PGP Glass Ceylon PLC reported its nine-month results as at December 31, 2021, with a turnover of Rs. 7,064 million and PAT (Profit After Tax) of 1,078 million as against a turnover of Rs. 5,961 million and Rs. 694 million PAT in the corresponding period of the previous year.
The Board of Directors have declared a second interim dividend of Rs. 0.25 per share at its meeting held on Feb 11, 2022 for the period ending Dec 31, 2021. The Company reported a growth of 19% in overall revenue with 55% growth in PAT.
The domestic sales during the period grew by 19% from Rs. 4,176 million to 4,976 million whilst Export Revenue grew by 17% from Rs. 1,785 million to 2,088 million.
During the quarter (Q3) under review, the company achieved a revenue of Rs. 2,923 million as against Rs. 2,401 million in the corresponding period of the previous year, reflecting a growth of 22% . The sales to the domestic market grew by 26% from Rs. 1,679 million to Rs. 2,123 million. In the export segment the sales improved by 11% from Rs.722 million to Rs. 800 million. Amidst the challenging global scenario of higher freight costs and restricted vessel options, the company was able to recover part of the deferred export sale of the first half of this year. Also during the quarter, the company launched new products in markets of Mexico, Nepal and Mauritius.
The profit after tax for the quarter was Rs. 535 million as against Rs. 378 million of the corresponding quarter in the previous year reflecting a growth of 42%..
The increased volumes helped gross margins for the quarter rise to 29% as compared to 27% during the corresponding period of the previous year.