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BPPL Group top, bottom-line up by 31%, 23% YoY in FY 2020-21

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BPPL, one of Sri Lanka’s critical issues in the form of plastic waste disposal, saw strong 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).

In the 2020-21 financial year ended March 31, 2021, overcoming pandemic-induced challenges, BPPL’s Consolidated Revenue grew by a robust 31% year-on-year (YoY) to Rs 3.4 billion. Group Gross Profit improved by a stellar 38% YoY to Rs 1.2 billion. 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. 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 USA, 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. In April 2021, Eco Spindles also launched the ‘Waste 2 Value’ Android and iOS mobile app, which allows Sri Lankans to conveniently locate plastic waste bins around the country, at which the plastic disposed will be collected for recycling. The company intends to have 1,000 locations on the app by the end of the 2021-22 Financial Year.

Source DailyNews
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