Dankotuwa Group GP up by 86%, to Rs. 208 mn in 1Q

Dankotuwa Porcelain PLC, posted impressive results for the Q1 of the financial year 2022/2023 recording revenue of Rs. 788.4 million for the Q1 of the financial year 2022/23, a 56% growth when compared to Rs. 504.4 million achieved during the corresponding period.

Further, the Company achieved a Gross Profit (GP) of Rs. 374.1 million, which was an 86% growth compared to Rs. 201.46 million achieved for the same period of the last financial year. The Profit before Tax (PBT) for Dankotuwa, as a Company, was Rs. 207.52 million, a commendable achievement when compared to the Rs. 55.81 million made during the first quarter of the previous Financial Year 2021/22.

Dankotuwa Porcelain PLC as a Group (which includes its subsidiary Royal Fernwood Porcelain Limited) posted revenue of Rs. 1.42 billion, an 81% growth compared to Rs. 787.67 million achieved last year for the same period. The Group further achieved a Gross Profit (GP) of Rs. 610.55 million, a 122% growth compared to Rs. 275.5 million and Profit before Tax (PBT) of Rs. 367.77 million, an increase compared to Rs. 60.26 million and Profit after Tax (PAT) of Rs. 298 million impressive increase of 491% compared to the Rs 50 million achieved in the corresponding period in the last financial year.

Royal Fernwood Porcelain Limited, its subsidiary, recorded a gross profit of Rs. 236.46 million for Q1 of the financial year 2022/23 which contributed positively towards the overall performance of the Group.

The Company underwent restructuring and realigned business verticals enabling the convergence of resources which has definitely contributed to the positive results during the last quarter. Chief Executive Officer of Dankotuwa Porcelain Channa Gunawardana, said, “We’ve navigated through turbulent phases over the past years and are very pleased to announce the commendable performance of the organization. It has been a tough journey paved by the pandemic, lockdowns, economic and political distress, and disruptions.’

“Amidst all these difficulties, we have emerged strong and positive, demonstrating our resilience and our willingness to accept challenges and forge ahead with commitment and determination. As an organization, we continued to adapt to the changes imposed by the pandemic and faced the macro-economic challenges with resilience.”