- Profit before tax of Rs. 1,578 m
- Growth attributed to larger activated carbon sale volumes, stronger value addition
Multinational Haycarb PLC reported revenue of Rs. 17.6 billion and profit before tax of Rs. 1,578 million for the nine months ending 31 December 2019 while profit after tax stood at Rs. 1,275 million, the company said in a statement yesterday.
Haycarb PLC Managing Director Rajitha Kariyawasan said: “The growth in turnover and profitability is attributable to the increase in activated carbon sales volumes and the change in the volume mix toward a higher value added product range as a result of our key initiatives in developing breakthrough products and penetrating new strategic customer segments.”
“The expansion of the raw material supply chain activities led by ‘Haritha Angara’ – the environmental friendly charcoaling project – enhanced our charcoal supplier base, allowing us to sustainably grow our manufacturing footprint, while reducing our dependence on the import of coconut charcoal. Our continued focus on lean initiatives to improve efficiencies and processes have helped to improve the end results further.”
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 fourth quarter of the financial year despite challenging circumstances in the local and regional markets.
Haycarb Group continues to invest significantly in new product development and expansion of its value added carbon capacity. The company remains confident of its position of strength and strategic positioning in the coconut shell based activated carbon industry, regeneration services and the environmental engineering segment to continue the growth platform in the background of continued emphasis placed on environmental sustainability standards and regulations globally.
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 Chairman Mohan Pandithage, Managing Director Rajitha Kariyawasan, 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.