ACL Cables PLC, the market leader in cables with over 70 per cent market share as a group, and the pioneer of Sri Lanka’s cable industry since 1962, has recorded an impressive full-year group turnover of Rs. 14.5 billion, for the 2014/2015 financial year, a promising year-on-year (YoY) growth of 27.2 per cent.At the same time, group Profit After Tax (PAT) for the same period was also posted at Rs. 973.4 million, a lofty 90.4 per cent rise over the previous 12 months (unaudited)
"The ACL Cables Group has delivered remarkable growth over the 2014/2015 financial year. Not only has this performance resulted in maintaining our strong, market leader position in the local cable industry but, even more importantly, it has allowed us to add to the significant confidence felt by our customers and shareholders,"said Managing Director Suren Madanayake.Meanwhile, ACL Cables Group’s business segment growth was lead by its core, cable-manufacturing concerns, which showed Rs. 13.4 billion in revenue for the 2014/2015 financial year, up significantly from Rs. 11.1 billion in 2013/2014.While PVC manufacturing also raised marginally, to Rs. 87.4million, from Rs. 70.5 million.Additionally, its other business segment also grew, to Rs. 971.8million, from Rs. 192million previously.
Commenting, Madanayake also said, "The significant growth in new businesses is a direct result of being the single most innovative company in the sectorassuring our number 1 position and proving ourselves committed to maintaininternational quality standards, while using only the finest material in our manufacturing process."
Further Madanayake stated "We have moved into additional new business ventures such as switches, sockets, electrical accessories and renewable power, which would increase our business potential to serve a vast range of customer segments and improve our business standards as well. The latest introduction of our fire zero and fire survivor cables has also meant to be a promising product in the market, with its remarkable results shown during a shorter period of time."
"Buoyed by our positive progress this year, we look forward to doing even better in the future, thanks to the immense trust placed in us by our satisfied customers, and with the help of our highly motivated channel partners, key stakeholders and valued employees," added Madanayake.
Courtesy: The Island 11 June 2015