UBP: Revenue up, profits down

Revenue for United Basalts Products Ltd for the half year ended December 31, 2021 increased by 9.9% (+Rs 184.8 million) compared to the same period in 2020.

Out of the Rs 184.8 million increase, Rs 131.6 million was attributable to Pre-Mixed Concrete Ltd, which was consolidated as a subsidiary as from November 2021.

Its local core business segment sales volume was lower than previous year which had been impacted by the catching up effect of major projects following the first COVID-19 lockdown in March 2020.

The group’s operating profit for the half year period decreased from Rs 237.0 million to Rs 186.9 million, attributed to a significant increase in boulders quarrying costs and higher repairs and maintenance costs.