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Dankotuwa Group Announces Impressive Performance for Year Ended 2021/22 2022-06-23 22:47:36

  • Commendable financial results by Dankotuwa Porcelain PLC as the Company.
  • The Company grew it’s Revenue by 56%, GP by 116%, PBT by 446% compared to the last financial year.
  • The Group (including Royal Fernwood Porcelain) recorded a revenue growth of 55%, GP 90%, PBT 153 % compared to the last financial year
  • The concept of “Collective Leadership” combined with an established focused strategy propelled the Groups’ performance

Dankotuwa Porcelain PLC, renowned for its luxurious and elegant porcelainware, posted commendable results for financial year 2021/2022 according to the latest financial results released to the Colombo Stock Exchange.

As a Company, Dankotuwa Porcelain PLC, recorded a revenue of LKR 2.35Bn for the financial year 2021/2022 a 56% growth when compared to the LKR 1.5Bn achieved last year.  Further, the Company achieved a Gross Profit (GP) of LKR 926.8 Mn, which was a 116% growth compared to the LKR 428.5 Mn achieved last financial year. The Profit before Tax (PBT) for Dankotuwa as a Company was recorded at LKR 465.3 Mn, an impressive 446% increase when compared to the loss of LKR 134.5 Mn made during corresponding Financial Year 2020/2021. Borrowings for the year under review has reduced  from LKR 955.7 Mn to LKR 642.9 Mn - a 33% decrease from the last year.

Dankotuwa Porcelain PLC as a Group (which includes its subsidiary Royal Fernwood Porcelain PLC) posted a revenue of LKR 3.76Bn, a 55% growth compared to the  LKR 3.76 Bn achieved last year. The Group further achieved a Gross Profit (GP) of LKR 1.2 Bn, a 90% growth compared to LKR 635.4 Mn and Profit before Tax (PBT) of LKR 211.07, an impressive 153% increase compared to the loss of LKR 395.9 Mn posted last financial year.

Royal Fernwood Porcelain Limited, recorded a loss of LKR 121.1 Mn for the reporting financial year which contributed negatively towards the performance of the Group. However, currently, measures are underway to restructure the Company, and realign business verticals which will enable convergence of resources and propel positive results during the following year.

“It is indeed a proud moment for us to announce the remarkable performance of the organization” stated Mr Channa Gunawardana, Chief Executive Officer of Dankotuwa Porcelain PLC.   “The journey hasn’t been easy. The pandemic and related lockdown in addition to the political and economic disruptions that affected the lives of Sri Lankans continued to test our resilience and readiness as an organization to face macro - economic challenges during the year. However, I must state that with a performance driven eco-system and an improved business model which focused on international markets and profitable businesses, in addition to optimizing capacity, increased efficiency and improved sales performances supported the sustenance and growth of the business during these trying times” Mr. Gunawardana stressed.

Elaborating further, Mr Gunawardana stated that “collective Leadership was a concept introduced during the period under review, which enabled all employees to identify their true potential and showcase their best performance within a unfavorable environment. The concept involved implementing 6 cross functional team members responsible for leadership – individually responsible for a period of two months. Hence, for the period of a year, the Company was able to work in Collective Leadership to record the best performance it ever had in the history of its existence.

Commenting further, Mr. Gunawardana highlighted the role of employees in the Company’s success so far. “Significant progress has been achieved in creating a more cohesive organizational structure and a target driven progressive culture across the Group. Our employees are firmly committed in achieving the milestones drawn for the organization, abiding by the trust placed by our stakeholders. This resulted in the Company winning the ‘Best Workplace in Manufacturing and Production Industry in Sri Lanka’ an accolade given by the independent analysts at at Great Place to Work® in Sri Lanka. With the strategy in place and the ideal structure and employees to complement same, we will continue to mark our presence as a lifestyle brand both locally and internationally, placing Sri Lanka on the global map for quality porcelainware” revealed Mr. Gunawardana concluded.

Dankotuwa Porcelain PLC, a subsidiary of Ambeon Holdings PLC, commenced its commercial operations in 1984. From superior glazing technologies, personalized designs and endless options, the Company continues to create timeless and modern collection of porcelainware that expresses exclusive dining experience for every occasion.  During the Financial Year 2021/22 saw the Group moving away from traditional tableware and venturing into new segments, introducing a range of porcelain-based giftware into local and global markets.

The Board of Directors of Dankotuwa Porcelain PLC comprised of eminent personalities who were responsible for providing strategic leadership which resulted in the successes recorded are Mr. Yudy Kanagasabai (Chairman), Mr Revantha Devasurendra, Mr Rohan Peris, Mr Neranjan Wijesekera, Mr Shalika Karunasena and Dr. Sajeeva Narangoda.

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