PGP Glass Ceylon achieves milestone of over Rs.1 bln post-tax profit

PGP Glass Ceylon PLC has reported its nine-month results ending December 31, 2021, with a turnover of Rs. 7,064 million and PAT (Profit After Tax) of Rs.1,078 million as against a turnover of Rs. 5,961 million and PAT of Rs. 694 million in the same period in the previous financial year.  

In a media release, the company reported a growth of 19 per cent in overall revenue with 55 per cent growth in PAT. The domestic sales during the period grew by 19 per cent from Rs. 4,176 million to Rs.4,976 million whilst export revenue grew by 17 per cent from Rs. 1,785 million to Rs.2,088 million.

During the quarter (Q3) under review, the company achieved a revenue of Rs. 2,923 million as against Rs. 2,401 million in the corresponding period of the previous year, reflecting a growth of 22 per cent. Sales to the domestic market grew by 26 per cent from Rs. 1,679 million to Rs. 2,123 million. In the export segment the sales improved by 11 per cent from Rs.722 million to Rs. 800 million. Amidst the challenging global scenario of higher freight costs and restricted vessel options, the company was able to recover part of the deferred export sale of the first half of this year. Also during the quarter, the company launched new products in the markets of Mexico, Nepal and Mauritius.

Due to the current global supply chain disruption and rising energy prices, manufacturing industries across the globe have witnessed a steep rise in input costs as well as energy costs. “We are also facing similar situations, with raw materials, packaging materials and energy prices at an all-time high and forecasted to further rise in coming days. The recent increase in furnace oil and diesel prices are adding pressure on the cost of manufacturing. With higher freight costs and unprecedented increases in input costs, our products are becoming less competitive in global markets,” said Sanjay Jain, ED & COO, of the company.  “The company is aggressively exploring new international markets for its products in the premium speciality liquor segment. The strategy to innovate in new product design and development, with increased global footprint has helped the company effectively mitigate demand fluctuations in its existing markets,” he added.