Proplastics turnover soars to $2,8 billion

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Revenue rose to $6,6 billion from $4,2 billion.

PROPLASTICS’ turnover grew by 57 percent to $2,8 billion from $1,8 billion in prior year in inflation adjusted terms during the year to December 31, 2021.

The increase was on the back of a 24 percent increase in volumes and taking cognisance of price adjustments due to global increases in the main components of raw materials.

The company said encouragingly, exports grew by 149 percent and contributed 11 percent to total turnover for the period under review.

“It is also important to note that a significant portion of the group’s revenue was recorded at the auction rate, having been received in United States dollars. Given the global raw material shortages, cost of sales rose by 48 percent from prior year,” said company chairman Gregory Sebborn.

The group posted a gross profit of $933 million compared to $515 million in prior year. Overheads were contained to manageable levels and, as a result, the group recorded EBITDA of $624 million compared to $442 million in prior year.

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