Business
BPPL on fast growth trajectory, positions strongly for next phase of expansion
Group top and bottom-line up by 31% and 23% YoY respectively in FY 2020-21
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 Revenue grew 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 by 23% 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 with 20% 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 overall exports.
“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,” BPPL Holdings PLC Managing Director and Chief Executive Officer, Dr. Anush Amarasinghe said. “With these developments complementing the existing investments in cutting-edge technology and a promising pipeline of orders, BPPL is well-placed for long-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, Eco Spindles, was awarded the ‘Waste Management – Industry Leader Award’ at the World Conference on Waste Management (WCWM) 2021. Eco Spindles also 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 monofilaments 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. (BPPL)
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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