Business
PGC announces Q4 & FY 21 results
Piramal Glass Ceylon PLC (the “Company”) reported its annual results as at 31st March 2021, with a turnover of Rs. 8,532 Million and PAT of 1,096 Million as against Rs. 7,531 Million & Rs. 389 Million in the previous year, reflecting a y-o-y growth of 13% in revenue and a y-o-y growth of 181% in PAT. The domestic sales during the year grew by 13.4% from Rs. 5,240 Million to 5,944 Million and the Export market grew by 13% from Rs. 2,291 Million in F20 to Rs. 2,588 Million in F21.
During the quarter (Q4) under review, revenue of Rs. 2,571 Million was achieved as compared to Rs. 1,699 Million in the corresponding period in the previous year, reflecting a growth of 51%. The Company reported a profit after tax of Rs. 401 Million for the quarter as compared to Rs. 59 Million in the corresponding quarter in the previous year. The company achieved a domestic sales growth of 40% to Rs. 1,767 million as against Rs. 1,258 million in the similar period in the previous year. In the export segment, the sales grew by 82% from Rs. 441 million in the previous year to Rs. 804 Million during the quarter under review.
The gross margin for the quarter increased from 16% to 24% as compared to the similar period of the previous year. For the full year ended 31st March 2021, the company achieved a gross profit margin of 22%.
The earning per share stands at Rs.1.15 in F’21 as against Rs. 0.41 in F’20. The Board of Directors has proposed a dividend of Rs.0.58 per share, which is 50% of FY21 PAT.
Sanjay Jain, ED & COO, said: “The Company continues to make inroads in new international markets and has successfully completed multiple product launches. 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 due to the pandemic situation.”
Piramal Glass Private Limited, the controlling shareholder of the Company, entered into a Share Sale and Purchase Agreement dated the 10th of December 2020 for the sale of its entire shareholding in the Company to PGP Glass Private Limited (the “Share Transaction”). Accordingly, the Share Transaction was executed on the Colombo Stock Exchange on the 30th of March 2021 at a price per share of Rs. 11.60/-. PGP Glass Private Limited thereafter made a mandatory offer to the remaining shareholders of the Company as required under and in terms of the Company Takeovers and Mergers Code, 1995 (the “Code”) by its Offer Document dated the 31st of March 2021 at the same price, which was subsequently revised upwards to Rs. 11.86/- on the 20th of April 2021. The said mandatory offer has since been completed as per the provisions of the Code.
PGP Glass Private Limited (formerly known as “Pristine Glass Private Limited”) is a private limited company incorporated under the laws of the Republic of India.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
