Galoya Plantations (Pvt) Limited (GOPL) has poured Rs. 12 billion into the construction of a cutting-edge factory. This ambitious project is set to crush 4,500 metric tons of sugarcane daily and generate a whopping 8.75 MW of electricity, with 5 MW fueling their own operations.
The brain behind this visionary initiative, Danesh Abeyratne, the Executive Director of the Galoya Plantation Company, shared his enthusiasm for their endeavor. He highlighted the significance of this venture, which is set to surpass the power output of the Inginiyagala Senanayake Samudraya Reservoir’s power plant by generating a staggering 15 MW of electricity.
The foundation stone for this groundbreaking project was laid just last month, with an ambitious goal to have it fully operational by 2025. Abeyratne went on to reveal that GOPL, which resurrected the former Hingurana Sugar Industries Limited in 2007, had faced significant challenges. However, through determination and commitment, they have succeeded in revitalizing the once-faltering sugar industry, making a substantial contribution to the local sugar production landscape.
Their journey wasn’t without its hurdles. Initially unable to secure local bank credit due to the previous management’s financial mismanagement, GOPL sought funding within their own group. Moreover, they faced the delicate task of rebuilding trust among sugarcane growers who had been repeatedly let down in the past. Abeyratne and his team addressed this by entering into forward buying agreements, ensuring that farmers would indeed reap the rewards of their hard work.
The results have been nothing short of remarkable, with many sugarcane growers switching from paddy cultivation to sugarcane farming, lured by the promise of better returns and reliability. GOPL has paid out approximately Rs. 14 billion to farmers to date, solidifying their commitment to local agriculture.
In a nation where 87% of sugar requirements are met through imports, GOPL has emerged as a beacon of hope, contributing a remarkable 36% to the local sugar production landscape. Their adoption of modern technology, including mechanization and drones, has not only boosted production but also sparked a renewed interest among the youth in sugarcane farming.
With unwavering dedication and strategic collaborations, GOPL proudly reported a Profit After Tax (PAT) of Rs. 5.6 billion for the 2022/23 financial year and foresees an increase to Rs. 6.1 billion in the 2023/24 FY. They have also contributed significantly to the nation’s finances, paying approximately Rs. 1,430 million in taxes since their inception, including a notable Rs. 600 million as corporate income tax for the year 2022/23.
