Dipped Products Group posted Rs. 24 billion Turnover during the financial year 2016-17, 11 percent increase from a year ago. Group Profit Before Tax (PBT) for the year was Rs. 1.06 billion, 53 percent increase from Rs. 691 million recorded for the previous year.
The Hand Protection segment contributed Rs. 14 billion to revenue, 12 percent higher than the previous year. Contribution to PBT from the segment was at Rs. 785 million, 32 percent increase from a year ago. The Hand Protection sector profit was impacted by higher latex prices prevailed in the fourth quarter.
The Plantation segment reported Rs. 10 billion in revenue, a 7 percent increase from the previous year and a PBT of Rs. 272 million, compared to Rs. 152 million posted for the previous year. Plantation segment performance was affected by lower crop, mainly arising from adverse weather conditions and restrictions on weedicides.
Established in 1976, Dipped Products is one of the leading non-medical rubber glove manufacturers in the world, and accounts for a 5 percent share of the global market. The company’s products now reach 68 countries.
The Board of Directors of Dipped Products PLC comprises Messrs. Mohan Pandithage (Chairman), Dr. K. I. M. Ranasoma (Managing Director), F. Mohideen, S. C. Ganegoda, Dhammika Perera, M. Bottino, S. Rajapakse, N. A. R. R. S Nanayakkara, S. P. Peiris, K.D.G. Gunaratne, H.S.R. Kariyawasan and S.M. Shaikh.