Business

Blue Power Group announces an after-tax profit of $139 million

BY ABBION ROBINSON
Observer writer

Wednesday, June 26, 2019

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Soap manufacturer, Blue Power Group Ltd, last week reported an after-tax profit of $139 million for the financial year which ended on April 30, 2019. This represents a 36 per cent increase compared with the corresponding period last year.

Managing Director Noel Dawes in reporting to the stockholders, indicated that the company's performance was influenced by increased sales in the two divisions of the group.

The company operates through two divisions — soap and lumber. It also sells hardware supplies and related products.

“Overall sales for the 12 months are up to 10 per cent from $1,508 million to $1,666 million with the Lumber Depot Division showing an increase of 12 per cent, while the Blue Power Division improved by six per cent,” Dawes said.

Dawes informed that while the Blue Power Division sales declined by 15.08 per cent in the fourth quarter, both divisions had an overall increase of 13.9 per cent.

He added that the fourth quarter made a significant contribution of $19.31 million to the after-tax profit.

As for the new financial year, Dawes told shareholders that the company is going to launch a new line of soap products in June and July.

“With respect to activity in the construction sector, our sales will increase as the economy experiences a boom in building activity,” Dawes concluded in the report.

A subsidiary of Antibes Holdings Ltd, the company was formerly known as Lumber Depot Limited until it changed its name to Blue Power Group Ltd in April 2010.


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