Brushes and recycled plastic products maker BPPL Holdings PLC reported 31% year-on-year consolidated revenue to Rs. 3.4 billion. Group gross profit improved 38% year-on-year to Rs. 1.2 billion, in fiscal year 2020-21 (AF) ended March 31, 2021.
The group’s profit before tax (PBT) increased 20% year-on-year to Rs. 609 million. Group profit after tax (PAT) and profit attributable to shareholders increased 23% year-on-year to Rs. 497 million.
BPPL has generated export revenue for the economy while tackling one of Sri Lanka’s critical issues in the form of plastic waste disposal and has seen the performance of its wholly owned subsidiaries. These subsidiaries are Eco Spindles (Pvt.) Ltd. (a leading manufacturer of polyester and monofilament yarns using recycled plastics) and Beira Brush (Pvt.) Ltd. (One of the leading manufacturers and exporters of professional and household cleaning tools in Southeast Asia.).
BPPL also undertook a series of key strategic initiatives during the year, with the intention of propelling the group into its next phase of expansion, while strengthening its strong business fundamentals.
In December 2020, the company entered the second phase of its yarn production expansion to set up a second factory with 20% more production capacity than the current facility. The additional capacity will be used to meet demand from existing customers, consisting of global sports and leisure wear brands.
BPPL’s product and market diversification efforts have also yielded positive results, with the group reducing its exposure to the United States, its main export market, while expanding its overall exports.
“While achieving solid growth in all key financial indicators by effectively addressing the significant challenges posed by the pandemic, we have also laid the groundwork for the next phase of the group’s expansion,” said the CEO and Chief Executive Officer. management of BPPL Holdings PLC, Dr Anush Amarasinghe. . “With these developments complementing existing investments in cutting-edge technologies and a promising order pipeline, BPPL is well positioned for long-term growth. ”
BPPL and its subsidiaries also recorded several achievements during the year, which strengthened the group’s profile, while further amplifying its sustainable development program.