Richard Pieris and : Annual Report For 2021-2022 Richard Pieris and Company PLC
August 31, 2022 at 08:01 am EDT
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Richard Pieris & Company PLC
Annual Report 2021/2022
1
Touching Lives
RICHARD PIERIS & COMPANY PLC | ANNUAL REPORT 2021/2022
Contents
Our Core Business
2
Vision and Mission
4
Our History at a Glance
5
Financial Highlights
6
Chairman's Review
8
Board of Directors
11
Our Business
16
Corporate Social Responsibility
38
Financial Review
42
Risk Management
45
Statement of Value Added
48
Our People
49
Corporate Structure
50
Financial Information
Annual Report of the Board of Directors
60
Corporate Governance
64
Report of the Remuneration Committee
66
Report of the Audit Committee
67
Report of Related Party Transactions Review Committee
68
Statement of Directors' Responsibility
69
Independent Auditor's Report
70
Income Statement
74
Statement of Other Comprehensive Income
75
Statement of Financial Position
76
Statement of Changes in Equity
78
Statement of Cash Flows
79
Notes to the Financial Statements
81
Ten Year Summary
146
Share Information
148
Group Real Estate Portfolio
150
Glossary of Financial Terms
153
Notice of Meeting
155
Notes
156
Form of Proxy
159
Richard Pieris & Company PLC Annual Report 2021/2022
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Touching Lives
As a legend in Sri Lankan industry, our story has been filled with hard work, and a commitment to maintaining and elevating our standards. This year, we continue to place importance on the upliftment and empowerment that we provide; through our business and through our growth, which ensures that we continue to touch more lives as we have done over the last 90 years.
Our Core Business
Richard Pieris & Company PLC Annual Report 2021/2022
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RETAIL SECTOR
Our Retail sector offers a comprehensive range of Household, FMCG, Furniture and Electronics. Arpico retail stores also provide unimaginable convenience with bank service points, ATMs, credit card and mobile bill payment facilities for a truly one-stop shop experience.
TYRE SECTOR
Our Tyre sector has built up a reputation as the most high quality and reliable Tyre leader in Sri Lanka. As the largest in the business, we are committed to introducing tyre innovations to the market, Solid Tyres being the latest breakthrough innovation.
PLASTICS, FURNITURE & ELECTRONICS SECTOR Our Plastics segment has established its credentials as a household name in manufacturing and distributing Mattresses, Water tanks, Plastic furniture, Cushions and Sheets, Rigifoam products, PVC Pipes and Fittings, Vinyl mats, day-to-day consumer durables, as well as industrial and domestic Rubber products and Water pumps. The Furniture operation focuses on manufacturing Sofas, Panel furniture and Wooden furniture, and also retails Electronics for an end-to-end portfolio. The sector promotes the eco- friendly 'Green Gas' concept, advocating for a cleaner energy system.
Richard Pieris & Company PLC Annual Report 2021/2022
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RUBBER SECTOR Our Rubber sector manufactures Mattresses, Pillows, Latex Rings, Crutch tips, Shoe soles and Jar rings along with specialty items such as Fire Retardant mats, Electrical safety mats and Anti-static mats. This sector mainly caters to the export market while some products are sold locally. The Arpico Organic Latex Foam (certified by Global Organic Latex Standards), is an exciting product we launched most recently.
PLANTATION SECTOR Our Plantation sector, famed in Sri Lanka and overseas, has vast acres of land abundant with Tea, Rubber, Palm Oil, Coconut and Spices. We are also the largest Tea/Rubber producer in the country. Our brand of St. Clair's Tea is popular both internationally and domestically.
FINANCIAL SERVICES AND OTHER SECTOR Our Financial services sector, which inspires trust and confidence, spans Insurance, Finance, Stock Broking, Margin Trading and a Logistics arm. Clients can avail of a variety of products such as Fixed Deposits, Savings Deposit, Leasing, Hire Purchase, Term Loans and Islamic Finance, while the portfolio of the Insurance arm includes Endowment, Term Assurance, Education, Hospitalisation, Investment, Group Assurance and Loan protection plans.
RPC Logistics Limited, the Logistics arm of the Group, offers integrated logistics solutions both locally and internationally.
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Richard Pieris & Company plc published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 12:00:08 UTC.
Richard Pieris & Company PLC is a Sri Lanka-based holding company. The Company operates through seven segments: Rubber, Tire, Plastic and furniture, Retail, Financial Services, Other Services and Plantations. Its Rubber segment is involved with products, such as mattresses, pillows, latex rings, crutch tips, shoe soles and jar rings, along with specialty items, such as fire-retardant mats, electrical safety mats and anti-static mats. Its Tire segment is engaged in tire retreading, tire trading and manufacturing of industrial solid tires for export. Its Retail segment offers a range of household, fast-moving consumer goods (FMCG), furniture and electronics while also providing value-added services, such as bank service points, ATMs, credit card and mobile bill payment facilities. Its Financial Services segment offers various services, such as insurance, finance, stock broking, margin trading and a logistics arm. Its plantation segment includes tea, rubber, palm oil, coconut, and spices.