Dipped Products records strong growth | Sunday Observer

Dipped Products records strong growth

Hayleys Group’s globally-ranked subsidiary Dipped Products PLC (DPL), a leader in the non-medical rubber glove market, reported Rs. 22.5 billion Group turnover for the nine months ending December 2018, an increase of 5 percent compared to the corresponding period of the previous year.

The Hand Protection sector contributed Rs. 12.9 billion to the group’s top line, while the Plantation sector recorded a turnover of Rs. 9.7 billion for the period.

Group Profit after tax grew to Rs. 1,022 million, while profit attributable to equity holders of the company increased to Rs 766 million from Rs 209 million in the previous year.

The Group’s Hand Protection sector faced stiff price competition from regional competitors while the Plantations sector was impacted by lower commodity prices.

DPL’s Managing Director Soon Huat Ng said, “Globally the rubber glove industry is facing a challenging year, particularly due to slow down in key markets.

The household and medical rubber glove market has become highly competitive and price driven.

“To respond to this situation, we continue to shift our focus to high value added products and performance improvement initiatives. The launch of Total Productive Maintenance (TPM) and Lean production systems is a timely move that will help improve the group’s performance,” he said.

DPL’s Italian marketing company ICOGUANTI S.p.A. continues to support the revenue and profit of the Hand Protection sector.

Set up in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market. The company’s products now reach 70 countries, a company spokesman said.