Haycarb’s 9mth end Dec 2018 post-tax profit at Rs. 672 m

Sri Lankan multinational Haycarb PLC has reported revenue of Rs. 14.3 billion and profit before tax of Rs. 854 million for the nine months ending 31st December 2018. Post-tax profit stood at Rs. 672 million, the company said in a media release. It did not contain comparative figures for the same period in 2017.

Haycarb PLC Managing D i r e c t o r, Rajitha Kariyawasan said attributed the growth in turnover 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 gradually passed the benefit to its customers, whilst facing stiff competition from India and Philippines, as largest coconut carbon producing countries in the region.

Haycarb said it continues to prioritize its ef forts 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.

Mr. 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”.

In the background of increasing emphasis on environmental sustainability worldwide, Haycarb said it 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.