Exterminator’s net profit increases by 125%
Exterminators PLC, Sri Lanka’s premier pest management and environmental technology company has demonstrated resilience during the current crisis with a revenue increase of 9% in comparison to first quarter FY23.
Despite challenging market conditions, the company has managed to maintain a positive trend in the first quarter of this financial year. A series of factors, including the significant increase in corporate tax, the introduction of VAT and SSCL in previous quarters and the unprecedented rise in personal income tax, have all impacted their revenue streams.
One of their major revenue streams, the middle class, has been badly affected by the significant increase in personal income tax and prevailing inflation. For decades, this segment has been a key contributor, generating approximately one-fourth of their total revenue.
“While the past quarter has posed significant challenges for the company, through calculated and strategic responses that they were able to weather these obstacles and emerge stronger in the face of adversity,” said Managing Director Marlan Ferreira.
This helped the company to witness an increase in revenue by 7%, gross profit by 21%, operating profit by 126%, and net profit by 125% compared to the immediate quarter ending March 31, 2023.
Furthermore, when compared to the first quarter of FY 23, they experienced a 9% increase in revenue and a 2% increase in gross profit, with only a minor deduction of 1% in net profits is an encouraging sign for the future of their company. During this period, they also expanded their operations by setting up a pest management business in London, marking their entry into the United Kingdom market. They also celebrated their 25th year in business and 15 years as an ISO 9001-certified pest management company.
“We are also proud to hold certifications in ISO 14001 environmental management system, ISO 45001 health and safety management system, and ISO 22000 food safety management system,” said Chairman Chaaminda Ratnayake.
“We also became a member of the Global Pest Management Coalition (GPMC), based in the United States, solidifying our position as a leader and expert in the industry.” By being a part of the GPMC, we gain access to a vast network of industry leaders and influencers, allowing them to stay at the forefront of technological advancements, regulatory developments, and emerging trends.
Looking ahead, we are embarking on a journey of digital transformation powered by artificial intelligence and this transformation will revolutionize their processes, improve customer connectivity, optimize sales and technician functions, and enable us to deliver more efficient and effective services.”