Haycarb records Rs. 14.3 b turnover, Rs. 854 m profit before tax

Thursday, 7 February 2019 01:00 - - {{hitsCtrl.values.hits}}

The Sri Lankan multinational Haycarb PLC reported revenue of Rs. 14.3 billion and profit before tax of Rs. 854 million for the nine months ending 31 December 2018. The profit after tax stood at Rs. 672 million.

Haycarb PLC Managing Director Rajitha Kariyawasan said that the growth in turnover is attributable to the adjustment of sales prices of activated carbon effected in the first half of the year to compensate for increases in raw material prices and growth in sales of its value added portfolio. With the availability of charcoal improving in Sri Lanka, Indonesia and India due to improved coconut crop the company has gradually passed the benefit to its valued customers, whilst facing stiff competition from India and Philippines, as largest coconut carbon producing countries in the region.

Haycarb continues to prioritise its efforts to improve efficiency in manufacturing processes and supply chain through its lean platform in order to maintain its competitiveness. The Company supports sustainable business practices through its assistance to propagate the environmental friendly charcoal pits under the “Haritha Angara” scheme in Sri Lanka and the operation of environmental friendly vertical charcoal kiln project in Thailand.

Kariyawasan further said, “The Company has made significant strides in acquiring and growing new strategic customer accounts and market segments, backed by robust product development initiatives, auguring well for the growth plans of the business.”

He noted that Puritas Ltd., the environmental engineering business segment, is expected to continue to be a key contributor to the Group’s performance during the remainder of the financial year despite challenging circumstances in the local and regional markets it operates. In the background of increasing emphasis on environmental sustainability worldwide, Haycarb remains positive in its medium to long term outlook in its activated carbon and water treatment systems businesses.

Haycarb is the pioneer manufacturer of coconut shell activated carbon in any coconut producing country with manufacturing facilities in Sri Lanka, Thailand and Indonesia supported by marketing offices in the USA, UK and Australia. The company contributes net foreign exchange revenues with its value adding processes whilst remaining a leading and technologically superior manufacturer in its chosen segment.

The Board of Directors of Haycarb PLC comprises of Mohan Pandithage (Chairman), Rajitha Kariyawasan (Managing Director), Dhammika Perera, Arjun Senaratna, Sarath Ganegoda, Jeevani Abeyratne, Dr. Sarath Abayawardana, Sujeewa Rajapakse, M. S. P. Udaya Kumara, Brahman Balaratnarajah, Ali Asgar Caderbhoy, Sharmila Ragunathan, James Naylor and M. H. Jamaldeen.