Exterminators’ net profit increases by 125% | Sunday Observer

Exterminators’ net profit increases by 125%

3 September, 2023

Exterminators PLC, Sri Lanka’s premier pest management and environmental technology company has posted a revenue increase of 9% compared to the first quarter of FY23.

The company maintained a positive trend in the first quarter of this financial year. A series of factors, including the significant increase in corporate tax, the introduction of VAT and SSCL in previous quarters and the unprecedented rise in personal income tax, have all impacted revenue streams.

One of their major revenue streams, the middle class, has been badly affected by the significant increase in personal income tax and prevailing inflation. For decades, this segment has been a key contributor, generating approximately one-fourth of total revenue.

Managing Director Marlon Ferreira said, “While the past quarter has posed significant challenges for the company, through calculated and strategic responses we were able to weather these obstacles and emerge stronger in the face of adversity.”

This helped the company to witness an increase in revenue by 7%, gross profit by 21%, operating profit by 126%, and net profit by 125% compared to the immediate quarter ending March 31, 2023. When compared to the first quarter of FY 23, the company experienced a 9% increase in revenue and a 2% increase in gross profit, with only a minor deduction of 1% in net profits is an encouraging sign for the future of their company.

During this period, it also expanded operations by setting up a pest management business in London, marking their entry into the United Kingdom market. They also celebrated their 25th year in business and 15 years as an ISO 9001-certified pest management company. Chairman Chaaminda Ratnayake said, “We are proud to hold certifications in ISO 14001 environmental management system, ISO 45001 health and safety management system, and ISO 22000 food safety management system.” “We also became a member of the Global Pest Management Coalition (GPMC), based in the United States, solidifying our position as a leader and expert in the industry.

“Looking ahead, we are embarking on a journey of digital transformation powered by artificial intelligence and this transformation will revolutionise their processes, improve customer connectivity, optimise sales and technician functions, and enable us to deliver more efficient and effective services,” he said.