Brush and recycled plastic products manufacturer BPPL Holdings PLC has recorded a consolidated revenue by 31% year-on-year (YoY) to Rs. 3.4 billion. Group gross profit improved by 38% YoY to Rs. 1.2 billion, in the 2020-21 financial year (FY) ended 31 March 2021.
Group profit before tax (PBT) was up 20% YoY to Rs. 609 million. Group profit after tax (PAT) and profit attributable to shareholders increased by 23% YoY to Rs. 497 million.
BPPL 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. These subsidiaries are 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 also undertook a series of key strategic initiatives during the financial year, with the intention of propelling the group to its next phase of expansion, while further enhancing its sound business fundamentals.
In December 2020, the company commenced the second phase of its expansion of yarn production to set up a second plant with 20% greater production capacity than the current facility. The additional capacity will be used to fulfil demand from existing clients, consisting of global sports and leisurewear brands.
The product and market diversification efforts of BPPL too yielded positive results, with the group reducing its exposure to the US, its key export market, while expanding its overall exports.
“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 said. “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.”
BPPL and its subsidiaries also recorded several achievements during the financial year, which boosted the group’s profile, while also further amplifying its sustainability agenda.
BPPL records Rs. 1.2 b gross profit in FY 20/21
07 Sep 2021
BPPL records Rs. 1.2 b gross profit in FY 20/21
07 Sep 2021
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