Business
PGC announces Q4 & FY 21 results
Piramal Glass Ceylon PLC (the “Company”) reported its annual results as at 31st March 2021, with a turnover of Rs. 8,532 Million and PAT of 1,096 Million as against Rs. 7,531 Million & Rs. 389 Million in the previous year, reflecting a y-o-y growth of 13% in revenue and a y-o-y growth of 181% in PAT. The domestic sales during the year grew by 13.4% from Rs. 5,240 Million to 5,944 Million and the Export market grew by 13% from Rs. 2,291 Million in F20 to Rs. 2,588 Million in F21.
During the quarter (Q4) under review, revenue of Rs. 2,571 Million was achieved as compared to Rs. 1,699 Million in the corresponding period in the previous year, reflecting a growth of 51%. The Company reported a profit after tax of Rs. 401 Million for the quarter as compared to Rs. 59 Million in the corresponding quarter in the previous year. The company achieved a domestic sales growth of 40% to Rs. 1,767 million as against Rs. 1,258 million in the similar period in the previous year. In the export segment, the sales grew by 82% from Rs. 441 million in the previous year to Rs. 804 Million during the quarter under review.
The gross margin for the quarter increased from 16% to 24% as compared to the similar period of the previous year. For the full year ended 31st March 2021, the company achieved a gross profit margin of 22%.
The earning per share stands at Rs.1.15 in F’21 as against Rs. 0.41 in F’20. The Board of Directors has proposed a dividend of Rs.0.58 per share, which is 50% of FY21 PAT.
Sanjay Jain, ED & COO, said: “The Company continues to make inroads in new international markets and has successfully completed multiple product launches. The strategy to innovate in new product design and development, with increased global footprint has helped the Company effectively mitigate demand fluctuations in its existing markets due to the pandemic situation.”
Piramal Glass Private Limited, the controlling shareholder of the Company, entered into a Share Sale and Purchase Agreement dated the 10th of December 2020 for the sale of its entire shareholding in the Company to PGP Glass Private Limited (the “Share Transaction”). Accordingly, the Share Transaction was executed on the Colombo Stock Exchange on the 30th of March 2021 at a price per share of Rs. 11.60/-. PGP Glass Private Limited thereafter made a mandatory offer to the remaining shareholders of the Company as required under and in terms of the Company Takeovers and Mergers Code, 1995 (the “Code”) by its Offer Document dated the 31st of March 2021 at the same price, which was subsequently revised upwards to Rs. 11.86/- on the 20th of April 2021. The said mandatory offer has since been completed as per the provisions of the Code.
PGP Glass Private Limited (formerly known as “Pristine Glass Private Limited”) is a private limited company incorporated under the laws of the Republic of India.
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Sri Lankan government has pledged to address the pending policy issues and I am confident that once the pandemic subsides, concrete efforts will begin to improve ease of doing business and ensure the required facilitation for US investors, Martin Kelly, Charge d’ Affairs of the Embassy of the United States of America in Sri Lanka said recently speaking at the Sri Lanka Invest Forum 2021 held virtually through June 7-9, 2021
“Sri Lanka was among the first countries in the region to open its economy and offers the highest standards of living among other advanced indicators in South Asia. Over the last seventeen years, the country continued to transition from an agriculture commodity based economy to become world leader in textile and apparel, a major exporter of IT and communication related services and of course a world class destination for international tourists,” he said.
“Promoting trade and investment opportunities is one of the embassy’s top priorities, and a vital component of our efforts to encourage private sector led development and toward stronger ties between the two countries,” he said.
Kelly said that the government of Sri Lanka has promoted pro-business policies including tax benefits, to attract the U.S. and other foreign direct investments.
Commercial Bank Chairman Justice K. Sripavan and Managing Director S. Renganathan with representatives of the Bank and the Kegalle Hospital
The Commercial Bank of Ceylon has donated three Intensive Care Unit (ICU) beds to the Teaching Hospital Kegalle, which receives over 80,000 admissions and 350,000 clinic visits, annually. The donation was made following a request from the hospital and will help it to provide seamless healthcare services to prevent non-pandemic related morbidities and mortalities while also treating patients who are COVID-19 positive.
The CSR Trust of the Bank has already gifted medical equipment and gear including Personal Protection Equipment (PPE) kits, face masks, surgical masks, hand sanitisers, Slit lamps, pulse oximeters, multipara monitors and oxygen concentrators to over 16 government hospitals. Commercial Bank also made a monetary donation to the National COVID-19 Healthcare and Social Security Fund set up by the government last year.
Lankem Ceylon Rights Issue undersubscribed.
By Hiran H.Senewiratne
Stock trading at the Colombo Stock Exchange (CSE) was marginally positive yesterday and the number of retail investor participation was lower compared to previous trading days. Index heavy LOLC group which accounted for more than 30 percent of the turnover, contributed 20 points to the All Share Price Index, stock market analysts said.
Both indices moved upwards. All Share Price Index was up by 35.75 points and S&P SL20 up by 2.01 points. Turnover stood at Rs 1.74 billion sans a single crossing. In the retail market top six companies that mainly contributed to the turnover were LOLC Rs 510 million (1.28 million shares traded), Expolanka Holdings Rs 197 million (4.1 million shares traded), Melstacorp Rs 137 million (2.6 million shares traded), Browns Investments Rs 71.5 million (11.3 million shares traded), Windforce Rs 68.2 million (3.5 million shares traded) and Hayleys Holdings Rs 54.8 million (730,000 shares traded).
Index heavy LOLC, which contributed 20 points to the All Share Price Index, appreciated its share price by Rs 18.75 or 4.85 percent. Its share price started trading at Rs 386.25 and at the end of the day it moved up to Rs 405.
A pioneer in renewable energy, Vidullanka PLC has successfully completed raising additional capital of Rs. 253 million to fuel its expansion drive in the solar power sphere.
Lankem Ceylon Plc, Rs. 677 million worth Rights Issue has been undersubscribed. When the issue closed the Company managed to draw only subscriptions for 17.6 million shares worth Rs. 352.3 million. The original plan was to issue 33.85 million shares at Rs. 20 each aiming at raising Rs. 677 million. The basis was one new ordinary share for every one share held. Funds were to be raised to augment working capital requirements.
During the day 67.9 million share volumes changed hands in 17564 share transactions.
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