Business
Dankotuwa Group achieves laudable performance
Dankotuwa Porcelain PLC (DPL), the iconic and globally renowned brand for luxurious and elegant porcelain tableware, recorded impressive results for the 3rd quarter of the financial year 2022/23, according to the latest financial results released to the Colombo Stock Exchange. The Group continued to pursue its growth strategy, in challenging times, and this perseverance enabled the Group to post impressive third quarter (Q3) results. As businesses in Sri Lanka are navigating through a challenging business environment, the results achieved by Dankotuwa Group demonstrates business stability and sustainability.
For the quarter ended 31st December 2022, Dankotuwa Porcelain PLC as a Group (including its subsidiary Royal Fernwood Porcelain Limited – RFPL) recorded a revenue of LKR 1.62 Bn, which was a 47% growth compared to the 3rd quarter of 2021/22. Furthermore, the Group achieved an overall Gross Profit (GP) of LKR 503 Mn, a 45% growth compared to the LKR 347 Mn achieved in the corresponding quarter of the previous financial year. The Group recorded a PBT of LKR 229 Mn for the 3rd quarter and LKR 864 Mn for the 9 months ended 31st December 2022 (YTD Q3). This achievement of the group is attributed to the increase in National Sales which recorded an 87% increase for YTD of 2022/23 compared to the corresponding period of last year, along with International Sales recording a 49% increase for the same period.
The Board of Directors of Dankotuwa Porcelain PLC comprises of eminent key business personalities such as Yudy Kanagasabai (Chairman), Ranil Pathirana (Deputy Chairman) Revantha Devasurendra, Rohan Peris, Niranjan Wijesekera, Shalike Karunasena and Dr. Sajeeva Narangoda who are responsible for providing strategic leadership, well aligned to generate immense success.
The subsidiary (Royal Fernwood Porcelain Limited) has shown a laudable turnaround – it recorded a revenue of LKR 1.89 Bn, which was a 105% growth compared to the YTD Q3 of 2021/22. Furthermore, RFPL achieved a GP of LKR 610 Mn YTD Q3 of 2022/23, which when compared to that of 2021/22 demonstrated a tremendous growth. As far as PBT was concerned, Royal Fernwood Limited recorded LKR 226 Mn YTD Q3 compared to the Loss before tax of LKR 87 Mn recorded in YTD Q3 of 2021/22.
Dankotuwa Porcelain PLC, as a company, achieved an increase of 119% to record a PBT of LKR 638 Mn YTD Q3 of 2022/23. This was achieved with a 42% increase in sales and a 69% increase of GP of YTD Q3 2022/23 compared to corresponding period of last year 2021/22. The company, had a negative impact of LKR 87 Mn for the quarter ended 31st December 2022, due to the change of income / capital gain tax rate to 30% with effect from 1st October 2022. This negative impact consisted of LKR 33 Mn from Income tax and LKR 54 Mn from differed tax. The impact of the change in the rate of income tax to the Group for the quarter ended 31st December 2022 has reduced by LKR 43 Mn due to the differed tax asset being recorded in subsidiary (Royal Fernwood Porcelain Limited), and there is no income tax impact to subsidiary as it carries brought forward tax losses. Therefore, the net negative impact to Group was recorded as LKR 44 Mn. Accordingly, Group recorded a PAT of LKR 151 Mn for the 3rd quarter and LKR 674 Mn for the 9 months ended 31st December 2022.
Commenting on the performance, Channa Gunawardana, Chief Executive Officer of Dankotuwa Porcelain PLC, and its subsidiary, stated that “Whilst we achieved our best performance in 2021/22, our success in 2022/2023 is a true indication of our business acumen and well thought out strategies. It is a delight to see that we have continued to sustain our performance in 2022/23. As Sri Lanka steers through economic revival, we are committed to contribute to the much-needed economic growth by striving to achieve even better success through our exports. We continue to place our trust in our loyal customers in Sri Lanka, who have been instrumental in, us achieving the results indicated in our reports”. He further appreciated the invaluable contribution from all employees of DPL and RFPL who made this exceptional performance possible.
Dankotuwa Porcelain PLC, a subsidiary of Ambeon Holdings PLC, commenced its commercial operations in 1984. From superior glazing technologies, personalized designs and endless options, the Company continues to create timeless and modern collection of porcelainware that expresses exclusive dining experience for every occasion. The Group has ventured further into new local and global markets, entering new market segments through the introduction of a range of porcelain-based giftware placing Sri Lanka on the global map.
The Board of Directors of Dankotuwa Porcelain PLC comprises of eminent key business personalities such as Mr. Yudy Kanagasabai (Chairman), Mr Ranil Pathirana (Deputy Chairman) Mr. Revantha Devasurendra, Mr. Rohan Peris, Mr. Niranjan Wijesekera, Mr. Shalike Karunasena and Dr. Sajeeva Narangoda who are responsible for providing strategic leadership, well aligned to generate immense success.
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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