Business
PGP Glass Ceylon reports over Rs.1 bn PAT
Nine-month results as at 31st December 2021
PGP Glass Ceylon PLC reported its nine-month results as at 31st December 2021, with a turnover of Lkr 7,064 Million and PAT (Profit After Tax) of 1,078 Million as against a turnover of Lkr 5,961 Million & PAT of Lkr 694 Million in the previous year similar period.
The Board of Directors have declared a second interim dividend of Rs 0.25 per share at its meeting held on 11th Feb 2022 for the period ending 31st Dec,2021.
The Company reported a growth of 19% in overall revenue with 55% growth in PAT. The domestic sales during the period grew by 19% from Rs 4,176 Million to 4,976 Million whilst Export Revenue grew by 17% from Rs 1,785 Million to 2,088 Million.
During the quarter (Q3) under review, the company achieved a revenue of Rs. 2,923 Million as against Rs. 2,401 Million in the corresponding period of the previous year, reflecting a growth of 22% . The sales to the domestic market grew by 26% from Rs. 1,679 Million to Rs. 2,123 Million. In the export segment the sales improved by 11% from Rs.722 Million to Rs. 800 Million. Amidst the challenging global scenario of higher freight costs and restricted vessel options, the company was able to recover part of the deferred export sale of the first half of this year. Also during the quarter, the company launched new products in markets of Mexico, Nepal and Mauritius.
The profit after tax of for the quarter was Lkr 535 Million as against Lkr 378 Million of the corresponding quarter in the previous year reflecting a growth of 42%..
The increased volumes helped gross margins for the quarter rise to 29% as compared to 27% during the similar period of the previous year.
Due to the current global supply chain disruption and rising energy prices, manufacturing industries across the globe have witnessed a steep rise in input costs as well as energy costs. “We are also facing similar situations, with raw materials, packaging materials and energy prices at an all-time high and forecasted to further rise in coming days. The recent increase in Furnace Oil and Diesel prices are adding pressure on the cost of manufacturing. With higher freight costs and unprecedented increases in input costs, our products are getting less competitive in global markets”, said Sanjay Jain, ED & COO, of the Company. “The Company is aggressively exploring new international markets for its products in the premium speciality liquor segment. The strategy to innovate in new product design and development, with increased global footprint has helped the Company effectively mitigate demand fluctuations in its existing markets. To mitigate the current cost increase, the company plans to optimize the operations with digital and analytics tools and continue its focus on premium products with decoration for international customers, thereby partially reducing the cost implication on the domestic market”.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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