Connect with us

Business

Soap and Allied profits fall by 63% in one year

Published

on

Soap and Allied profits fall by 63% in one year

The profits of Soap and Allied Industries Ltd (SAIL), a subsidiary of the Currimjee Group, dipped by 63% between 2020 and 2021.

In its Abridged Audited Financial Statements for the year ended 31 December 2021, the company posted a net profit after tax of Rs 7.9 M as compared to a net profit after tax of Rs 21.6 M for the year 2020.

The company justified the drop in profitability on the account of lower exports due to “unavailability of vessels, sluggish demand for exports, rising costs of raw materials & freight and depreciation of the Mauritian Rupee.”

However, its turnover for the year 2021 increased to Rs 720.7million as compared to Rs 701.2million for the year 2020.

SAIL cautioned that the continuous increase in prices of raw materials and freight “will have a direct impact on the performance of our business and this will be further accentuated by the war in Ukraine.”

SAIL sells laundry soaps, beauty soaps, detergent powders, detergent liquids to other “Fast Moving Consumer Goods’’.

Its Trading division imports and distributes a range of Basmati rice under SAIL’s own brand names. SAIL also imports and distributes HIMALAYA products.

Bookmark (0)

No account yet? Register

Spread the News
The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

The information and opinions expressed in our published works are those of authors/sources believed to be reliable. NewsMoris makes no representations as to accuracy, completeness, suitability, or validity of any information expressed.