Haycarb posts record turnover of Rs. 25.4 b, profit before tax of Rs. 4.49 b in FY21

Hayleys and Haycarb Chairman Mohan Pandithage

Haycarb Managing Director Rajitha Kariyawasan

The Sri Lankan multinational Haycarb PLC has reported revenue of Rs. 25.4 billion, profit before tax of Rs. 4.49 billion and profit after tax of Rs. 3.56 billion for the financial year 2020/21. 

The earnings per share of equity holders of the company was Rs. 10.25 for the year. 

Haycarb PLC and its parent company Hayleys PLC Chairman Mohan Pandithage said that the company overcame the impacts of the COVID-19 pandemic and responded positively to opportunities due to the business model founded upon a strategic manufacturing footprint and supply chain network spread across multiple countries, strong customer relationships built on mutual trust and a resilient and committed team of employees, to achieve a record top and bottom line performance.

Haycarb PLC Managing Director Rajitha Kariyawasan said: “Safety, health and well-being of our employees, suppliers and the communities in which we operate took centre stage of our operations, as we implemented systems and processes to ensure maximum compliance to all health and safety regulations and COVID-19 hygiene practices to successfully face the most challenging work environment we faced during our lifetime.”

Kariyawasan said an increase in overall sales volume and especially that of value added products, the strategic investments in safety stocks of charcoal that enabled us to meet our supply obligations and expand market share, and decrease in finance cost contributed to the much improved results. He noted that Energy storage carbon range showed a significant growth in revenue during the year under review. 

The environment engineering arm Puritas Ltd. continued to face challenges due to the uncertainties in the local and regional markets. However, the company secured significant water and waste water treatment projects in Sri Lanka under the Water Supply and Sanitation Improvement Projects (WASSIP initiative) under the Ministry of Water Supply, and the Climate Resilient Integrated Water Management Projects funded by the UNDP. 

He added: “While we are confident of the growth in demand for purifications solutions that is driven by emphasis placed on environmental sustainability and increasing standards and regulations globally, we pursue these opportunities duly conscious of the importance of maintaining maximum safety and hygiene protocols in operating our businesses in multiple locations, as the impact of the Covid-19 pandemic continues to unfold across the globe.” 

Haycarb Group continued to play a leading role in the Puritas Sath Diyawara initiative, which provides 190,000 litres of safe drinking water for approximately 43,800 people across 23 villages in the Northern and North Central Provinces of Sri Lanka at risk of chronic kidney disease. The Group also continued its green charcoal project ‘Haritha Angara’ to extend its commitment to environmental friendly charcoaling whilst supporting the local entrepreneurs to embrace this technology through technical and financial support.  

Kariyawasan stated that the company remained confident of the business model and the strategic position it holds in the coconut shell based activated carbon industry, regeneration services and the environmental engineering segment. 

Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes and is a leading and technologically superior manufacturer in its chosen segment. 

The Board of Directors of Haycarb comprises Chairman Mohan Pandithage, Managing Director Rajitha Kariyawasan, Dhammika Perera, Arjun Senaratna, Sarath Ganegoda, Jeevani Abeyratne, Dr. Sarath Abayawardana, Sujeewa Rajapakse, M.S.P. Udaya Kumara, Brahman Balaratnarajah, Sharmila Ragunathan, Ali Asgar Munaver Caderbhoy, James Naylor, M.H. Jamaldeen and Shamalie Gunawardana.