Business
BPPL on fast growth trajectory, positions strongly for next phase of expansion
Group top and bottom-line up by 31% and 23% YoY respectively in FY 2020-21
One of Southeast Asia’s largest brush manufacturers and Sri Lanka’s pioneer in recycled plastic products, BPPL Holdings PLC, has recorded impressive improvements in all key financial indicators in the 2020-21 financial year, while strongly positioning the business for its next phase of expansion.
BPPL, a leader in sustainable business, which generates export earnings for the economy while addressing 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 31st March 2021, overcoming pandemic-induced challenges, BPPL’s Consolidated Revenue grew by a robust 31% year-on-year (YoY) to LKR 3.4 billion. Group Gross Profit improved by a stellar 38% YoY to LKR 1.2 billion. Group Profit Before Tax (PBT) was up 20% YoY to LKR 609 million. Group Profit After Tax (PAT) and Profit Attributable to Shareholders increased by 23% YoY to Rs. 497 million.
BPPL also undertook a series of key strategic initiatives during the financial year, with the intention of propelling the Group to its next phase of expansion, while further enhancing its sound business fundamentals.
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 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.
BPPL’s subsidiary, Eco Spindles, was awarded the ‘Waste Management – Industry Leader Award’ at the World Conference on Waste Management (WCWM) 2021. Eco Spindles also became South Asia’s only company and one of the 10 organizations in the world to be awarded at the International Recycling Heroes 2021 Awards, organized by the Global Recycling Foundation for Global Recycling Day 2021. Eco Spindles houses Sri Lanka’s largest, state-of-the-art, recycling facility which produces synthetic monofilaments and polyester yarn out of waste PET bottles, which are sourced from its network of collectors and collection bins.
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. (BPPL)
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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