PGP GLASS CEYLON PLC INTERIM FINANCIAL STATEMENTS
FOR THE FIRST QUARTER ENDED 30 JUNE 2025
Company Registration No: PQ 190 No: 148 Maligawa Road Borupana
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(all amounts in Sri Lankan Rupees thousands)
Three months ended
30 June 2025 | 30 June 2024 | ||
Revenue | 4,600,692 | 4,117,996 | |
Cost of Sales | (3,084,015) | (3,020,202) | |
Gross Profit | 1,516,677 | 1,097,794 | |
Other Operating Income | 15,401 | 24,611 | |
Selling and Distribution Expenses | (151,127) | (126,003) | |
Administrative Expenses | (187,164) | (158,029) | |
Operating Profit | 1,193,787 | 838,373 | |
Finance Costs | (703) | (1,040) | |
Finance Income | 56,724 | 13,404 | |
Profit before Tax | 1,249,808 | 850,737 | |
Income Tax Expense | (262,605) | (162,432) | |
Profit for the Period | 987,203 | 688,305 | |
Other Comprehensive Income | |||
Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Period: | |||
Actuarial (gains)/loss on defined benefit obligations | - | - | |
Income tax effect on defined benefit obligations | - | - | |
Gain/(Loss) on Financial Investments - Fair Value through Other | |||
Comprehensive Income | 391 | 75 | |
Net Other Comprehensive Income/(Loss) not to be Reclassified to | |||
Profit or Loss in Subsequent Period | 391 | 75 | |
Other Comprehensive Income/(Loss) for the Period | 391 | 75 | |
Total Comprehensive Income for the Period - Net of Tax | 987,594 | 688,380 | |
Earnings Per Share - Basic/Diluted | 1.04 | 0.72 | |
* All figures in brackets indicate deductions |
STATEIMENTOFFINANCIALPOSITION
(all amounts in Sri Wnkan Rupees thousands}
AssoNon-Current Assets
Asat
30 3une 2025
As at Ar at
3:I March 2025 30 3une 2O24
Property, Plant and Equipment Right of use assets
Financial investments Other receivables
Total non-current assets
Current Assets
Inventories
Trade and other receivables Prepayments
Cash and short term deposits Total current assets
Total Assets
equrrY xHo LzABzLrrzEs
Capital and Resezvec Stated capital
Reserves Retained earnings Total Equity
Non-Current Liabilities
Lease liability Deferred tax liabilities
Employee benefit liability
Total non-current liabilities
Current LiabilitTec
Lease liability
Trade and other payables Dividends payable Income tax payable
Bank overdraft
S,327,085
36,061
5,540
6,920
s,a7s,soe
3,963,638
3,051,569
S8,320
4,369,007
11,4d2,529
¥6,8¥8,135
1,526,407
T05,68
12,282,98
139l5069
4,639
512,759
362,462
879,860
6,279
1,569,21 I
32,8i6
304,:t08
10,792
5,426,886
36,761
5,149
4,239
s,4z3,oas
R,049,277 3,932,333
26,808
2,BB5,389
1o,esa,so7
16,366,842
1,526,R07
105,290
1 t ,295,77B
12,927,475
11,504
538,834
332,434
8B2,772
6,309
1,803,798
134,405
577,003
3S,080
4,978,776
38,861
3,796
6t2
5,O22,O45
4,805,852
3,156,250
51,651
t,429,245
9,d42,998
14,465,043
1,526,607
104,093
t0,126,272
11,756,77¥
10,033
610,049
223,151
843,233
5,8D4 t,525,386 83,RR3
232,792
17,613
Total current liabilities
2,023,206
1,868,038
YotaT liabilities 2,708.271
Total Equity and Liabilities
Net Assets per Share
16,818,135
14.65
t6,366,8d2
13.61
14,465,043
12.37
Thes an 'al Statements have been prepared in compliance with the requirements of the Companies Act No.07 of 2007.
The Board of Directors is responsible for the preparation and presentation on these Financial Statements in accordance with Sri Lanka Accounfing Standards.
Approved and signed for and on behalf of the Board of Directors of PGP Glass Ceylon PLC.
Director
22nd July 2025
Colombo
Director
STATEMENT OF CHANGES IN EQUITY
(all amounts in Sri Lankan Rupees thousands)
Stated Capital | Fair Value Reserve | Revaluation Reserves | Retained Earnings | Total | |||||
Rs. | Rs. | Rs. | Rs. | Rs. | |||||
As at 01 April 2024 | 1,526,407 | 2,610 | 101,408 | 9,437,967 | 11,068,392 | ||||
Total comprehensive income for the period | |||||||||
Profit for the Period | - | - | - | 688,305 | 688,305 | ||||
Other comprehensive income | - | 75 | - | - | 75 | ||||
Total comprehensive income | - | 75 | - | 688,305 | 688,380 | ||||
As at 30 June 2024 | 1,526,407 | 2,685 | 101,408 | 10,126,272 | 11,756,772 | ||||
Profit for the period | - | - | - | 3,469,178 | 3,469,178 | ||||
Other comprehensive income | - | 1,197 | - | (70,801) | (69,604) | ||||
Total comprehensive income | - | 1,197 | - | 3,398,377 | 3,399,574 | ||||
Dividend paid - final dividend | - | - | - | (1,472,633) | (1,472,633) | ||||
Dividend paid - interim dividend | - | - | - | (760,069) | (760,069) | ||||
Unclaimed dividend write back | - | - | - | 3,831 | 3,831 | ||||
As at 31 March 2025 | 1,526,407 | 3,882 | 101,408 | 11,295,778 | 12,927,475 | ||||
Profit for the period | - | - | - | 987,203 | 987,203 | ||||
Other comprehensive income | - | 391 | - | - | 391 | ||||
Total comprehensive income | - | 391 | - | 987,203 | 987,594 | ||||
As at 30 June 2025 | 1,526,407 | 4,273 | 101,408 | 12,282,981 | 13,915,069 | ||||
STATEMENT OF CASH FLOWS
(all amounts in Sri Lankan Rupees thousands)
Three months ended
30 June 2025 Rs. | 30 June 2024 Rs. | ||
Cash Flow from Operating Activities | |||
Profit before Tax | 1,249,808 | 850,737 | |
Non-cash Adjustment to Reconcile Profit before Tax to Net Cash Flows: | |||
Depreciation of Property, Plant Equipment | 163,456 | 184,884 | |
Provision for employee benefit liability | 31,751 | 14,248 | |
Provision for slow moving inventories | 59,057 | 99,408 | |
Provision for impairment on trade receivable | 6,546 | 5,120 | |
Right of Use Asset - Depreciation | 699 | 699 | |
Finance Costs | 703 | 1,040 | |
Finance Income | (56,724) | (13,404) | |
Operating Profit before Working Capital Changes | 1,455,296 | 1,142,732 | |
Working Capital Adjustments: | |||
(Increase) / Decrease in Inventories | 26,582 | (97,846) | |
(Increase) / Decrease in Trade and Other Receivables and Prepayments | 839,302 | 1,027,099 | |
(Increase) / Decrease in Trade and Other Payables | (282,291) | (156,438) | |
Cash Generated from Operations | 2,038,889 | 1,915,547 | |
Income tax paid | (557,003) | (468,603) | |
Employee benefit liability costs paid | (1,723) | (7,077) | |
Interest Paid | (703) | (326) | |
Net cash flow generated from / (used in) operating activities | 1,479,460 | 1,439,541 | |
Cash Flows from Investing Activities | |||
Acquisition of Property, Plant and Equipment | (13,290) | (85,911) | |
Finance Income | 56,724 | 13,404 | |
Loans & Advances Granted to Company Officers during the Period | (8,550) | (2,940) | |
Repayment of Loans & Advances by Company Officers during the Period | 2,732 | 2,288 | |
Net cash flow (used in) investing activities | 37,616 | (73,159) | |
Cash Flows from Financing Activities | |||
Borrowings of interest bearing short term loans | - | - | |
Repayments of interest bearing short term loans | - | - | |
Repayments of interest bearing long term loans | - | - | |
Lease rental paid | (7,582) | (7,739) | |
Dividends Paid | (1,589) | (24) | |
Net Cash Flow Generated from/(Used in) Financing Activities | (9,171) | (7,763) | |
Net Increase/ (Decrease) in Cash and Cash Equivalents | 1,507,905 | 1,358,619 | |
Cash and Cash Equivalent at the Beginning of the Period | 2,850,309 | 53,013 | |
Cash and Cash Equivalent at the End of the Period | 4,358,214 | 1,411,632 | |
|
NOTES TO THE INTERIM FINANCIAL STATEMENTS
The interim financial statements have been prepared in accordance with Sri Lanka Accounting Standard - LKAS 34 Interim Financial Reporting. There are no changes to the Accounting Polices and methods of computation since the publication of Financial Statements for the year ended 31st March 2025.
The Company has commitments for acquisition of property, plant and equipment incidental to the ordinary course of business as at 30th June 2025 are as follows:
30 June 2025 Rs. Mn | 31 March 2025 Rs. Mn | ||
Contracted but not Provided | 59 | 51 | |
Authorized by the Board, but not Contracted | 157 | 68 | |
216 | 119 | ||
3 | Financial instruments measured at fair value |
Assets measured at fair value
As at 30 June 2025 As at 31 March 2025
Total | Level 1 | Level 3 | Total | Level 1 | Level 3 | ||
Equity Instruments at FVTOCI | Rs. | Rs. | Rs. | Rs. | Rs. | Rs. | |
Quoted equity shares | 4,999,970 | 4,999,970 | - | 4,608,668 | 4,608,668 | - | |
Unquoted shares | 540,000 | - | 540,000 | 540,000 | - | 540,000 | |
5,539,970 | 4,999,970 | 540,000 | 5,148,668 | 4,608,668 | 540,000 |
As at 30 June 2025, the Company held the above financial instruments carried at fair value on the statement of financial position.Carrying value of the unquoted shares do not significantly different from the fair value of the investment.
There have been no significant Contingent Assets or Contingent Liabilities as at the Reporting date which require disclosures in the interim Financial Statements.
The number of shares in issue of the Company as at 30 June 2025 is 950,086,080 (As at 30 June 2024 - 950,086,080).
Percentage of Public holding as at 30 June 2025 was 21.22% (As at 30 June 2024-21.22%) & total No. of Shareholders who holds the Public Holding as at 30 June 2025 - 11,003 (As at 30 June 2024 - 11,101).
The float adjusted market capitalization as at 30 June 2025 was Rs.10,424,544,131.The Float adjusted market capitalization of the Company falls under Option 1 of Rule 7.13.1 (i) (a) of the Listing Rules of the Colombo Stock Exchange and the Company has complied with the minimum public holding requirement applicable under the said option.
There have been no material events occurred after the reporting date that require adjustments to or disclosure in the financial statements, except the Board of Directors of the company has proposed the second & final dividend of Rs.2.26 per share for the financial year ended 31 March 2025 for amounting to Rs.2,147,194,541 as its board meeting held on 25th April 2025.It has been approved by shareholders at 70th Annual General Meeting held on 22nd July 2025.
The Market Price of PGP Glass Ceylon PLC's Ordinary Shares
During the quarter ended
30 June
2025
30 June
2024
Rs.
Rs.
Highest Price
53.90
30.00
Lowest Price
34.00
27.50
Last Traded Price
52.00
29.40
The details of shares held by the Directors and their spouses as at 30 June 2025 are as follows:
No of Shares %
Mr. S K Tiwari 1,214,166 0.128
(Shares held jointly with Mrs. S S Tiwari)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
20 Major Shareholders as at 30 June 2025
No | NAME OF SHAREHOLDER | NO. OF SHARES | % |
01 | DEUTSCHE BANK AG COLOMBO BRANCH/ DB INTERNATIONAL TRUST (SINGAPORE) LIMITED/PGP GLASS PRIVATE LIMITED | 747,236,631 | 78.65 |
02 | EMPLOYEE'S PROVIDENT FUND | 90,317,140 | 9.51 |
03 | MONA EXPORTS (PVT) LIMITED | 23,376,193 | 2.46 |
04 | MES BANGKOK GLASS INDUSTRY COMPANY LIMITED | 6,280,000 | 0.66 |
05 | MR. G.C. GOONETILLEKE | 3,930,457 | 0.41 |
06 | MR. H.M. UDESHI | 2,874,519 | 0.30 |
07 | TRANZ DOMINIONL.L.C. | 1,650,000 | 0.17 |
08 | MRS P. DISSANAYAKE | 1,440,000 | 0.15 |
09 | MR C. WIJESINGHE | 1,440,000 | 0.15 |
10 | MR. C. AMERASINGHE | 1,292,250 | 0.14 |
11 | EMFI CAPITAL LIMITED | 1,238,090 | 0.13 |
12 | MR. S.R. PERERA | 1,215,000 | 0.13 |
13 | MRS. S.S. TIWARI & MR. S.K.TIWARI | 1,214,166 | 0.13 |
14 | MR. S. YUSOOF | 1,200,000 | 0.13 |
15 | MR. M.S.A. HUSSNY | 1,183,280 | 0.12 |
16 | MR. A.D. EDUSSURIYA | 1,000,000 | 0.11 |
17 | MR. M.M. SOMASIRI | 971,261 | 0.10 |
18 | MR. P.R. ANTHONIS | 928,000 | 0.10 |
19 | EMPLOYEES TRUST FUND BOARD | 831,658 | 0.09 |
20 | CT CLSA ASSET MANAGEMENT/ HANIF YUSOOF | 758,606 | 0.08 |
SUB TOTAL | 890,377,251 | 93.72 | |
OTHERS | 59,708,829 | 6.28 | |
TOTAL | 950,086,080 | 100.00 |
CORPORATE INFORMATION
Name of Company Bankers
PGP Glass Ceylon PLC Citi Bank, N.A
Commercial Bank of Ceylon PLC
Company Registration number Standard Chartered Bank
PQ 190 People's Bank
Hatton National Bank PLC
The Board of Directors State Bank of India
Vijay Shah - Chairman DFCC Bank PLC
Samit Datta- Executive Director/COO
Sanjay Tiwari Registrars
Mayura Fernando
Aruni Goonetilleke Central Depository Systems (Pvt) Limited
M & M Center, 341/5, Kotte Road, Rajagiriya. Telephone: +94 11 2356456 & +94 11 7 420 400
Audit and Risk Committee Legal Advisors
Messrs. F.J. & G. de Saram
Mayura Fernando - Chairman 216, De Saram Place , Colombo 10
Aruni Goonetilleke Telephone: +94 114 718 200-4
Sanjay Tiwari
Statutory Auditors
Remuneration Committee Messrs. KPMG
Chartered Accountants
Aruni Goonetilleke - Chairperson 32 A, Sir Mohamed Macan Markar Mawatha
Vijay Shah Colombo 03
Mayura Fernando
Internal Auditors
Related Party Transactions Review Committee Messrs.Ernst and Young Consulting Services PVT LTD Rotunda Towers
Mayura Fernando - Chairman No. 109, Galle Road
Sanjay Tiwari Colombo 03
Samit Datta
Aruni Goonetilleke
Nomination and Governance committee Registered office
Aruni Goonetilleke - Chairperson 148, Maligawa Road, Borupana, Ratmalana
Vijay Shah Telephone: +94 112 635 481-83/+94 117 800 200 -4
Mayura Fernando Fax:+94 112 635 484
Web: https://www.pgpglassceylon.com
Senior Management Team
Samit Datta Executive Director/COO Factory
Niloni Boteju Vice President- Finance Wagawatte Road, Poruwadanda, Horana.
Palitha Priyanandana General Manager - Supply Chain Telephone: +94 344 938 965-67/+94 347 800 200 Arun Khedwal General Manager and Head - Operations Fax:+94 342 258 120
Thushara Deshapriya General Manager- Domestic Marketing
Damitha Dasanayake General Manager- Export Marketing Madampe Road,Pahala Walahapitiya,Nattandiya A.K.M.Fowzin General Manager- Human Resources Telephone: +94 327 800 200 -4
Fax:+94 322 255 193
Company Secretary
Mrs.Sagarika Weeraparackrama (Attorney-at-Law) 148, Maligawa Road, Borupana, Ratmalana Telephone: +94 117 800 200-4 Ext: 604