Declared Dividend • Mar 20
First half dividend of LK₨0.37 announced Shareholders will receive a dividend of LK₨0.37. Ex-date: 27th March 2026 Payment date: 21st April 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by earnings (47% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 48% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.0% EPS decline seen over the last 5 years. Reported Earnings • Nov 17
Second quarter 2026 earnings released: EPS: LK₨0.10 (vs LK₨0.41 in 2Q 2025) Second quarter 2026 results: EPS: LK₨0.10 (down from LK₨0.41 in 2Q 2025). Revenue: LK₨2.52b (down 1.0% from 2Q 2025). Net income: LK₨33.3m (down 75% from 2Q 2025). Profit margin: 1.3% (down from 5.3% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 51% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Aug 16
First quarter 2026 earnings released: EPS: LK₨0.10 (vs LK₨0.38 in 1Q 2025) First quarter 2026 results: EPS: LK₨0.10 (down from LK₨0.38 in 1Q 2025). Revenue: LK₨2.23b (down 3.6% from 1Q 2025). Net income: LK₨34.9m (down 72% from 1Q 2025). Profit margin: 1.6% (down from 5.4% in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 42% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. 공시 • Jun 06
Ex-pack Corrugated Cartons PLC, Annual General Meeting, Jun 30, 2025 Ex-pack Corrugated Cartons PLC, Annual General Meeting, Jun 30, 2025, at 10:00 Sri Lanka Standard Time. Reported Earnings • May 21
Full year 2025 earnings released: EPS: LK₨1.36 (vs LK₨1.74 in FY 2024) Full year 2025 results: EPS: LK₨1.36 (down from LK₨1.74 in FY 2024). Revenue: LK₨9.93b (flat on FY 2024). Net income: LK₨453.1m (down 22% from FY 2024). Profit margin: 4.6% (down from 5.9% in FY 2024). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 18
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to LK₨14.10. The fair value is estimated to be LK₨17.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. Buy Or Sell Opportunity • Feb 01
Now 21% undervalued Over the last 90 days, the stock has risen 12% to LK₨15.40. The fair value is estimated to be LK₨19.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 18%. Reported Earnings • Jan 22
Third quarter 2025 earnings released: EPS: LK₨0.38 (vs LK₨0.46 in 3Q 2024) Third quarter 2025 results: EPS: LK₨0.38 (down from LK₨0.46 in 3Q 2024). Revenue: LK₨2.52b (down 3.4% from 3Q 2024). Net income: LK₨125.8m (down 18% from 3Q 2024). Profit margin: 5.0% (down from 5.9% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Packaging industry in Asia. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 22
Second quarter 2025 earnings released: EPS: LK₨0.41 (vs LK₨0.55 in 2Q 2024) Second quarter 2025 results: EPS: LK₨0.41 (down from LK₨0.55 in 2Q 2024). Revenue: LK₨2.54b (up 4.1% from 2Q 2024). Net income: LK₨135.3m (down 26% from 2Q 2024). Profit margin: 5.3% (down from 7.5% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Packaging industry in Asia. New Risk • Aug 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 6.2% Last year net profit margin: 8.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (122% cash payout ratio). Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (LK₨4.50b market cap, or US$15.1m). Reported Earnings • Aug 15
First quarter 2025 earnings released: EPS: LK₨0.38 (vs LK₨0.29 in 1Q 2024) First quarter 2025 results: EPS: LK₨0.38 (up from LK₨0.29 in 1Q 2024). Revenue: LK₨2.31b (up 1.7% from 1Q 2024). Net income: LK₨125.9m (up 30% from 1Q 2024). Profit margin: 5.4% (up from 4.3% in 1Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. 공시 • Jun 08
Ex-pack Corrugated Cartons PLC, Annual General Meeting, Jun 28, 2024 Ex-pack Corrugated Cartons PLC, Annual General Meeting, Jun 28, 2024, at 10:00 Sri Lanka Standard Time. Reported Earnings • May 28
Full year 2024 earnings released: EPS: LK₨1.74 (vs LK₨4.24 in FY 2023) Full year 2024 results: EPS: LK₨1.74 (down from LK₨4.24 in FY 2023). Revenue: LK₨9.88b (down 27% from FY 2023). Net income: LK₨580.7m (down 59% from FY 2023). Profit margin: 5.9% (down from 11% in FY 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Packaging industry in Asia. Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: LK₨0.46 (vs LK₨1.05 in 3Q 2023) Third quarter 2024 results: EPS: LK₨0.46 (down from LK₨1.05 in 3Q 2023). Revenue: LK₨2.61b (down 26% from 3Q 2023). Net income: LK₨154.1m (down 56% from 3Q 2023). Profit margin: 5.9% (down from 9.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Packaging industry in Asia. New Risk • Nov 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 7.4% Last year net profit margin: 11% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (7.4% net profit margin). Market cap is less than US$100m (LK₨4.33b market cap, or US$13.2m). Reported Earnings • Nov 17
Second quarter 2024 earnings released: EPS: LK₨0.56 (vs LK₨1.31 in 2Q 2023) Second quarter 2024 results: EPS: LK₨0.56 (down from LK₨1.31 in 2Q 2023). Revenue: LK₨2.44b (down 29% from 2Q 2023). Net income: LK₨185.2m (down 58% from 2Q 2023). Profit margin: 7.6% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Packaging industry in Asia. 공시 • Sep 01
Ex-pack Corrugated Cartons PLC, Annual General Meeting, Sep 26, 2023 Ex-pack Corrugated Cartons PLC, Annual General Meeting, Sep 26, 2023, at 09:00 Sri Lanka Standard Time. Agenda: To receive and consider the Annual Report of the Board of Directors and the Financial Statements of the Company for the year ended 31st March 2023 and the Report of the Auditors thereon; to re-elect as a Director, Ms. Shehara De Silva who retires by rotation in terms of Article 78 of the Articles of Association of the Company and being eligible, offers herself for re-election as a Director; to re-elect as a Director, Mr. U K D Dharmadasa who retires by rotation in terms of Article 78 of the Articles of Association of the Company and being eligible, offers herself for re-election as a Director; to re- appoint the retiring Auditors Messrs. Ernst & Young, Chartered Accountants as the Auditors of the Company; and to consider any other business of which due notice has been given. Reported Earnings • Aug 08
First quarter 2024 earnings released: EPS: LK₨0.29 (vs LK₨1.28 in 1Q 2023) First quarter 2024 results: EPS: LK₨0.29 (down from LK₨1.28 in 1Q 2023). Revenue: LK₨2.28b (down 37% from 1Q 2023). Net income: LK₨96.8m (down 77% from 1Q 2023). Profit margin: 4.3% (down from 12% in 1Q 2023). The decrease in margin was driven by lower revenue. Recent Insider Transactions • Jul 15
Executive Non-Independent Director recently bought LK₨1.0m worth of stock On the 11th of July, Abdullah Kassim bought around 70k shares on-market at roughly LK₨14.50 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨3.8m more in shares than they have sold in the last 12 months. Reported Earnings • Jun 03
Full year 2023 earnings released: EPS: LK₨4.16 (vs LK₨2.18 in FY 2022) Full year 2023 results: EPS: LK₨4.16 (up from LK₨2.18 in FY 2022). Revenue: LK₨13.5b (up 58% from FY 2022). Net income: LK₨1.39b (up 124% from FY 2022). Profit margin: 10% (up from 7.3% in FY 2022). The increase in margin was driven by higher revenue. Recent Insider Transactions • Mar 30
Non-Executive Independent Director recently bought LK₨224k worth of stock On the 27th of March, U. Dharmadasa bought around 15k shares on-market at roughly LK₨14.90 per share. This transaction increased U.'s direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth LK₨2.3m. Insiders have collectively bought LK₨2.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 20
Executive Non-Independent Director recently bought LK₨2.3m worth of stock On the 15th of February, Abdullah Kassim bought around 150k shares on-market at roughly LK₨15.45 per share. This transaction increased Abdullah's direct individual holding by 10x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨2.6m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 02
Third quarter 2023 earnings released: EPS: LK₨1.05 (vs LK₨0.45 in 3Q 2022) Third quarter 2023 results: EPS: LK₨1.05 (up from LK₨0.45 in 3Q 2022). Revenue: LK₨3.54b (up 49% from 3Q 2022). Net income: LK₨350.9m (up 179% from 3Q 2022). Profit margin: 9.9% (up from 5.3% in 3Q 2022). The increase in margin was driven by higher revenue. Recent Insider Transactions • Jan 14
Non-Executive Non-Independent Director recently bought LK₨146k worth of stock On the 5th of January, Shafik Kassim bought around 11k shares on-market at roughly LK₨13.30 per share. This transaction amounted to 76% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought LK₨305k more in shares than they have sold in the last 12 months. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Nov 11
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Nov 09
Upcoming dividend of LK₨1.35 per share Eligible shareholders must have bought the stock before 16 November 2022. Payment date: 06 December 2022. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 13%. Within top quartile of Sri Lankan dividend payers (8.4%). Higher than average of industry peers (2.6%). 공시 • Sep 03
Ex-pack Corrugated Cartons Limited, Annual General Meeting, Sep 30, 2022 Ex-pack Corrugated Cartons Limited, Annual General Meeting, Sep 30, 2022, at 09:00 Sri Lanka Standard Time. Recent Insider Transactions • Dec 07
Chief Executive Officer recently sold LK₨456k worth of stock On the 29th of November, Mohamed Riyaz sold around 20k shares on-market at roughly LK₨22.80 per share. In the last 3 months, they made an even bigger sale worth LK₨2.5m. Mohamed has been a seller over the last 12 months, reducing personal holdings by LK₨3.0m. Recent Insider Transactions • Nov 24
Chief Executive Officer recently sold LK₨2.5m worth of stock On the 16th of November, Mohamed Riyaz sold around 146k shares on-market at roughly LK₨17.25 per share. This was the largest sale by an insider in the last 3 months. This was Mohamed's only on-market trade for the last 12 months.