Richard Pieris Company is plannung joint ventures to attract foreign investments and enhance value, Chairman Dr. Sena Yaddehige told Daily News Business.
It also expects Rs 50 billion turnover within a reasonable period.
"Tourism can be the highest income generator for Sri Lanka if it is promoted well," he said.
Richard Pieris and Company will soon exploit the potential to grow in the leisure sector, .
Richard Pieris and Company PLC has recorded Rs 22.3 billion turnover for the last financial year and it is expected to have 50 percent growth for the 2010/11 financial year.
"There is a huge gap for development in the retail market in Sri Lanka and the Sri Lankan retail market or modern trade is only 30 percent whereas other countries have exploited this fully.
Modern trade is an experience for the shoppers and Richard Pieris and Company PLC is currently catering to the different market segments in Sri Lanka," Dr. Yaddehige said.
"We have planned to add three new Super Centres in the next 18 months to the existing 10 Super Centres scattered around the country.
The Richard Pieris and Company PLC will set up a 50,000 square feet Super Centre before the end of this year," he said.
"The competition in the retail market is in different segments in the market. Competition can be faced if we provide the right product at the right time with right quality," Dr. Yaddehige said.
The Richard Pieris and Company PLC had its highest profit in the tyre industry last year. At present the Richard Pieris and Company PLC caters only to the local market and it is expected to explore international markets with tyre threads.
Natural rubber from Richard Pieris plantations will be utilised in tyre manufacturing while synthetic rubber is imported from various countries in the world.
"Richard Pieris and Company as a giant in the tea and rubber plantation industry foresees growth in the plantation industry in Sri Lanka on a number of factors.
The growth will depend on the National Sales Average (NSA) which has been very high so far. The local weather condition and world tea condition will see a growth in the tea industry.
"According to the agro-climatic conditions in Sri Lanka, we have the highest prices gained in the auction. Among many competitors, our products such as Maskeliya, Kegalle and Namunukula plantations have received high gains.
We have allocated Rs 650 million for new plantations in rubber, palm and tea," Yaddehige said.
The Richard Pieris and Company PLC will go for a new financial venture as it has received a licence to start a stock broking firm. The company will be able to provide financial service in the next three to six months.
source - www.dailynews.lk
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