In the backdrop of the successful completion of its operations during the financial year F15 the Board of Directors have proposed a 23% dividend keeping its consistent policy of 50% dividend pay-out ratio.
The F15 Q4 saw a marked improvement against that of the similar quarter in F14.
The sale grew by 21% from Rs. 1,356Mn to Rs. 1,642Mn whilst the Domestic sales for the Quarter saw an increase of 25% and Exports 8%.
The Gross Profit for the Quarter was Rs. 409Mn and the PAT achievement was Rs. 208Mn as against Rs. 68Mn of the previous year similar period.
With this exceptional 4th Quarter performance due to Sinhala Tamil New Year the company closed a successful year with an overall turnover of Rs. 5,792Mn depicting a growth of 11% against preceding year turnover of Rs. 5,220Mn.
The Domestic market saw a marked improvement during the year under review.
It crossed an annual sale of Rs. 4 Billion with a growth of 17% which was mainly contributed by the Food & Beverage segment.
The export market too thrived with the company entering into several new markets namely USA, Philippines, Israel, Nepal & Kenya.
Presently they are in small quantities which we are anticipative would grow in volumes in the future.
We were also able to develop several new products in the international market despite having to curtail export volumes to give preference to the commitment to the seasonal domestic demand.
The Operating Profit for the year was Rs. 635Mn as compared to previous year’s Rs.390Mn (Excluding profit from land sale).
Also the Profit before Tax was Rs. 508Mn as against Rs. 289Mn of the previous year.
The operational achievements was partly marred by the Furnace oil rate which still has not been rectified as per the international rates.
This would create much hard ship in the long run for the company as it does not create a level playing field for PGC with its international competitors.
We are hopeful that the authorities would look into same and take fair action to rectify this situation at the earliest.
In the recently concluded Board meeting , Mr. Samit Datta, was appointed as a Director to fill the vacancy created by the resignation of Mr. Sandeep Umesh Arora.
Samit Datta a mechanical Engineer joined Piramal in the year 2005, and has worked in various capacities from strategic planning to Global supply chain. He is currently President Corporate Supply Chain & IT in Piramal Glass Limited .
He has a vast experience of over 20 years in diverse industries including Automobile, garment, IT & Glass.
With this inclusion, the current board of Directors of Piramal Glass Ceylon PLC consists Mr.Vijay Shah (Chairman), Dr. Bandula Perera, Mr. Ranjith Fernando, Mr. Samit Datta and Mr. Sanjay Tiwari as (CEO & Executive Director)
About Piramal Glass:
Piramal Glass Ceylon (Formerly Ceylon Glass Company) is the only Glass Bottle Manufacturing plant in Sri Lanka.
It had the opportunity of coming under the Umbrella of Piramal Group in 1999. Presently Located in Horana, it has been in existence for over 55 years.
The company originally at Rathmalana was relocated at Horana in 2007 as a BOI venture.
PGC at its 250 Tonne Capacity Manufacturing Facility has the capability to offer glass containers in different shapes and colours for multiple industries such as Food, Liquor, Pharmaceutical, Agro chemical & Soft drinks.
About Piramal Group:
The Piramal Group led by Ajay G. Piramal is one of India’s foremost business conglomerates.
Driven by the core values of Knowledge Action Care, the Piramal Group has a formidable presence in healthcare, drug discovery & research, glass, real estate and financial services.
The Piramal Group also pursues sustained community activities in healthcare, education, emergency medical services, and heritage restoration.