring and other developing and developed countries, to open up opportunities to enhance trade exports in to new markets. I think now it is the responsibility of the private sector to take advantage of this position and contribute effectively using new technologies and innovations in entering into these new markets in elevating the Sri Lankan economy to the next level.