Printcare highlights resilience with 9-month performance

Friday, 18 February 2022 00:00 - - {{hitsCtrl.values.hits}}

Printcare PLC delivered a strong first nine months performance with Group revenue up 27% to Rs. 5.5 billion from Rs. 4.3 billion from the same period last year, driven by growth in the sales of its sustainable and innovative value-added packaging to exporters.

“The performance of our businesses has been strong despite the challenging environment we have been operating in, which include unprecedented raw material price increases, escalating freight costs, and severe supply chain disruptions,” said Executive Director Krishna Ravindran.

“Thankfully due to our extensive global supply network, risk mitigation strategies and efficiency programs, we have been able to mitigate to some extent a significant portion of cost increases to our local customers in spite of the growing shortage of hard currency, ” he added.

Printcare saw the cumulative profit before tax increase to Rs. 1,500 million for the nine-month period, which included a gain from the sale of its 45% stake for $ 6 million in its subsidiary Rpac Printcare Limited to Rpac International.

Rpac Printcare Ltd. was set up to combine Printcare’s packaging expertise with Rpac’s strong presence in the apparel market. Whilst as a result of the divestment Printcare will no longer be a shareholder in the JV entity, Printcare will continue to function as Rpac’s packaging partner.

Printcare’s profit before taxes for the nine-month period, net of the one-off gain from the divestment, was Rs. 503 million, a 26% growth over the profit before tax of Rs. 401 million for the corresponding period last year.

Printcare PLC is a leading exporter, and supplier of printing and packaging to Consumer Packaged Goods companies in the Apparel, FMCG, Pharma, Food and Beverage, and Tobacco industries, as well as security printing for the Lotteries and Telecom industries. Printcare’s mission is to help its customers lead in their respective industries, by providing them with innovative and sustainable packaging solutions.