Sri Lankan company records impressive Rs. 1.2 billion gross profit in FY 20/21
Sri Lanka’s BPPL Holdings PLC, which is a brush and recycled plastic products manufacturer, has reportedly recorded consolidated revenue by 31% year-on-year (YoY) to Rs. 3.4 billion.
Group gross profit has improved by 38% YoY to Rs. 1.2 billion, in the 2020-21 financial year (FY) ended 31 March 2021 while Group profit before tax (PBT) was up 20% YoY to Rs. 609 million and Group profit after tax (PAT) and profit attributable to shareholders increased by 23% YoY to Rs. 497 million, according to local media reports.
BPPL has generated export earnings for the economy while addressing one of Sri Lanka’s critical issues in the form of plastic waste disposal and saw performances by its wholly owned subsidiaries – Eco Spindles (Pvt.) Ltd. (a leading manufacturer of polyester yarn and mono-filaments using recycled plastics) and Beira Brush (Pvt.) Ltd. (one of Southeast Asia’s leading manufacturers and exporters of professional and household cleaning tools).
BPPL has undertaken a series of key strategic initiatives during the financial year while the product and market diversification efforts of BPPL have also yielded positive results.
“While achieving sound growth in all key financial indicators by effectively navigating the significant challenges posed by the pandemic, we have also laid the foundation for the group’s next phase of expansion,” BPPL Holdings PLC Managing Director and Chief Executive Officer Dr. Anush Amarasinghe has been quoted as saying. “With these developments complementing the existing investments in cutting-edge technology and a promising pipeline of orders, BPPL is well placed for long-term growth.”
OSL take:
The growth rate recorded by a local company in recycling plastic products is indicative of the growing business/investment opportunities Sri Lanka’s recycling sectors. Sri Lanka is engaged in a programme to minimize solid waste disposal and build the capacity of eco friendly, sustainable waste disposal methods. Given Sri Lanka’s ongoing development programme aimed at placing the country as an emerging business hub in the South Asian region, foreign businesses/investors could explore the growing opportunities in assisting Sri Lanka in achieving sustainable development goals.
| Article Code : | VBS/AT/10092021/Z_3 |