PGP GLASS CEYLON PLC INTERIM FINANCIAL STATEMENTS FOR THE FOURTH QUARTER & YEAR ENDED 31 MARCH 2025
Company Registration No: PQ 190 No: 148 Maligawa Road Borupana
RatmalanaSTATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(all amounts in Sri Lankan Rupees thousands)
31 March 2025 | 31 March 2024 | 31 March 2025 | 31 March 2024 | ||||
Revenue | 5,656,983 | 5,523,333 | 19,529,102 | 17,823,509 | |||
Cost of Sales | (3,365,884) | (3,936,345) | (13,013,614) | (12,548,397) | |||
Gross Profit | 2,291,099 | 1,586,988 | 6,515,488 | 5,275,112 | |||
Other Operating Income | 11,848 | 25,280 | 73,924 | 98,927 | |||
Selling and Distribution Expenses | (149,670) | (108,547) | (543,840) | (474,647) | |||
Administrative Expenses | (193,858) | (342,692) | (877,328) | (964,441) | |||
Operating Profit | 1,959,419 | 1,161,029 | 5,168,244 | 3,934,951 | |||
Finance Costs | (775) | (14,373) | (4,102) | (97,374) | |||
Finance Income | 31,023 | 717 | 67,326 | 2,335 | |||
Profit before Tax | 1,989,667 | 1,147,373 | 5,231,468 | 3,839,912 | |||
Income Tax Expense | (408,683) | (241,517) | (1,073,985) | (901,082) | |||
Profit for the Period/Year | 1,580,984 | 905,856 | 4,157,483 | 2,938,830 | |||
Other Comprehensive Income | |||||||
Other Comprehensive Income not to be Reclassified to Profit or Loss in Subsequent Period/Year: | |||||||
Actuarial (gains)/loss on defined benefit obligations | (88,501) | (12,071) | (88,501) | (12,071) | |||
Income tax effect on defined benefit obligations | 17,700 | 2,414 | 17,700 | 2,414 | |||
Gain/(Loss) on Financial Investments - Fair Value through Other | |||||||
Comprehensive Income | (345) | (151) | 1,272 | 1,343 | |||
Net Other Comprehensive Income/(Loss) not to be Reclassified to | |||||||
Profit or Loss in Subsequent Period/Year | (71,146) | (9,808) | (69,529) | (8,314) | |||
Other Comprehensive Income/(Loss) for the Period/year - Net of Tax | (71,146) | (9,808) | (69,529) | (8,314) | |||
Total Comprehensive Income for the Period/Year - Net of Tax | 1,509,838 | 896,048 | 4,087,954 | 2,930,516 | |||
Earnings Per Share - Basic/Diluted | 1.66 | 0.95 | 4.38 | 3.09 | |||
* All figures in brackets indicate deductions |
Quarter ended Un Audited
Year ended
Un Audited Audited
STATEPIENY OF FINANCIAL POSITION | |||
(all amounts in Sri Lankan Rupees thousands) | |||
As at 31 March 2025 Un Audited | As at 31 idarch 3O24 Audited | ||
Non-Current Assets Property, Plant and Equipment | 5,426,886 | 5,077,749 | |
R'ight of use asses • | 36,761 | 39,560 | |
Financial investments | 5,149 | 3,720 | |
Other receivables | 4F239 | 497 | |
Total non-current asseM | S,47Z,03S | 5,121,526 | |
Current Assets Inventories | 4049277 | 4,807,415 | |
Trade and other receivables | 3,932,333 | 4,210551 | |
Prepayments | 26,808 | 29,032 | |
Cash and short term deposits | 2,885389 | *r63* | |
Total current assets | 10,B93,807 | 9,133,629 | |
Tofal Assets | 16,366,842 | 14,255,155 | |
Eeu zy AND LIABILEYIES Capital and Reserves Stated capital | 1,S26,407 | 1,526,407 | |
Reserves | 105,290 | 104,0T8 | |
Retained earnings | 11,295,778 | 9,437,967 | |
Total Equity | 12,927,475 | 11,068,392 | |
Non-Current Liabilities Lea5e liabillty | 11,504 | 16,366 | |
Deferred tax liabilities | 538,834 | 6S2,l7B | |
Employee beneñt Iiabi(ity | 332F434 | 2t'i,980 | |
Total non-current I‹abiIIties | 8B2,772 | ||
Current Liabilities Lease liability | 6,309 | 6,496 | |
Trade and other pavables | 1,803,798 | I,681,824 | |
Dividends payable | 134,405 | 83,467 | |
Income tax pava6le | 577,003 | 496,834 | |
Bank overdraft | 35,080 | 33,618 | |
Total current liabilities | 2,302,239 | ||
Total liabilities | 3,439,36y | ||
Total Equity and Liabilities | 16,366,842 | 14,255,155 | |
Net ASsets per Share | 13.61 | 11.65 | |
These ina ial Statements have deen prepared in compliance with the requirements oF the Companies Act No.07 of 2007.
Ni oni Boteju Financial Controller
The Board of Directors iS responsible for the preparation and presentation on these Financial Statements In accordance with
Sñ Lankd Accounting SM«dardv
Approved and signed fpr and on behalF of the Board or Directors of PGP Glass Ceylon PLC.
25th April 2025
STATEMENT OF CHANGES IN EQUITY
(all amounts in Sri Lankan Rupees thousands)
Stated Capital | Fair Value Reserve | Revaluation Reserves | Retained Earnings | Total | |
As at 01 April 2023 | 1,526,407 | 1,267 | 101,408 | 8,080,039 | 9,709,121 |
Total comprehensive income for the year | |||||
Profit for the Period | 2,938,830 | 2,938,830 | |||
Other comprehensive income | 1,343 | (9,657) | (8,314) | ||
Total comprehensive income | 1,343 | 2,929,173 | 2,930,516 | ||
Dividend paid | (1,577,143) | 1,577143) | |||
Unclaimed dividend write back | 5,898 | 5,898 | |||
As at 31 March 2024 (Audited) | 1,526,407 | 2,610 | 101,408 9,437,967 11,068,392 | ||
Profit for the period | 4,157,483 | 4,157,483 | |||
Other comprehensive income | 1,272 | (70,801) (69,529) | |||
Total comprehensive income | 1,272 | 4,086,682 | 4,087,954 | ||
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 (Un Audited) | 1,526,407 | 3,882 101,408 11,295,778 12,927,475 | |||
STATEMENT OF CASH FLOWS
(all amounts in Sri Lankan Rupees thousands)Year ended
31 March 2025 31 March 2024
Un Audited Audited
Cash Flow from Operating Activities Profit before Tax | 5,231,468 | 3,839,912 |
Non-cash Adjustment to Reconcile Profit before Tax to Net Cash Flows: Depreciation of Property, Plant Equipment | 709,604 | 747,163 |
Provision for employee benefit liability | 42,414 | 43,597 |
Provision for slow moving inventories | 248,035 | 120,984 |
Provision for impairment on trade receivable | 12,856 | (35,544) |
Exchange difference adjustment | (9,282) | |
Right of Use Asset - Depreciation | 2,799 | 2,799 |
Script dividend income from quoted investment | (446) | - |
Finance Costs | 4,102 | 97,374 |
Finance Income | (66,879) | (2,335) |
(Gain) on sale of property, plant and equipment | (506) | (145) |
Operating Profit before Working Capital Changes | 6,183,447 | 4,804,523 |
Working Capital Adjustments: (Increase) / Decrease in Inventories | 510,102 | (638,500) |
(Increase) / Decrease in Trade and Other Receivables and Prepayments | 209,051 | (1,023,541) |
(Increase) / Decrease in Trade and Other Payables | (121,974) | 125,828 |
(Increase) / decrease in gratuity to be paid | (425) | |
Cash Generated from Operations | 6,780,626 | 3,267,885 |
Income tax paid | (1,087,058) | (580,585) |
Employee benefit liability costs paid | (14,461) | (12,488) |
Interest Paid | (4,102) | (101,805) |
Net cash flow generated from / (used in) operating activities | 5,675,005 | 2,573,007 |
Cash Flows from Investing Activities Acquisition of Property, Plant and Equipment | (755,298) | (552,703) |
Proceeds from Sale of Property, Plant and Equipment | 506 | 145 |
Finance Income | 66,879 | 2,335 |
Loans & Advances Granted to Company Officers during the Period | (17,203) | (8,440) |
Repayment of Loans & Advances by Company Officers during the Period | 13,079 | 12,839 |
Net cash flow (used in) investing activities | (692,037) | (545,824) |
Cash Flows from Financing Activities | ||
Borrowings of interest bearing short term loans | 250,000 | 5,601,855 |
Repayments of interest bearing short term loans | (250,000) | (6,043,201) |
Repayments of interest bearing long term loans | - | (165,167) |
Lease rental paid | (7,739) | (8,605) |
Dividends Paid | (2,177,933) | (1,536,685) |
Net Cash Flow Generated from/(Used in) Financing Activities | (2,185,672) | (2,151,803) |
Net Increase/ (Decrease) in Cash and Cash Equivalents | 2,797,296 | (124,620) |
Cash and Cash Equivalent at the Beginning of the Year | 53,013 | 177,632 |
Cash and Cash Equivalent at the End of the Year | 2,850,309 | 53,012 |
* All figures in brackets indicate deductions |
NOTES TO THE INTERIM FINANCIAL STATEI"gENT5
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 2024.
The Company has commitments for acquisition of property, plant and equipment incidental to the ordinary course of business as at 31st March 2025 are as follows:
31 t'4arch 2025 Rs I•in | 31March 2024 Rs Mn | |
Contracted but not Provided | 51 | 661 |
Authorized by the Board, but not Contracted | 68 | 237 |
3 Financial instruments measured at fair value |
Assets measured at fair value
Equity Instruments at FVTOCI
Quoted equity shares Unquoted shares
As at 31 Mamh 2026
TataI Level 1 Level 3
R R R 4,608,668 4,608,668
540, 000 540, 000
5,148,668 4,608,668 540,000
As at 31st March 2024
Total Leve1 1 Leve13 Rs Rs Rs.
3,180,372 3,180,372
540,000 540, 000
3,720,372 3,180,372 540,000
As at 31 March 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.
The number of shares in issue of the Company as at 31 Narch 2025 is 950,086,080 (As at 31 March 2024 - 950,086,080).
Percentage of Public holding as at 31 March 2025 was 21.22% (As at 31 March 2024-21.22%) & total No. of Shareholders who holds the Public Holding
as at 31 March 2025 - 10,837 (As at 31 March 2024 - 11,127).
The float adjusted market capitalization as at 31 March 2025 was Rs.6,915,067,209.The Float adjusted market capitalization of the Company falls under Option 3 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 final dividend of Rs.2.26 per share for the financial year ended 31 Narch 2025 as its board meeting held on 25th April 2025.
During the quarter ended
Highest Price
Lowest Price
Last Traded Price
31 March
2
36.50
33.00
34.80
31 March
30.50
25.60
29.80
10 The details of shares held by the Directors and their spouses as at 31 Narch 2025 are as follows:
Mr. S K Tiwari
(Shares held jointly with Mrs. S S Tiwari)
No of Shares •/a
1,214,166 0.128
Mr. S A 3ain 29,825
0.003
NOTES TO THE INTERIM FINANCIAL STATEMENTS
20 Major Shareholders as at 31 march 2025
No | NAME OF SHAREHOLDER | NO. OF SHARES | •/o | ||
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 | 22,976,193 | 2.42 | ||
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 | 2,749,519 | 0.29 | ||
07 | TRANZ DOMINIONL.L.C. | 1,650,000 | 0.17 | ||
08 | MR C. WIJESINGHE | 1,440, 000 | 0.15 | ||
09 | MRS P. DISSANAYAKE | 1,440, 000 | 0.15 | ||
10 | MR. C. AMERASINGHE | 1,292,250 | 0.14 | ||
11 | MR. S.R. PERERA | 1,215, 000 | 0.13 | ||
12 | MRS. S.S. TIWARI & MR. S.K.TIWARI | 1,214,166 | 0.13 | ||
13 | MR. S. YUSOOF | 1,200,000 | 0.13 | ||
14 | MR. M.S.A. HUSSNY | 1,183,280 | 0.13 | ||
15 | MR. A.D. EDUSSURIYA | 1,000,000 | 0.11 | ||
16 | MR. M.M. SOMASIRI | 971,261 | 0.10 | ||
17 | MR. P.R. ANTHONIS | 928,000 | 0.10 | ||
18 | EMPLOYEES TRUST FUND BOARD | 899,671 | 0.10 | ||
19 | CT CLSA ASSET MANAGEMENT/ HANIF YUSOOF | 833,606 | 0.09 | ||
20 | HATTON NATIONAL BANK PLC A/C NO.4 (HNB RETIREMENT PENSION FUND) | 755,759 | 0.08 | ||
SUB TOTAL | 889,512,933 | 93.63 | |||
OTHERS | |||||
TOTAL |
CORPORATE INFORMATION
PGP Glass Ceylon PLC PQ 190
Vijay Shah - Chairman
Samit Datta- Executive Director/COO (From 01.04.2025) Sanjay 3ain - Executive Director/COO (Up to 31.03.2025) Sanjay Tiwari
Mayura Fernando Aruni Goonetilleke
Nayura Fernando - Chairman Aruni Goonetilleke
Sanjay Tiwari
Aruni Goonetilleke - Chairperson
Vijay Shah
Mayura Fernando
Nayura Fernando - Chairman Sanjay Tiwari
Sanjay 3ain ( un to 3t.03.2025) Samit Datta (rrom oi.o<.2025) Aruni Goonetilleke
Aruni Goonetilleke - Chairperson Vijay Shah
Mayura Fernando
Citi Bank, N.A
Commercial Bank of Ceylon PLC Standard Chartered Bank People's Bank
Hatton National Bank PLC State Bank of India
DFCC Bank PLC
Central Depository Systems (Pvt) Limited
N & N Center, 341/5, Kotte Road, Rajagiriya. Telephone: +94 11 2356456 & +94 11 7 420 400
Nessrs. F.J. & G. de Saram
216, De Saram Place , Colombo 10 Telephone: +94 114 718 200-4
Messrs. KPMG Chartered Accountants
32 A, Sir Mohamed Nacan Narkar Mawatha Colombo 03
Messrs.Ernst and Young Consulting Services PVT LTD Rotunda Towers
No. 109, Galle Road
Colombo 03
148, Maligawa Road, Borupana, Ratmalana
Telephone: +94 112 635 481-83/+94 117 800 200 -4
Fax:+94 112 635 484
Web: https://www.pgpgIassceyIon.com
Samit Datta Sanjay Jain Niloni Boteju
Palitha Priyanandana Arun Khedwal Thushara Deshapriya Damitha Dasanayake A.K.M.Fowzin
Executive Director/COO (From 01.04.2025) Executive Director/COO (Up to 31.03.2025) Financial Controller
Head of Supply Chain
General Manager and Head - Operations Head of Domestic Marketing
Head of Export Marketing
Head of Human Resources
Wagawatte Road, Poruwadanda, Horana. Telephone: +94 344 938 965-67/+94 347 800 200
Fax:+94 342 258 120
Nadampe Road,PahaIa WaIahapitiya,Nattandiya Telephone: +94 327 800 200 -4
Fax:+94 322 255 193
Mrs.Sagarika Weeraparackrama (Attorney-at-Law) 148, Maligawa Road, Borupana, Ratmalana Telephone: +94 117 800 200-4 Ext: 604