Sunday, December 3, 2023

Dankotuwa Group Announces Impressive Performance for Q1 2022/23

  • The Company grew its GP by 86%, recorded a PBT of LKR 208 Mn
  • The Group (including Royal Fernwood Porcelain Limited) recorded a revenue growth of 81% and GP 122% compared to the last financial year and resulted in a PBT of LKR 368 Mn
  • PAT for the Group stood at LKR 298M, an increase of 491% compared to the corresponding period of the last financial year.  

Dankotuwa Porcelain PLC, renowned for its luxurious and world class porcelainware, posted remarkable results for the Q1 of the financial year 2022/2023. This was based according to the latest financial results released to the Colombo Stock Exchange recently.

As a Company, Dankotuwa Porcelain PLC, recorded a revenue of LKR 788.4 Mn for the Q1 of the financial year 2022/23, a 56% growth when compared to LKR 504.4 Mn achieved during the corresponding period.  Further, the Company achieved a Gross Profit (GP) of LKR 374.1 Mn, which was an 86% growth compared to LKR 201.46 Mn achieved for the same period of the last financial year. The Profit before Tax (PBT) for Dankotuwa, as a Company, was LKR 207.52 Mn, a commendable achievement when compared to the LKR 55.81 Mn made during the first quarter of the previous Financial Year 2021/22.

Dankotuwa Porcelain PLC as a Group (which includes its subsidiary Royal Fernwood Porcelain Limited) posted a revenue of LKR 1.42 Bn, an 81% growth compared to LKR 787.67 Mn achieved last year for the same period. The Group further achieved a Gross Profit (GP) of LKR 610.55 Mn, a 122% growth compared to LKR 275.5 Mn and Profit before Tax (PBT) of LKR 367.77 Mn, an increase compared to LKR 60.26 Mn and Profit after Tax (PAT) of LKR 298Mn impressive increase of 491% compared to the LKR 50Mn achieved in the corresponding period in the last financial year.

Royal Fernwood Porcelain Limited, its subsidiary, recorded a gross profit of LKR 236.46 Mn for Q1 of the financial year 2022/23 which contributed positively towards the overall performance of the Group. The Company underwent restructuring and realigned business verticals enabling the convergence of resources which has definitely contributed to the positive results during the last quarter. 

Mr. Channa Gunawardana, Chief Executive Officer of Dankotuwa Porcelain PLC sharing his comments stated, “We’ve navigated through turbulent phases over the past years and are very pleased to announce the commendable performance of the organization. It has been a tough journey paved by the pandemic, lockdowns, economic and political distress, and disruptions. Amidst all these difficulties, we have emerged strong and positive, demonstrating our resilience and our willingness to accept challenges and forge ahead with commitment and determination.”

Elaborating further, Mr. Gunawardana stated that “As an organization, we continued to adapt to the changes imposed by the pandemic and faced the macro-economic challenges with resilience. During this period, one of our most effective concepts, Collective Leadership, enabled the employees of our organisation to identify their true potential and showcase their best performance within an unfavorable macro-economic environment”.

Dankotuwa Porcelain PLC, a subsidiary of Ambeon Holdings PLC, commenced its commercial operations in 1984. From superior glazing technologies, personalized designs and endless options, the Company continues to create timeless and modern collection of porcelainware that expresses exclusive dining experience for every occasion. The Group has ventured further into new local and global markets, entering new market segments through the introduction of a range of porcelain-based giftware placing Sri Lanka on the global map.

The Board of Directors of Dankotuwa Porcelain PLC comprises of eminent key business personalities such as Mr. Yudy Kanagasabai (Chairman), Mr. Ranil Pathirana (Deputy Chairman) Mr. Revantha Devasurendra, Mr. Rohan Peris, Mr. Niranjan Wijesekera, Mr. Shalike Karunasena and Dr. Sajeeva Narangoda.   

Photo Caption : Mr. Yudy Kanagasabai – Chairman & Mr.Channa Gunawardana – Chief Executive Officer  —-    Dankotuwa Porcelain PLC      

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