Hayleys

Last updated
Hayleys PLC
Company type Public
CSE:  HAYL.N0000
ISIN LK0080N00008
Industry
PredecessorChas P. Hayley and Company
Founded10 January 1878;146 years ago (1878-01-10) in Galle, Ceylon
FounderCharles Pickering Hayley
Headquarters
Colombo
,
Sri Lanka
Key people
  • Mohan Pandithage (Chairman and Chief Executive)
RevenueDecrease2.svg LKR436.833 billion (2024)
Decrease2.svg LKR42.722 billion (2024)
Decrease2.svg LKR14.847 billion (2024)
Total assets Increase2.svg LKR446.336 billion (2024)
Total equity Increase2.svg LKR125.530 billion (2024)
Owners
  • Dhammika Perera (51.01%)
  • Public Shareholders (37.09%)
  • D. S. Jayasundera Trust (11.60%)
  • McLarens Holdings Ltd (1.60%)
Number of employees
Increase2.svg 36,266 (2024)
Subsidiaries
Website www.hayleys.com
Footnotes /references
[1]

Hayleys PLC, founded in 1878 by Charles Pickering Hayley, is a multinational and diversified conglomerate company in Sri Lanka, publicly listed on the Colombo Stock Exchange [2] with business spanning over 16 sectors, catering to 80 markets worldwide. Hayleys accounts for approximately 5% of Sri Lanka's export income, and 4.6% of the country's tea and 4.1% of its rubber production. [3] With over 36,000 employees, Hayley was also the first listed entity in the country to surpass annual revenue of US$1 billion in Fiscal Year 2017/18. [4] The company operates over 16 business sectors: eco-solutions, hand protection, purification, agriculture, consumer and retail, leisure, textile manufacturing, construction materials, plantations, industrial solutions, power and energy, transportation and logistics, BPO, tea exports, projects and engineering, and investments and services. Hayleys comprises over 180 business units and subsidiaries, twelve of which are publicly listed on the Colombo Stock Exchange. Hayleys PLC is a public listed company with over 15,147 shareholders as of March 31, 2024. [5] In addition to Sri Lanka, Hayleys today has manufacturing facilities in Indonesia,Thailand and India, with marketing operations in Australia, India, Bangladesh, Italy, Japan, Netherlands, UK, USA, France, Poland and Kenya, and its products are sold in 80 countries.

Contents

History

Early Years 1871 Onwards

The beginnings of the Hayleys Group can be traced back to 1871 when Charles Pickering Hayley (1848–1934), the son of British businessman, Thomas Hayley (1807–1881), disembarked from the Percy Douglas, [6] a 781-tonne clipper ship (owned by Thomas Hayley), at Galle, Ceylon. The ship subsequently was wrecked off the coast of Rangoon.

The Percy Douglas clipper ship The Percy Douglas.jpg
The Percy Douglas clipper ship
Founder Charles Pickering Hayley Charles Pickering Hayley.jpg
Founder Charles Pickering Hayley

Hayley joined a firm of shipping agents, Thomson Mitchell & Co, in 1874. When the company closed three years later due to bad investments, he rented a shop on Pedlar Street in Galle Fort and started his own import/export company, Chas. P. Hayley & Co., on 10 January 1878, exporting local products including coir, cinnamon and citronella oil and importing goods such as British claret. Hayley married Gertrude Fanny Lee (1849–1911), the daughter of George Lee, the Postmaster General of Ceylon (1844–1860) and Martha née Austin. [7] The couple had six children and in 1893 his oldest son, Alec (1875–1936), joined the firm, followed by another son, Stuart Pickering (1883–1960), eight years later.

Chas. P. Hayley & Co - Pedlar Street shop Chas. P. Hayley & Co Pedlar Street shop.jpg
Chas. P. Hayley & Co - Pedlar Street shop

In 1909, he entered into a partnership with W. W. Kenny to purchase Thurburn Stores, at Deans Road.

Hayley and Kenny became a Private Limited Company in 1935 and Chas P. Hayley & Co. becomes a private limited liability company and fully owned subsidiary of Hayley and Kenny Ltd. in 1944. In 1954 under one corporate umbrella, the entity went public. Hayleys Ltd continued to diversify into a portfolio that currently includes activated carbon, rubber gloves, textiles, fibre-based products, tea and rubber plantations, leisure, transportation and logistics services, consumer products, and other investments and services to name just a few.

In 1958, its shipping agency department was restructured as Maritime Agencies Ltd, which later evolved into Hayleys Advantis. In the 1960s, Hayleys partnered with Bayer of Germany to establish Haychem Ltd for agrochemical production. A period of innovation followed with the establishment of Haycarb Ltd to produce activated carbon from coconut shell charcoal, a pioneering value-added export. The company further expanded by acquiring Ravi Industries Ltd, a coir brush manufacturer, and founding Dipped Products Ltd for rubber glove production. By 1983, Hayleys launched its first international venture in the United States, now known as Haycarb USA Inc. Throughout the subsequent decade, the company diversified further into hospitality, plantations, and textiles.

2000 - Present

Hayleys steps into power generation in collaboration with AES corporation of USA in 2001. [8]

Hayleys entered the ship-owning business in 2003 with a maiden investment in the container vessel "Orient Stride". 2003 also saw the first overseas plant setup by Dipped Products Ltd. [9]

2006 saw Hayleys adopt a new visual identity, replacing its former logo of 50 years. [10]

In 2008, Hayleys became one of the 10 signatories for the CEO Water Mandate initiative of the UN's Global Compact. [11] In 2008, Dhammika Perera became the majority shareholder of Hayleys. [12]

Hayleys continued to grow and expand through the decades with a series of strategic acquisitions, such as the acquisition of the Ceylon Continental Hotel in Colombo in 2010 (which at the time was the single largest investment in its history), [13] and that of Alumex Group [14] and Amaya Leisure PLC in 2011. [15] The Ceylon Continental Hotel was rebranded and unveiled as The Kingsbury Hotel in 2012. [16]

Hayleys also made forays into the renewable energy industry from 2013 onwards, through its wind power, hydropower and solar power plants located in advantageous locations in Sri Lanka. [17]

The Advantis Free Zone was opened for operations in 2015. [18]

In 2016, Hayleys acquired a 75% controlling stake in Fentons Group [19] (subsequently rebranded as Hayleys Fentons) [20] and purchased the Kuda Rah Resort in the Maldives (which became Amaya Kuda Rah). [21]

In 2017, Hayleys acquired 61.73% of the equity in Singer (Sri Lanka) PLC [22] (the single largest acquisition for a listed company in Sri Lanka in recent times), as well as the majority stake in Sri Lanka Shipping Company Limited, [23] a leading shipping and maritime organization, making Advantis the largest vessel operator.

Hayleys celebrated "140 years of excellence" in 2018. [24]

In 2018, Hayleys entered into a strategic partnership with Martin Bauer group of Germany, renaming Hayleys Global Beverages as Martin Bauer Hayleys with the joint venture investment by MB Beteligungs GmbH. [25]

In April 2021, Hayleys Fabric acquired a 98.84% stake in South Asia Textiles Limited as part of its strategic plan to export value-added fabrics. [26]

Hayleys and its associates have forged successful partnerships with Mercedes-Benz, TATA International, Dystar, Symrise, Bayer Cropscience, Philips Lighting, Polymer Latex, Volvo, Fujifilm, P&G, Shimadzu, FedEx and Gillette.

Recent Acquisitions

YearCompanyValue
2010Hayleys acquires its first city hotel – Ceylon Continental Hotel, now renamed as The KingsburyRs 1.9 billion
2011Hayleys enters in to the aluminium extrusion industry by acquiring the Alumex GroupRs. 2.2 billion
2012Hayleys acquires majority stake in Amaya Hotels & SpasRs. 2.6 billion
2014Aquire controling Stakes of Alufab PLC (now Unisyst Engineering)Rs. 170 million
2016Acquisition of Fentons LimitedRs. 722 million
2017Hayleys acquires Kuda Rah Island Resort MaldivesUS$23 million
2017Acquisition of majority stake in Singer (Sri Lanka) PLCRs. 10.9 billion
2017Acquisition of majority stake in Sri Lanka Shipping Company LtdRs. 4.9 billion
2021Hayleys Fabric acquires South Asia Textiles LtdRs. 3.95 billion
2023Acquisition of Horana Plantations PLCRs. 700 million

Corporate Affairs

Hayleys is a Sri Lankan diversified conglomerate headquartered in Colombo, Sri Lanka. Its main offices are located in and around the premises; however other manufacturing, agricultural, marketing, and production bases are geographically spread around the country and throughout five different continents.

Fitch Affirms Hayleys at 'AAA(lka)' AAA-Fitch Ratings.jpg
Fitch Affirms Hayleys at 'AAA(lka)'

Hayleys PLC has a National Long-Term Rating of ‘AAA(lka)/Stable’ awarded by Fitch Ratings. [28] However, the composition of the entire Group includes 12 other publicly-listed companies. The blue-chip recorded its highest profits in the twelve months ending 31 March 2022. [29] The single largest investment in the 140-plus year history of Hayleys (and the largest acquisition of a public listed company at the time) was the 10.8 billion rupee controlling stake of Singer Sri Lanka in 2017, [30] followed by the buying over of the five-star Ceylon Continental Hotel in Colombo, Sri Lanka (now known as The Kingsbury) in 2010.

Corporate Recognition

In 2010, Hayleys Group was named Sri Lanka's Best Corporate Citizen by the Ceylon Chamber of Commerce. [31]

The firm brought fame and recognition to the country by winning a European Foundation for Management Development Award for the INSEAD-produced case study featuring the company, and winning the USAID Global Development Alliance Award for Sri Lanka for fostering commercial agriculture in Sri Lanka's Eastern Province. [32]

In 2012, the Hayleys Group was ranked amongst the top three most respected business entities in Sri Lanka and placed first for Nation-Mindedness in Lanka Monthly Digest's ‘Most Respected Entities In Sri Lanka’ survey, the Group's best standing since 2008. [33]

In 2021, Hayleys PLC was ranked the No.1 company in the LMD's Top 100 listed companies of Sri Lanka (for the fifth consecutive time) and the Business Today Top 40. [34]

Finances

Ten Year Financial Summary
YearRevenue LKR (mns)Profit LKR (mns)Equity LKR (mns)Capital employed LKR (mns)Earnings per share LKR
2024436,83314,84780,163297,4129.19
2023487,43127,67278,930282,40221.80
2022338,01028,09967,390277,22124.34
2021241,27614,04647,618189,66110.18
2020210,3072,89539,705186,4120.50
2019219,1822,75040,242175,1620.35
2018163,2493,27239,649152,4491.37
2017111,3835,04840,866102,7873.71
201692,2755,19531,09680,0364.16
201592,5624,88629,26173,5443.44
201480,4793,70923,72362,1632.41

Source: Annual Report, 2023/24 (p. 424) [1]

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References

  1. 1 2 "Annual Report 2022/23" (PDF). cse.lk. Hayleys PLC. Retrieved 7 June 2023.
  2. ↑ "Hayleys PLC, HAYL.N0000:CSE summary - FT.com". markets.ft.com. Retrieved 2024-07-17.
  3. ↑ "Hayleys Annual Report 2023/24 | Colombo Stock Exchange" (PDF). Colombo Stock Exchange. Retrieved 2024-07-23.
  4. ↑ publisher (2018-05-22). "Hayleys becomes first listed Sri Lankan company to cross US 1 billion dollars turnover in FY2017/18". Ceylon Business Reporter. Retrieved 2021-02-18.
  5. ↑ "Hayleys PLC Annual Report 2023/24 (p.309)" (PDF). 2024-06-04. Retrieved 2024-07-17.
  6. ↑ "The Percy Douglas". Archived from the original on 2012-04-05. Retrieved 2013-02-19.
  7. ↑ Senanayake, Manouri P Senanayake (2018). Odyssey of a Runaway Child: Galle to Australia's Goldfields and Beyond. Manouri P Senanayake. ISBN   9789555333672.
  8. ↑ "Performance Evaluation Report: AES Kelanitissa Power Project in Sri Lanka". Asian Development Bank. 2012-12-27. Retrieved 2021-07-27.
  9. ↑ "Hayleys goes for ship owning and management". Daily News Sri Lanka. 2003-10-18. Retrieved 2021-07-27.
  10. ↑ "Hayleys unveils new corporate identity". The Sunday Times. 2007-01-21. Retrieved 2021-07-27.
  11. ↑ "Hayleys PLC Submits Communication on Progress for 2018". CEO Water Mandate. 2018-12-18. Retrieved 2021-07-27.
  12. ↑ "Sri Lanka stocks up, Dhammika Perera ups Hayleys stake". Lanka Business Online. 2011-09-01. Retrieved 2021-07-27.
  13. ↑ "Sri Lanka Hayleys buys 51-pct stake in Hotel Ceylon Continental". Lanka Business Online. 2010-03-10. Retrieved 2021-07-27.
  14. ↑ "HOW HAYLEYS COMPLEMENTS DHAMMIKA PERERA'S AGGRESSION". Echelon Magazine. 2017-11-27. Retrieved 2021-07-27.
  15. ↑ "Sri Lanka Hayleys buys control of Amaya Leisure". Lanka Business Online. 2011-09-01. Retrieved 2021-07-27.
  16. ↑ "Ceylon Continental Hotel rebrands as 'Kingsbury' Hotel". Sri Lanka Mirror. 2012-12-17. Retrieved 2021-07-27.
  17. ↑ "Hayleys starts wind power generation at Nirmalapura". Daily FT. 2012-08-10. Retrieved 2021-07-27.
  18. ↑ "Hayleys Advantis to Enter Free Zone Logistics Hub Operations". Daily Mirror. 2014-06-09. Retrieved 2021-07-27.
  19. ↑ "Hayleys acquires Fentons for Rs 963 mn". Daily News. 2016-03-16. Retrieved 2021-07-27.
  20. ↑ "Hayleys ups Fentons stake by 24.5% to 99.5%; unveils new logo". Daily FT. 2019-08-26. Retrieved 2021-07-27.
  21. ↑ "Hayleys-Amaya forays into Maldives with $ 23 m luxury resort buy". Daily FT. 2016-07-20. Retrieved 2021-07-27.
  22. ↑ "Hayleys to acquire Singer Sri Lanka for Rs.12.5bn". Daily Mirror. 2017-09-14. Retrieved 2021-07-27.
  23. ↑ "Hayleys Group buys Sri Lanka Shipping for Rs. 4.9 billion". Daily FT. 2017-08-29. Retrieved 2021-07-27.
  24. ↑ "Hayleys celebrates 140 years of innovative excellence in Sri Lanka". Daily FT. 2018-08-13. Retrieved 2021-07-27.
  25. ↑ "Martin Bauer Group and Hayleys Global Beverages form JV". Daily News. 2018-11-02. Retrieved 2021-07-27.
  26. ↑ "Sri Lanka's Hayleys buys South Asia Textiles for Rs3.9bn". EconomyNext. 2021-04-24. Retrieved 2021-12-03.
  27. ↑ www.fitchratings.com https://www.fitchratings.com/research/corporate-finance/fitch-affirms-hayleys-at-aaa-lka-outlook-stable-15-08-2024 . Retrieved 2024-12-10.{{cite web}}: Missing or empty |title= (help)
  28. ↑ "Fitch Ratings | Rating Report | Hayleys PLC". www.fitchratings.com. 2023-06-28. Retrieved 2024-07-23.
  29. ↑ "Hayleys group profits double to all-time high of Rs. 28.1 b in FY22 | Daily FT". Daily FT. 2022-06-22. Retrieved 2024-07-23.
  30. ↑ "Hayleys buys Singer Sri Lanka in largest control acquisition on CSE". EconomyNext. 2017-09-15. Retrieved 2024-07-23.
  31. ↑ "Hayleys gets the balance right at the Best Corporate Citizen Awards 2010 – Other | Daily Mirror". www.dailymirror.lk. Retrieved 2021-12-03.
  32. ↑ "Centres of Excellence – INSEAD" (PDF). Insead.edu. 15 August 2015. Retrieved 22 November 2018.
  33. ↑ "Hayleys recognised as Sri Lanka's most nation-minded corporate entity | DailyFT - be Empowered". Archived from the original on 2012-11-05. Retrieved 2013-02-19.
  34. ↑ "Hayleys ranked No. 1 corporate for performance and value creation". Sunday Observer. 2021-11-27. Retrieved 2021-12-03.
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