BPPL records impressive growth in 2020-21 financial year | Sunday Observer

BPPL records impressive growth in 2020-21 financial year

12 September, 2021
CEO Dr. Anush Amarasinghe
CEO Dr. Anush Amarasinghe

Brush manufacturer and Sri Lanka’s pioneer in recycled plastic products, BPPL Holdings PLC, recorded impressive improvements in all key financial indicators in the 2020-21financial year, while 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 areEco 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 andexporters of professional and household cleaning tools).

In the 2020-21 financial year ended March 31, 2021,overcoming pandemic-induced challenges, BPPL’s Consolidated Revenue grew by a robust 31% year-on-year (YoY) to Rs. 3.4 billion. Group Gross Profit improved by a stellar38% YoY to Rs.1.2 billion. Group Profit Before Tax (PBT) was up 20% YoY to Rs. 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. 

“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,” BPPLHoldings PLC Managing Directorand 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.  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.