Dipped Products records steady growth in revenue

Thursday, 1 February 2018 00:00 - - {{hitsCtrl.values.hits}}

Dipped Products Group posted Rs. 21.3 billion turnover for the 9 months of the financial year 2017/18, 20% increase from a year ago. Group Profit before Tax (PBT) for the period improved to Rs. 600 million from Rs. 241 million in the previous year.

The Hand Protection segment contributed Rs. 12.1 billion to the revenue, 11% higher than the previous year. Dr. Ranasoma stated that, “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. However due to steep increase in latex prices the contribution to PBT from the segment dropped to Rs. 200 million.”

The Plantation segment reported Rs. 9.3 billion in revenue, 33% higher than the previous year. Contribution to PBT from the segment improved to Rs. 400 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 Messrs. Mohan Pandithage (Chairman), Dr. K.I.M. Ranasoma (Managing Director), 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.