Dankotuwa Group shines with commendable performance

• Posts Q2 revenue up 69% to Rs. 1.42 b and PBT up 177% to Rs. 267 m
• 1H Group PBT of Rs. 635 m, enjoys PBT margin of 22% up from 10% a year ago

Chairman Yudy Kanagasabai

Group CEO Channa Gunawardana

Dankotuwa Porcelain PLC yesterday announced commendable performance in the second quarter and first half amidst a highly volatile business environment.

For the quarter ended 30 September 2022, Dankotuwa Porcelain PLC as a Group (which includes its subsidiary Royal Fernwood Porcelain) recorded a revenue of Rs. 1.42 billion, which was a 69% growth compared to the 2nd quarter of 2021/2022. 

Further, the Group achieved an overall Gross Profit (GP) of Rs. 603 million, with a 100% growth compared to the Rs. 301 million achieved in the corresponding quarter of the last financial year. Group recorded a PBT of Rs. 267 million for the 2nd quarter which showed an increase of 177% growth from the corresponding period last year. 

Continuing the growth momentum, during the financial year 2022/23 as far as results achieved for the first six months was concerned, the Group recorded a revenue in the first half stood at Rs. 2.84 billion, a 75% increase, when compared to the Rs. 1.62 billion, achieved during the same period last year. 

Further, the Group achieved a Gross Profit (GP) of Rs. 1.21 billion which was 111% compared to Rs. 576 million achieved for the first half of the financial year 2021/22.   PBT for the Group of Rs. 635 million for the first half (H1) of 2022/23 when compared to Rs. 157 million achieved during the corresponding period last year.  

Prudent decisions in terms of market expansion with a special focus towards international markets in addition to the implementation of efficient value chain process is said to have resulted in the achievement of these results. It is noteworthy that the Groups’ local sales in Sri Lanka has increased by 133% for the H1 compared to the corresponding period in the financial year 2021/22, whilst global sales have recorded a 54% increase. 

A subsidiary of Ambeon Holdings PLC, Dankotuwa Porcelain as a Company posted a revenue of Rs. 854 million, for the second quarter, an increase of 51% in the comparative period of last year. The Company’s PBT achieved was Rs. 251 million, which was 146% increase compared to the Rs. 102 million achieved, whilst PAT for the said period was Rs. 211 million for the quarter under review, which was an 151% increase against the comparative period of last year.

The main subsidiary of the Group Royal Fernwood Porcelain recorded a revenue of Rs. 562 million for the Q2 of the financial year 2022/23 resulting in a commendable 109% growth this quarter, which contributed positively towards the overall performance of the Group. 

The Company had previously undergone a restructuring and realigned business verticals which had enabled the positive convergence of resources contributing to the positive results during the said quarter. 

DPL Group Chief Executive Officer Channa Gunawardana said: "It was in 2021/22 that we achieved the best performance over the 37-year-old history of DPL, and it's encouraging to see that we have sustained our performance in 2022/23. We will continue to push for export business, a timely need for Sri Lanka and continue to trust our loyal customer base in Sri Lanka, who have given us the results as indicated in our reports. 

“It is the overall contribution from all team members at DPL and RFPL that has made a difference in our performance. We are confident that we can sustain this performance throughout the year for the benefit of all stakeholders."

DPL is globally renowned for its luxurious and elegant porcelain tableware, and manufacturer of superior quality porcelain tableware for reputed international brands as well as for the local market under its own brands

The Board of Directors of Dankotuwa Porcelain PLC comprises of eminent key business personalities such as Yudy Kanagasabai (Chairman), Ranil Pathirana (Deputy Chairman), Revantha Devasurendra,  Rohan Peris, Niranjan Wijesekera, Shalika Karunasena and Dr. Sajeeva Narangoda who are responsible for providing strategic leadership, well aligned to generate immense success.