Dankotuwa Group posts impressive 1Q

Wednesday, 17 August 2022 00:00 - - {{hitsCtrl.values.hits}}

Company grows GP by 86%, achieves Rs. 208 m PBT
Group achieves 81% revenue growth, 122% GP growth and Rs. 268 m PBT
Group PAT up 491% to Rs. 298 m

Dankotuwa Porcelain PLC, said yesterday it has posted remarkable results for the Q1 of the financial year 2022/2023.

Chairman Yudy Kanagasabai

CEO Channa Gunawardana

As a company, Dankotuwa Porcelain, recorded a revenue of Rs. 788.4 million for the Q1 of the financial year 2022/23, a 56% growth when compared to Rs. 504.4 million achieved during the corresponding period.

Further, the company achieved a Gross Profit (GP) of Rs. 374.1 million, which was an 86% growth compared to Rs. 201.46 million achieved for the same period of the last financial year. The Profit before Tax (PBT) for Dankotuwa, as a company, was Rs. 207.52 million, a commendable achievement when compared to the Rs. 55.81 million made during the first quarter of the previous Financial Year 2021/22.

Dankotuwa Porcelain as a Group (which includes its subsidiary Royal Fernwood Porcelain Ltd.) posted a revenue of Rs. 1.42 billion, an 81% growth compared to Rs. 787.67 million achieved last year for the same period.

The Group further achieved a Gross Profit (GP) of Rs. 610.55 million, a 122% growth compared to Rs. 275.5 million and Profit before Tax (PBT) of Rs. 367.77 million, an increase compared to Rs. 60.26 million and Profit after Tax (PAT) of Rs. 298million impressive increase of 491% compared to the Rs. 50 million achieved in the corresponding period in the last financial year.

Royal Fernwood Porcelain Ltd., its subsidiary, recorded a gross profit of Rs. 236.46 million for Q1 of the financial year 2022/23 which contributed positively towards the overall performance of the Group. The company underwent restructuring and realigned business verticals enabling the convergence of resources which has definitely contributed to the positive results during the last quarter.

Dankotuwa Porcelain CEO Channa Gunawardana said: “We’ve navigated through turbulent phases over the past years and are very pleased to announce the commendable performance of the organisation. It has been a tough journey paved by the pandemic, lockdowns, economic and political distress, and disruptions. Amidst all these difficulties, we have emerged strong and positive, demonstrating our resilience and our willingness to accept challenges and forge ahead with commitment and determination.”

“As an organisation, we continued to adapt to the changes imposed by the pandemic and faced the macro-economic challenges with resilience. During this period, one of our most effective concepts, Collective Leadership, enabled the employees of our organisation to identify their true potential and showcase their best performance within an unfavourable macro-economic environment,” Gunawardana added.

The Board of Directors of Dankotuwa Porcelain comprises of eminent key business personalities such as Chairman Yudy Kanagasabai, Deputy Chairman Ranil Pathirana, Revantha Devasurendra, Rohan Peris, Niranjan Wijesekera, Shalike Karunasena and Dr. Sajeeva Narangoda.