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Dipped Products achieves highest turnover

19 May 2021

Dipped Products PLC (DPL), a subsidiary of Hayleys PLC, recorded a turnover increase of 52% to Rs. 46.39 billion, while profit before tax increased to Rs.7.19 billion during the financial year 2020/2021. Commenting on the performance, Dipped Products and Hayleys PLC Chairman Mohan Pandithage said: “DPL’s performance attests to its resilience and adaptability to rapidly changing dynamics, particularly in an unprecedented year such as 2020/21 which led to dramatic shifts in how organisations operate.” The performance was driven primarily by the Hand Protection sector, which delivered a revenue growth of 70% to Rs. 30.41 billion. As prevalent conditions led to disruptions in supply chains, DPL leveraged on the strength of its relationships with local farmers through the DPL Firstlight programme to secure continued access to raw materials, thereby ensuring consistent value injection across the rural economy. The plantation sector also performed commendably. Meanwhile, the Hand Protection sector delivered a significant growth in PBT during the year, as margins improved supported by operating efficiencies across manufacturing operations and increased contributions from high-value products. The sector’s efforts to drive operational excellence through programmes such as TPM, Lean, and Six Sigma continue to deliver results through sustained improvements in efficiencies and productivity. Dipped Products (Thailand) Ltd. and ICOGUANTI, the marketing arm based in Italy, also delivered strong growth supported by increased market penetration.  DPL Managing Director Ng Soon Huat attributed the sector’s superior performance to relentless efforts by the DPL team to ensure continuity of operations despite the many challenges that prevailed. “Our employees rallied together in delivering the Group’s strategy, which enabled us to effectively cater to the increase in demand for gloves during the year.”


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