Dipped Products posts top-line of Rs. 28.5 b

Friday, 18 May 2018 00:00 - - {{hitsCtrl.values.hits}}

Dipped Products Group posted a top-line growth of 17% recording a Rs. 28.5 billion turnover and Rs. 1.2 billion PBT for the year, ended 31 March.

The Hand Protection segment contributed Rs. 16 billion to revenue, 11% higher than the previous year. Chairman Mohan Pandithage stated: “The sector was able to grow its sales consistently across the highly competitive global markets by offering high quality products catering to customer specific needs”. The Company is continuing to focus on driving its operating costs down as well as to grow its industrial supported gloves market share.

Managing Director Dr. Mahesha Ranasoma stated: “During the financial year the Company also launched several innovative products into the market and secured several new customers across the global market.” He further stated that “DPL’s Italian marketing subsidiary, ICOGUANTI S.p.A, contributed significantly to the bottom-line of the Hand Protection sector, whilst profits from the manufacturing operations were impacted by a steep increase in raw material prices”.

The Plantation segment reported Rs. 13 billion in revenue, 25% higher than the previous year. Contribution to PBT from the segment improved to Rs. 811 million with improved commodity prices.

Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5% share of the global market. The company’s products now reach 68 countries.

The Board of Directors of Dipped Products PLC comprises of Chairman Mohan Pandithage, Managing Director Dr. K. I. M. Ranasoma, F. Mohideen, S. C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N. A. R. R. S. Nanayakkara, S. P. Peiris, K. D. G. Gunaratne, H. S. R. Kariyawasan, R. H. P. Janadheera and R. N. Obeyesekere.