Swisstek

Swisstek (Ceylon) PLC is a tile grout and tile mortar manufacturing company in Sri Lanka. The company was established in 1967 as Parquet (Ceylon) Ltd to manufacture parquetry. Parquet (Ceylon) signed an agreement with Switzerland-based Bauwerk AG for technology collaboration and started supplying for the domestic and foreign markets under the brand name "Swissparkett". The company was listed on the Colombo Stock Exchange in 1983. Parquet (Ceylon) switched its core business by switching to manufacturing tile grout and mortar in 2009. In 2011, the company was renamed Swisstek (Ceylon) and in 2013, became a part of the Vallibel One Group. Swisstek is one of the LMD 100 companies in Sri Lanka.

Swisstek (Ceylon) PLC
FormerlyParquet (Ceylon) (1967-2011)
TypePublic
CSE: PARQ.N0000
ISINLK0135N00000
IndustryMaterials
FoundedJuly 12, 1967 (1967-07-12)
FounderSingha Weerasekera (Founding Chairman)
Headquarters
Colombo
,
Sri Lanka
Key people
  • S. H. Amarasekera (Chairman)
  • J. A. P. M. Jayasekera (Managing Director)
RevenueDecrease LKR8,970 million (2023)
Increase LKR1,263 million (2023)
Decrease LKR(703) million (2023)
Total assetsIncrease LKR10,911 million (2023)
Total equityDecrease LKR2,315 million (2023)
Owners
Number of employees
Decrease 481 (2023)
SubsidiariesSwisstek Aluminium Ltd (87.38%)
Websiteswisstekceylon.com
Footnotes / references
[1]

History

The company was founded in 1967 as Parquet (Ceylon) Ltd to manufacture parquetry. Singha Weerasekera, the then-chairman of Don Carolis and Sons, was the founding chairman of Parquet (Ceylon).[2] Parquet (Ceylon) entered into a technology collaboration with Switzerland-based Bauwerk AG and supplied the domestic market under the brand name "Swissparkett".[3] The company expanded its business to foreign markets in 1972. The company was listed on the Colombo Stock Exchange in 1983. Parquet (Ceylon) became a part of Lanka Walltiles Group in 2003.[4] In 2009, the company switched its core business of manufacturing parquetry to manufacturing tile grout and mortar. Even though the company ceased manufacturing parquetry, the sale of imported parquetry in the domestic market continued.[1]

Parquet (Ceylon) acquired 62% of the stake in Ceykor Aluminium Industries for LKR100 million in a bid for diversification in 2010.[5] Parquet (Ceylon) change name to Swisstek (Ceylon) in 2011.[6] A Royal Ceramics-led consortium acquired a controlling stake in Lanka Ceramics PLC in 2013, thus Royal Ceramics' parent Vallibel One became the ultimate parent company of Swisstek.[7] The company celebrated its 50th anniversary in 2017.[4] Swisstek Aluminium moved to increase its production capacity of 450mt to 1,000mt per month in 2017. The demand for aluminium stood at 2,500mt per month then.[8] Swisstek secured a US$4.5 million timber flooring contract from the Cinnamon Life Colombo project in 2019. The contract is the largest timber flooring deal awarded in Sri Lanka. Swisstek entered into the contract to supply and install 350,000 square feet (33,000 m2) of solid wood flooring for the project.[9]

Operations

Swisstek is one of the LMD 100 companies in Sri Lanka. LMD 100 ranks the public companies in Sri Lanka by revenue annually, and in its 2020/21 edition Swisstek was ranked 95th.[10] Swisstek (Ceylon) also produces skim coats and decorative pebbles, and its subsidiary, Swisstek Aluminium manufactures aluminium extrusions.[1] Alumex, a related company of Swisstek is the market leader in aluminium production and controls 46% of the market share. Swisstek Aluminium Ltd has control of 30% of the market share.[11]

Finances
Financial summary
All figures are in LKR (mns)
YearRevenueOperating incomeProfitAssetsEquity
20238,9701,263(703)10,9112,315
20229,5341,23190010,7213,360
20215,3939756406,5762,881
20204,9356101686,1102,267
20194,2944207506,5042,101
20184,0776303785,4302,144

Source: Annual Report, 2022/23 (pp. 130–131)[1]

See also

References
  1. "Annual Report 2022/23" (PDF). cse.lk. Swisstek (Ceylon) PLC. Retrieved 18 June 2023.
  2. "He believed in taking care of orphans". Daily Mirror. Wijeya Newspapers. 28 August 2021. Retrieved 11 January 2023.
  3. Senewiratne, Hiran H. (9 July 2008). "Parquet likely to sell stakes". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 11 January 2023.
  4. "Swisstek (Ceylon) celebrates 50 dynamic years of business". Daily News. Associated Newspapers of Ceylon Limited. 9 August 2017. Retrieved 11 January 2023.
  5. Edirimuni Chandrasekera, Duruthu (22 May 2011). "Parquet to launch hyper market for building material". The Sunday Times. Wijeya Newspapers. Retrieved 11 January 2023.
  6. "Parquet now Swissteck". Daily FT. Wijeya Newspapers. 7 September 2011. Retrieved 11 January 2023.
  7. Senewiratne, Hiran H. (7 May 2013). "Royal Ceramics acquires 80% stake of Lanka Ceramic Group". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 11 January 2023.
  8. Edirimuni Chandrasekera, Duruthu (23 April 2017). "Swisstek to increase capacity". The Sunday Times. Wijeya Newspapers. Retrieved 11 January 2023.
  9. "Swisstek bags US$4.5 mn Cinnamon Life flooring contract". Daily Mirror. Wijeya Newspapers. 24 October 2019. Retrieved 11 January 2023.
  10. "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 76. Retrieved 11 January 2023.
  11. "Sri Lanka Aluminium maker calls for quality controls". Economy Next. Echelon Media (Pvt) Ltd. 26 August 2018. Retrieved 11 January 2023.
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