Economy & Growth

Exterminators PLC 352% increase in profit before tax

• 352% increase in profit before tax FY24.

• 167% increase profit after tax.

• 143% increase in operating profit.

• 56% decrease in non-current liabilities.

• 46% decrease in current liabilities.

Exterminators PLC, Sri Lanka's premier pest management and environmental technology company, has remarkably demonstrated financial resilience during FY24, achieving notable profitability despite prevailing economic challenges. The company reported a staggering 167% increase in net profit and an extraordinary 352% rise in profit before tax, alongside a 143% growth in operating profit compared to the previous fiscal year. Notably, while overall sales dipped by 7%, revenue from service activities saw a modest increase of 3%.This commendable performance, however, was not without its hurdles. A significant decline of 85% in revenue from international brands can be attributed to stringent import restrictions and diminished consumer purchasing power, primarily due to economic instability. The impact of increased corporate tax, along with the introduction of value-added tax (VAT) and (SSCL), further exacerbated the challenges.

The middle-class demographic, a vital revenue stream contributing approximately 25% of total income, has been severely affected by rising personal income taxes and inflation, leading to reduced consumption levels. Nonetheless, through strategic planning and innovation, Exterminators PLC has adeptly navigated these obstacles, illustrated the resilience of its business model and reinforced its commitment to long-term growth and sustainability. Nonetheless, amid these trials, Exterminators PLC has displayed remarkable adaptability and strategic foresight. The company's leadership has focused on calculated responses to the economic challenges, enhancing operational efficiency, and exploring new revenue streams. This approach has not only allowed Exterminators to navigate the tumultuous waters of FY24 but also to emerge fortified, demonstrating an unwavering commitment to innovation and strategic growth. Moreover, the collaborative efforts within the company have been crucial in fostering a culture of resilience. Employees’ dedication and commitment have driven the company towards its objectives, reinforcing a strong belief in the effectiveness of their business model. As the company moves forward, it remains poised to capitalise on emerging opportunities while continuing to address the challenges posed by the dynamic economic environment.

Marlon Ferreira, founder and managing director of Exterminators PLC, stated The Rise of a Forward-Thinking Organisation: Strategic Growth and Sustainability is fundamentally critical in the present dynamic market environment. In recent years, the company has undertaken significant initiatives to expand our operations and solidify our position within the industry. The ambitious vision to be at the forefront of industry standards is further underscored by the recognition received in the form of prestigious awards, including the TAGS Compliance Awards, the Best Entrepreneur Runner-Up Award for the Western Province, and the Best Enterprise Award bestowed by the National Enterprise Development Authority and the National Chamber of Commerce Sri Lanka. These accolades affirm our unwavering dedication to compliance, sustainability, entrepreneurial spirit, and quality management.

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