One of Southeast Asia’s largest brush manufacturers and Sri Lanka’s pioneer in recycled plastic products, BPPL Holdings PLC, has recorded impressive improvements in all key financial indicators in the 2020-21 financial year, while strongly positioning the business for its next phase of expansion.
BPPL, a leader in sustainable business, which generates export earnings for the economy while addressing one of Sri Lanka’s critical issues in the form of plastic waste disposal, saw strong performances by its wholly-owned subsidiaries. These subsidiaries are Eco Spindles (Pvt.) Ltd. (a leading manufacturer of polyester yarn and mono-filaments using recycled plastics) and Beira Brush (Pvt.) Ltd. (one of Southeast Asia’s leading manufacturers and exporters of professional and household cleaning tools).
In the 2020-21 financial year ended 31st March 2021, overcoming pandemic-induced challenges, BPPL’s Consolidated Revenuegrew by a robust 31% year-on-year (YoY) to LKR 3.4 billion. Group Gross Profit improved by a stellar 38% YoY to LKR 1.2 billion. Group Profit Before Tax (PBT) was up 20% YoY to LKR 609 million. Group Profit After Tax (PAT) and Profit Attributable to Shareholders increased by23% YoY to Rs. 497 million.
BPPL also undertook a series of key strategic initiatives during the financial year, with the intention of propelling the Group to its next phase of expansion, while further enhancing its sound business fundamentals.
In December 2020, the company commenced the second phase of its expansion of yarn production, to set-up a second plant with20% greater production capacity than the current facility. The additional capacity will be used to fulfil demand from existing clients, consisting of global sports and leisurewear brands.
The product and market diversification efforts of BPPL too yielded positive results, with the Group reducing its exposure to USA, its key export market, while expanding its overallexports.
“While achieving sound growth in all key financial indicators by effectively navigating the significant challenges posed by the pandemic,we have also laid the foundation for the Group’s next phase of expansion,” BPPLHoldings PLC Managing Directorand Chief Executive Officer, Dr. Anush Amarasinghe said. “With these developments complementing the existinginvestments in cutting-edge technologyand a promising pipeline of orders, BPPL is well-placed forlong-term growth.”
BPPL and its subsidiaries also recorded several achievements during the financial year, which boosted the group’s profile, while also further amplifying its sustainability agenda.
BPPL’s subsidiary, EcoSpindles, was awarded the ‘Waste Management – Industry Leader Award’ at the World Conference on Waste Management (WCWM) 2021. EcoSpindlesalso became South Asia’s only company and one of the 10 organizations in the world to be awarded at the International Recycling Heroes 2021 Awards, organized by the Global Recycling Foundation for Global Recycling Day 2021.
Eco Spindles houses Sri Lanka’s largest, state-of-the-art, recycling facility which produces synthetic mono filaments and polyester yarn out of waste PET bottles, which are sourced from its network of collectors and collection bins. In April 2021, Eco Spindles also launched the ‘Waste 2 Value’ Android and iOS mobile app, which allows Sri Lankans to conveniently locate plastic waste bins around the country, at which the plastic disposed will be collected for recycling.The company intends to have 1,000 locations on the app by the end of the 2021-22 Financial Year.