Richard Pieris & Co PlcCSELK: RICH.N0000

Interim Financial Statements as at 30-06-2025

· Issued by Richard Pieris & Co Plc
Richard Pieris and Company PLC

Three months ended 30th June 2025

Interim Financial Statements Twelve months ended 31st March 2016


Corporate Information

Legal Form

A quoted public Company with limited liability, incorporated in Sri Lanka under the Companies Ordinance No. 51 of 1938 on 11th May 1940. The Company registration number is PQ 138.

Stock Exchange Listing

The Ordinary shares of the Company are listed in the Colombo Stock Exchange of Sri Lanka.

Board of Directors

Dr. Sena Yaddehige - Chairman/ Managing Director/ CEO

Mr. W. J. Viville P. Perera - Director

Mr. Shaminda Yaddehige - Director/COO Dr. Jayatissa De Costa P.C. - Director Mr. Prasanna Fernando - Director

Mr. Joseph Felix Fernandopulle - Director

Mr. Shiron Gooneratne - Director

Mr. H M L Pamuditha Bandara Hennayake - Senior Independent Director

Mr. Udeni Kusumsiri Samararatne - Director

Registered Office

No. 310, High Level Road, Nawinna, Maharagama, Sri Lanka.

Telephon : + (94) 114310500

Fax : + (94) 114310777

Website : https://www.arpico.com E-mail : cpu@arpico.com

Secretaries

Richard Pieris Group Services (Private) Limited No. 310, High Level Road,

Nawinna, Maharagama, Sri Lanka.

Auditors

Ernst & Young Chartered Accountants Rotunda Towers No.109,Galle Road Colombo 03,

Sri Lanka.

As at

Unaudited As at

30th June

2025

Rs. '000

Assets

Non-current assets

Property, plant and equipment

26,577,022

Investment properties

984,878

Right-of-use Assets

4,251,253

Intangible assets

1,153,857

Consumable Biological assets

2,104,636

Investments in subsidiaries

-

Investment in associates

551,507

Other non-current financial assets

6,689,545

Deferred tax assets

1,421,069

43,733,767

Current assets

Inventories

13,207,441

Trade and other receivables

11,019,115

Produce on bearer biological assets

96,543

Loans and advances

15,431,147

Tax receivables

418,720

Other current financial assets

1,862,867

Cash and short-term deposits

15,107,003

57,142,836

Total assets

100,876,604

Equity and liabilities

Equity

Stated capital

1,972,829

Revenue reserves

23,680,793

Statutory reserve fund

101,174

Other components of equity

1,571,483

Equity attributable to equity holders of the parent

27,326,279

Non-controlling interests

7,097,236

Total equity

34,423,515

Non-current liabilities

Interest - bearing loans and borrowings

3,108,481

Lease liabilities on Right-of-use Assets

3,431,267

Insurance provision

2,725,667

Provisions

260,607

Government grants

483,004

Employee benefit liabilities

3,026,047

Deferred tax liabilities

2,845,662

15,880,735

Current liabilities

Trade and other payables

11,967,299

Public Deposits

10,443,742

Interest - bearing loans and borrowings

3,587,327

Lease liabilities on Right of use assets

1,751,306

Income tax payable

1,040,637

Short term borrowings

21,782,042

50,572,354

Total liabilities

66,453,089

Total equity and liabilities

100,876,604

Net Assets Per Share (Rs.)

13.43

Consolidated Statement of Financial Position

Unaudited As at

31st March

2025

Rs. '000

26,676,969

985,716

4,402,934

1,155,042

2,104,636

-542,552

6,788,851

1,462,947

44,119,647

13,741,428

11,264,670

96,543

14,605,782

387,192

1,295,042

14,783,897

56,174,552

100,294,199

1,972,829

22,695,168

101,174

1,147,640

25,916,811

6,865,041

32,781,852

2,100,331

4,087,426

2,762,501

250,597

489,234

3,026,701

2,816,798

15,533,588

12,924,133

10,344,495

2,752,561

1,269,963

917,200

23,770,406

51,978,758

67,512,347

100,294,199

12.74

I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007



Sudheera Epitakumbura

Head of Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements.



Jayatissa De Costa W J V P Perera

Director Director

06 August 2025 Colombo

Company Statement of Financial Position

As at

Unaudited As at

30th June

2025

Rs. '000

Assets

Non-current assets

Property, plant and equipment

93,594

Investment properties

2,910,876

Right-of-use Assets

92,838

Investment in subsidiaries

5,260,275

Other non-current financial assets

3,210,554

Deferred tax assets

10,466

11,578,602

Current assets

Inventory

1,765

Trade and other receivables

466,991

Tax receivables

204,553

Amounts due from subsidiaries

5,831,776

Cash and short-term deposits

740,011

7,245,096

Total assets

18,823,697

Equity and liabilities

Equity

Stated capital

1,972,829

Revenue reserves

698,263

Other components of equity

1,062,354

Total equity

3,733,446

Non-current liabilities

Lease liabilities on Right-of-use Assets

102,618

Employee benefit liabilities

68,875

171,493

Current liabilities

Trade and other payables

211,324

Lease liabilities on Right-of-use Assets

101,404

Amounts due to subsidiaries

193,897

Income tax payable

-

Short term borrowings

14,412,132

14,918,757

Total liabilities

15,090,251

Total equity and liabilities

18,823,697

Net Assets Per Share (Rs.)

1.83

I certify that the financial statements comply with the requirements of the Companies Act No. 7 of 2007



Sudheera Epitakumbura

Head of Finance

The Board of Directors is responsible for the preparation and presentation of these financial statements.



Jayatissa De Costa W J V P Perera

Director Director

06 August 2025 Colombo

Unaudited As at

31st March

2025

Rs. '000

85,714

2,911,979

105,498

5,260,275

2,859,806

10,466

11,233,737

1,561

443,526

204,553

5,379,466

1,159,196

7,188,302

18,422,039

1,972,829

557,317

711,606

3,241,752

130,542

66,571

197,113

633,235

95,703

129,736

-14,124,500

14,983,174

15,180,287

18,422,039

1.59

Consolidated Statement of Profit or Loss

‌Unaudited

3 months ended 30th June

3 months ended

30th June

Variance

2025

2024

Rs. '000

Rs. '000

%

Continuing operations

Revenue from contracts with customers

17,685,689

17,665,862

0%

Revenue from insurance contracts

408,626

400,404

2%

Interest Revenue

763,972

624,592

22%

Total Revenue

18,858,288

18,690,858

Cost of sales

(13,716,668)

(13,817,705)

-0.7%

Gross profit

5,141,620

4,873,153

6%

Other operating income

389,817

385,780

1%

Selling and distribution expenses

(1,150,150)

(976,212)

18%

Administrative expenses

(2,482,125)

(2,304,640)

8%

Other operating expenses

(22,152)

(14,349)

54%

Operating profit

1,877,010

1,963,734

-4%

Finance costs

(393,118)

(449,812)

-13%

Finance Income

188,014

223,726

-16%

Share of profit of an associate

69,747

12,738

448%

Profit before tax from continuing operations

1,741,653

1,750,385

0%

Income tax expense

(540,546)

(461,838)

17%

Profit for the period from continuing operations

1,201,107

1,288,547

-7%

Discontinued operations

Loss after tax for the period from discontinued operations

(618)

(1,008)

-39%

Profit for the period

1,200,489

1,287,539

-7%

Attributable to:

Equity holders of the parent

985,625

1,083,056

-9%

Non-controlling interests

214,864

204,483

5%

1,200,489

1,287,539

Earnings per share

Basic (Rs.)

0.48

0.53

Diluted (Rs.)

0.48

0.53

Figures in brackets indicate deductions.

The above figures are subject to audit

Consolidated Statement of Comprehensive Income

03 months ended 30th June

2025

Rs.'000

03 months ended 30th June

2024

Rs.'000

Variance

%

1,200,489

1,287,539

-7%

73,249

28,824

154%

(73,249)

(28,824)

154%

18,349

7,018

161%

18,349

7,018

422,826

345,916

22%

422,826

345,916

441,175

352,933

25%

1,641,663

1,640,472

0%

1,409,468

1,428,362

-1%

232,195

212,110

9%

1,641,663

1,640,472

Unaudited

Profit for the period

Other comprehensive income

Other comprehensive income/(loss) to be reclassified to profit or loss in subsequent periods;

Net Profit/ loss on financial assets at FVOCI

Fair value movement of Fair value reserve of financial assets at FVOCI transferred to life fund

Exchange differences on translation of foreign operations

Net other comprehensive income to be reclassified to profit or loss

Other comprehensive income/(loss) not to be reclassified to profit or loss;

Net gain/(loss) on Financial Assets at FVOCI

Net other comprehensive income/(loss) not to be reclassified to profit or loss Other comprehensive income/(loss) for the period, net of tax

Total comprehensive income for the period, net of tax

Attributable to:

Equity holders of the parent Non-controlling interests

Figures in brackets indicate deductions. The above figures are subject to audit.

Company Statement of Profit or Loss

Unaudited

03 months ended 30th June

2025

Rs. '000

03 months ended 30th June

2024

Rs. '000

Variance

%

Revenue from contracts with customers

498,079

623,864

-20%

Other revenue

3,764

63,182

-94%

Cost of sales

-

-

Gross profit

501,842

687,047

-27%

Other operating income

4,018

13,072

-69%

Administrative expenses

(106,435)

(136,692)

-22%

Other operating expenses

(244)

(568)

-57%

Operating profit

399,182

562,859

-29%

Finance costs

(283,005)

(268,424)

5%

Finance Income

24,770

27,345

-9%

Profit before tax

140,947

321,779

-56%

Income tax expense

-

-

-

Profit for the period

140,947

321,779

-56%

Earning per share

Basic (Rs.)

0.07

0.16

Diluted (Rs.)

0.07

0.16

Figures in brackets indicate deductions.

The above figures are subject to audit.

Company Statement of Comprehensive Income

03 months ended 30th June

2025

Rs. '000

140,947

321,779

350,748

318,282

350,748

318,282

350,748

318,282

491,695

640,062

Unaudited

03 months ended

30th June Variance

2024

Rs. '000 %

Profit for the period

Other comprehensive Profit/ Loss

Other comprehensive Profit/Loss not to be reclassified to profit or loss;

Net gain/(loss) on equity instruments at FVOCI

Net other comprehensive gain/(loss) not to be reclassified to profit or loss

Other comprehensive gain/(loss) for the period, net of tax Total comprehensive income for the period, net of tax

Figures in brackets indicate deductions. The above figures are subject to audit.

-56%

10%

10%

-23%

Statement of Cash Flow

Group Company

Unaudited

Unaudited

Unaudited

Unaudited

For the Three months ended 30th June

2025

Rs. '000

2024

Rs. '000

2025

Rs. '000

2024

Rs. '000

Cash flows from/(used in) operating activities

Profit before tax and non controlling interests from

continuing operations

1,741,653

1,750,385

140,947

321,779

Loss after tax from discontinued operation

(618)

(1,008)

-

-

Adjustments to reconcile profit before tax to net cash flows

809,219

714,069

279,917

205,772

Operating profit before working capital changes

2,550,254

2,463,446

420,864

527,551

Working capital adjustments

(1,034,698)

(622,043)

(404,685)

(28,821)

Cash generated from operations

1,515,556

1,841,403

16,178

498,730

Interest paid

(393,118)

(449,812)

(283,005)

(268,424)

Gratuity paid

(20,706)

(21,299)

(696)

(295)

Interest received

188,014

223,726

24,770

27,345

Income tax paid

(355,323)

(229,922)

-

-

Net cash from/(used in) operating activities

934,423

1,364,095

(242,752)

257,356

Net cash flows used in investing activities

119,642

(342,053)

(10,065)

(1,479)

Net cash flows/(used in) before financing activities

1,054,065

1,022,042

(252,817)

255,877

Net cash flows used in financing activities

1,257,405

(304,700)

(453,999)

(26,004)

Net increase/(decrease) in cash and cash equivalents

2,311,470

717,342

(706,817)

229,873

Net foreign exchange difference

-

-

-

Cash and cash equivalents at the beginning of the period

(8,986,509)

(8,351,475)

(12,965,305)

(11,285,576)

Cash and cash equivalents at the end of the period

(6,675,039)

(7,634,133)

(13,672,121)

(11,055,703)

Analysis of cash and cash equivalents at the end of the period

Bank and cash balances

15,107,003

12,447,750

740,011

1,212,515

Short term borrowings

(21,782,042)

(20,081,883)

(14,412,132)

(12,268,218)

(6,675,039)

(7,634,133)

(13,672,121)

(11,055,703)

Figures in brackets indicate deductions.

The above figures are subject to audit.

Statement of Changes in Equity

Attributable to equity holders of the parent

Foreign

Stated Capital

Revenue Reserves

Fair Value Reserve of Financial Assets at FVOCI

Currency Translation Reserve

Statutory Reserve Fund

Total

Non Controlling Interest

Total Equity

Group

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

As at 1st April 2024

1,972,829

22,531,452

(353,454)

392,753

88,438

24,632,018

5,562,018

30,194,036

Profit for the period

-

3,787,466

-

-

-

3,787,466

812,081

4,599,546

Other comprehensive income

-

(249,593)

1,115,269

(6,928)

-

858,749

(55,576)

803,173

Total comprehensive income

-

3,537,873

1,115,269

(6,928)

-

4,646,214

756,505

5,402,720

Amount transferred due to changes in holdings

-

(715,871)

-

-

-

(715,871)

715,871

-

Dividends

-

(2,645,550)

-

-

-

(2,645,550)

-

(2,645,550)

Subsidiary dividend paid to minority shareholders

-

-

-

-

-

-

(169,353)

(169,353)

Transfers during the year

-

(12,736)

-

-

12,736

-

-

-

As at 31st March 2025

1,972,829

22,695,168

761,815

385,825

101,174

25,916,811

6,865,041

32,781,852

As at 1st April 2025

1,972,829

22,695,168

761,815

385,825

101,174

25,916,812

6,865,041

32,781,852

Profit for the period

-

985,625

-

-

-

985,625

214,864

1,200,489

Other comprehensive income

-

-

409,403

14,439

-

423,842

17,331

441,174

Total comprehensive income

-

985,625

409,403

14,439

-

1,409,467

232,195

1,641,663

Dividends

-

-

-

-

-

-

-

-

As at 30th June 2025

1,972,829

23,680,793

1,171,219

400,264

101,174

27,326,279

7,097,236

34,423,515

Company

As at 1st April 2024

1,972,829

2,334,710

(289,627)

-

-

4,017,912

-

4,017,912

Profit for the period

-

862,245

-

-

-

862,245

-

862,245

Other comprehensive income

-

5,911

1,001,232

-

-

1,007,144

-

1,007,144

Total comprehensive income

-

868,156

1,001,232

-

-

1,869,389

-

1,869,389

Dividends

-

(2,645,550)

-

-

-

(2,645,550)

-

(2,645,550)

As at 31st March 2025

1,972,829

557,317

711,605

-

-

3,241,751

-

3,241,751

As at 1st April 2025

1,972,829

557,317

711,605

-

-

3,241,751

-

3,241,751

Profit for the period

-

140,947

-

-

-

140,947

-

140,947

Other comprehensive income

-

-

350,748

-

-

350,748

-

350,748

Total comprehensive income

-

140,946

350,749

-

-

491,695

-

491,695

Dividends

-

-

-

-

-

-

-

-

As at 30th June 2025

1,972,829

698,263

1,062,354

-

-

3,733,446

-

3,733,446

Figures in brackets indicate deductions.

The above figures are subject to audit.

Notes to the Financial Statements

Operating Segment Information

As at 31st March

As at 30th June

For the Three months ended 30th June

Gross Revenue

Inter segmental

Intra segmental

Revenue from external

customers

Operating profit/(Loss)

Assets

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

2025

2024

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rs. '000

Rubber

1,406,718

1,762,093

(35,830)

(32,944)

(781)

(680)

1,370,107

1,728,470

(34,543)

35,933

11,226,970

11,508,870

Tyre

1,461,144

1,352,585

(126,927)

(51,309)

-

(2,204)

1,334,217

1,299,072

207,316

148,688

3,930,805

3,930,547

Plastic, Furniture and Electronics

2,999,161

2,500,569

(296,361)

(289,499)

(12,905)

(173,824)

2,689,895

2,037,246

382,947

226,244

14,249,231

15,240,825

Retail

8,568,041

9,041,837

(8,186)

(8,186)

(59,514)

(58,104)

8,500,341

8,975,547

451,584

562,460

18,091,405

17,158,860

Financial services

1,175,482

1,028,602

-

-

-

-

1,175,482

1,028,602

67,228

(6,763)

26,856,089

25,512,357

Other services

610,074

808,628

(602,130)

(741,913)

-

-

7,945

66,715

(65,307)

137,025

19,681,483

19,994,998

Plantations

4,077,944

4,087,206

(284,068)

(346,872)

(13,575)

(185,128)

3,780,302

3,555,206

1,095,691

1,225,960

33,896,570

33,139,668

Inter segment eliminations

-

(227,908)

(365,815)

(27,607,456)

(26,734,479)

Group

20,298,564

20,581,520

(1,353,502)

(1,470,723)

(86,775)

(419,938)

18,858,288

18,690,858

1,877,010

1,963,734

100,325,097

99,751,647

Figures in brackets indicate deductions. The above figures are subject to audit.

Notes to the Financial Statements

  1. Corporate Information

    Richard Pieris & Company PLC ("Company") is a public limited company incorporated and domiciled in Sri Lanka and listed on the Colombo Stock Exchange. The registered office and principle business place of the Company is situated at 310, High Level Road, Nawinna, Maharagama.

  2. Basis of Preparation

    The Interim consolidated Financial Statements for the Twelve months ended 30th June 2025 have been prepared in accordance with LKAS 34, Interim Financial Reporting. The accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the previous year.

  3. Related Party Transactions

    The nature of Related Party Transactions in the period under review is similar to those reported in the Financial Statement for the year 2024/25.

  4. Share Information

    1. Stated Capital

      Stated capital is represented by the number of shares in issue as given below

      No of Shares Value of Shares

      As at '000 Rs.'000

      Ordinary Shares 2,035,038 1,972,829

    2. Market Price Per Share

      For the Period ended 30 June 2025 2024

      Highest 26.50 22.50

      Lowest 23.00 19.90

      Last Traded 24.10 20.50

      Market Capitalization (Rs. '000) 49,044,422 41,718,285

      Price Earning Ratio -Annualized (times) 12.44 9.63

      1. Public Share Holding

      The percentage of shares held by the public and the number of public shareholders as follows,

      Number of Shareholders

      8,054

      8,531

      Public shareholding (%)

      40.16%

      40.87%

      Float - Adjusted Market Capitalization

      19,697,275

      17,050,588

      As at 30-06-2025 31-03-2025

      The Company complies with option 1 of the Listing rules 7.13.1 (a) - Rs 10Bn - Float Adjusted Market capitalization which requires 500 minimum public shareholders.

      4.4 Net Asset Per Share

      As at

      30-06-2025

      31-03-2025

      Group

      13.43

      12.74

      Company

      1.83

      1.59

      4.5 Directors' share holdings

      The number of shares held by the Board of Directors are as follows:

      As at

      30-06-2025

      31-03-2025

      1

      Dr. Sena Yaddehige Chairman/Managing Director/CEO

      106,567,150

      106,567,150

      2

      Mr. W J V P Perera

      -

      3,499

      3 Mr. Shaminda Yaddehige

      -

      -

      4 Dr. Jayatissa De Costa P.C.

      -

      -

      5 Mr. Prasanna Fernando

      -

      -

      6 Mr. Joseph Felix Fernandopulle

      107,623

      107,623

      7 Mr. Shiron Gooneratne

      -

      -

      8 Mr. H M L P B Hennayake

      10

      10

      9 Mr. Udeni Kusumsiri Samararatne

      -

      -

      Notes to the Financial Statements

      4.6. Twenty largest shareholders

      Twenty largest shareholders of the company are as follows:

      30-06-2025

      %

      31-03-2025

      %

      As at

      Number of shares

      Number of shares

      1

      Skyworld Overseas Holdings Limited

      516,388,590

      25.37%

      516,388,590

      25.37%

      2

      Camille Consulting Corp.

      370,536,281

      18.21%

      366,930,569

      18.03%

      3

      Deutsche Bank AG Singapore A/C 2 (DCS CLT ACC)

      224,124,298

      11.01%

      224,124,298

      11.01%

      4

      Sezeka Limited

      218,124,132

      10.72%

      216,054,245

      10.62%

      5

      Employees Provident Fund

      169,899,520

      8.35%

      169,899,520

      8.35%

      6

      Rockport Limited

      125,197,262

      6.15%

      122,906,560

      6.04%

      7

      Dr. Sena Yaddehige

      106,567,150

      5.24%

      106,567,150

      5.24%

      8

      Investment Resources Company (Private) Limited

      41,300,155

      2.03%

      41,300,155

      2.03%

      9

      Dhanasiri Recreation (Pvt) Ltd.

      34,009,920

      1.67%

      34,009,920

      1.67%

      10

      The Executor of the Estate of Late Mrs L.B. S. Pieris

      22,782,045

      1.12%

      22,782,045

      1.12%

      11

      Kalday (Private) Limited.

      12,126,030

      0.60%

      12,126,030

      0.60%

      12

      Employees Trust Fund Board

      8,966,141

      0.44%

      8,966,141

      0.44%

      13

      Mr.P.M.Rutnam

      8,268,834

      0.41%

      8,268,834

      0.41%

      14

      Mr. D.W.R. Rutnam

      7,000,000

      0.34%

      7,000,000

      0.34%

      15

      Ms. J.F. Rutnam

      7,000,000

      0.34%

      7,000,000

      0.34%

      16

      Dr C.M. Fernando

      6,660,570

      0.33%

      6,660,570

      0.33%

      17

      Sri Lanka Insurance Corporation Ltd - Life Fund

      6,275,000

      0.31%

      6,275,000

      0.31%

      18

      Citibank Hong Kong S/A Hostplus Pooled

      6,083,033

      0.30%

      6,083,033

      0.30%

      19

      SSBT- Sunsuper Pty. Ltd. As Trustee For Sunsuper

      4,917,616

      0.24%

      4,917,616

      0.24%

      20

      The Incorporated Trustees Of The Church Of

      3,768,795

      0.19%

      4,257,917

      0.21%

      1,899,995,372

      93.36%

      1,892,518,193

      93.00%

  5. Comparative Information

    The presentation and classification of the Financial Statements of the previous period have been amended, where relevant, for better presentation and to be comparable with those of the current period.

  6. Discontinue Operation

    Discontinued operations comprise the results of subsidiaries of the Group whose commercial operations have been discontinued.

  7. Fair value measurement

    The fair values of the financial assets and financial liabilities recognized during the period were not materially different from the transaction prices at the date of initial recognition. There were neither transfers between different levels of fair value hierarchy nor changes to assets classes classified under recurring and non-recurring basis. Valuation techniques or significant unobservable inputs used for measuring level 2 and level 3 fair values remains unchanged.

  8. Events After the Reporting Period

    No circumstances have arisen since the reporting date, which would require adjustment to or disclosure in the Financial Statements.

  9. Ratios - Company

    30-06-2025 31-03-2025

    Debt/Equity Ratio 3.91 4.43

    Quick Asset Ratio 0.49 0.48

    Interest Cover 1.55 2.33

  10. All values included in these Financial Statements are in Rs. '000s unless otherwise stated.

Richard Pieris and Company PLC

310, High Level Road, Nawinna, Maharagama, Sri Lanka.

https://www.arpico.com

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