- Announces results for the Second Quarter of 2022/23
- The Group recorded an impressive performance in Q2 with a revenue of LKR 1.42 Bn and with a PBT of LKR 267 Mn
- PBT for 2nd quarter is 177% growth from the profit reported for the corresponding period of last year
- For H1 the Group recorded a cumulative PBT of LKR 635 Mn, a PBT Margin of 22% compared to 10% in the corresponding period of last year
Dankotuwa Porcelain PLC globally renowned for its luxurious and elegant porcelain tableware, and manufacturer of superior quality porcelain tableware for reputed international brands as well as for the local market under its own brands, recorded impressive results for the H1 of the financial year 2022/2023 according to the latest financial results released to the Colombo Stock Exchange. Continuing on the growth momentum, the Group demonstrated a noteworthy performance by posting an impressive second quarter (Q2) results to achieve this feat. At a time when businesses in Sri Lanka are operating within a highly volatile business environment, accomplishing these results indicate progress towards sustainable growth.
For the quarter ended 30th September 2022, Dankotuwa Porcelain PLC as a Group (which includes its subsidiary Royal Fernwood Porcelain Limited) recorded a revenue of LKR 1.42 Bn, which was a 69% growth compared to the 2nd quarter of 2021/2022. Further, the Group achieved an overall Gross Profit (GP) of LKR 603 Mn, with a 100% growth compared to the LKR 301 Mn achieved in the corresponding quarter of the last financial year. Group recorded a PBT of LKR 267 Mn for 2nd quarter which showed an increase of 177% growth from the corresponding period last year.
Continuing the growth momentum, during the financial year 2022/23 as far as results achieved for the first six months was concerned, the Group recorded a revenue in the first half stood at LKR 2.84 Bn, a 75% increase, when compared to the LKR 1.62 Bn, achieved during the same period last year. Further, the Group achieved a Gross Profit (GP) of LKR 1.21 Bn which was a 111% compared to LKR 576 Mn achieved for the first half of the financial year 2021/22. PBT for the Group of LKR 635 Mn for the first half (H1) of 2022/23 when compared to LKR 157 Mn achieved during the corresponding period last year. Prudent decisions in terms of market expansion with a special focus towards international markets in addition to the implementation of efficient value chain process is said to have resulted in the achievement of these results. It is noteworthy that the Groups’ local sales in Sri Lanka has increased by 133% for the H1 compared to the corresponding period in the financial year 2021/22, whilst global sales have recorded a 54% increase.
Dankotuwa Porcelain as a Company posted a revenue of LKR 854 Mn, for the second quarter, an increase of 51% in the comparative period of last year. The Company’s PBT achieved was LKR 251 Mn, which was 146% increase compared to the LKR 102 Mn achieved, whilst PAT for the said period was LKR 211 Mn for the quarter under review, which was an 151% increase against the comparative period of last year.
The main subsidiary of the Group Royal Fernwood Porcelain Limited, recorded a revenue of LKR 562 Mn for the Q2 of the financial year 2022/23 resulting in a commendable 109% growth this quarter, which contributed positively towards the overall performance of the Group. The Company had previously undergone a restructuring and realigned business verticals which had enabled the positive convergence of resources contributing to the positive results during the said quarter.
Commenting on the performance, Channa Gunawardana, CEO of DPL and its subsidiary, stated, “It was in 2021/22 that we achieved the best performance over the 37-year-old history of DPL, and it’s encouraging to see that we have sustained our performance in 2022/23. We will continue to push for export business, a timely need for Sri Lanka and continue to trust our loyal customer base in Sri Lanka, who have given us the results as indicated in our reports. It is the overall contribution from all team members at DPL and RFPL that had made a difference in our performance. We are confident that we can sustain this performance throughout the year for the benefit of all stakeholders.”
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. Shalika Karunasena and Dr. Sajeeva Narangoda who are responsible for providing strategic leadership, well aligned to generate immense success.