BPPL listed in Forbes Asia’s 200 ‘Best Under a Billion’
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Dr. Anush Amarasinghe
BPPL Holdings PLC, one of Southeast Asia’s largest brush manufacturers and Sri Lanka’s largest plastics recycler equipped with one of only two plants in the world capable of creating polyester yarn directly from recycled PET plastic flakes, has become the only Sri Lankan company to have entered Forbes Asia’s 200 ‘Best Under a Billion’ current list.
Forbes evaluated over 20,000 publicly traded companies in the Asia-Pacific region this year with revenues of under US$1 Billion and consistent top-and bottom-line growth from which only 200 were selected. Companies were selected based on a composite score that incorporated their overall track record, BPPL said in a media release.
A leader in sustainable business, offering a solution to Sri Lanka’s waste management issue, BPPL recycles over 360,000 PET bottles a day into polyester yarn and monofilaments. It has recycled over 380 million bottles since it commenced its recycling operations in 2011.
BPPL, through its wholly-owned subsidiaries, Eco Spindles (Pvt.) Ltd and Beira Brush (Pvt.) Ltd, exports recycled polyester yarn, monofilaments, and professional and household cleaning tools to international markets, including India, Bangladesh, Australia, New Zealand, the US, Canada, and the UK. The group also produces household cleaning brushes retailed locally, under the brand ‘Tip Top.’
After overcoming pandemic-related obstacles, the group concluded the fiscal year 2020/21 with key improvements in all key financial metrics. The consolidated revenue of BPPL increased by 31 percent year-on-year while Net Profit After Tax increased by 23 percent year-on-year.
“To be recognised on an international platform such as Forbes is an enormous accomplishment and honour. COVID-19 inflicted many challenges upon us, but we refused to surrender and worked towards achieving the goals we set forth as a group,” said BPPL Holdings PLC Managing Director and Chief Executive Officer, Dr. Anush Amarasinghe, adding: “We are increasing the pipeline of product orders, diversifying our product range, expanding our market share by capturing new geographies and customer segments.”
BPPL Holdings PLC has also been one of the best-performing stocks in the Colombo Stock Exchange (CSE) as there is a growing and serious interest from foreign buyers.