Dipped Products to invest Rs. 1 b for a firmer grip

Friday, 7 January 2022 02:49 - - {{hitsCtrl.values.hits}}

Dipped Products Chairman Mohan Pandithage

Dipped Products PLC (DPL), is to invest Rs. 1 billion to diversify its product portfolio to harness export growth potential in its gloves exports business.

The company, a leader in the global hand protection glove market, said that as part of growth strategy, it is broadening product portfolio by venturing into sports and mechanics gloves range.

For this purpose, DPL Premier Gloves Ltd., a fully-owned subsidiary of DPL will invest Rs. 1 billion to set up a state-of-the-art plant in Biyagama BOI Investment Zone.

At present DPL Group exports rubber gloves to over 70 countries. In FY21 DPL Group achieved a revenue of Rs. 46,4 billion, up by 52% from the previous year. After tax profit grew to Rs. 5.8 billion from Rs. 850 million.

DPL’s hand protection sector in FY21 invested in upgrading capacity across all five facilities in Sri Lanka, which is expected to result in a 12 to 15% increase in installed capacity by 2021/22, positioning it for strong growth. DPL’s other core interest is plantations.