Access Engineering ups 9-month after tax profit by 43% to Rs. 1.6b

Wednesday, 13 February 2019 00:12 - - {{hitsCtrl.values.hits}}

Access Engineering PLC, the premier listed civil engineering company, has recorded an impressive Group Profit after Tax of Rs. 1.66 b in the first nine months of FY19 with a YoY increase of 43%.

Chairman Sumal Perera

Managing Director Christopher Joshua

For the quarter ended 31December 2018 the Group recorded a profit after tax of Rs. 640 m, a significant YoY growth of 124% against the third quarter of 2017/18. At the Company level after tax profit for the nine months and the quarter was recorded at Rs. 1.56 b and Rs. 542 m respectively.

Consolidated revenue for the nine months and the quarter was recorded at Rs. 21.57 b and Rs. 7.95 b respectively with corresponding YoY growth levels of 13% and 15%. At the Company level turnover recorded was Rs. 13.81 b and Rs. 5.16 b for the cumulative period and the quarter.

For the cumulative revenue the contribution of construction was 58% while the automobile segment, sale of construction related material and the property sector contributed 29%, 10% and 3% respectively. Gross profit for the quarter was recorded at Rs. 1.32 b and Rs. 938 m at Group and Company level respectively with corresponding margins of 17% and 18%. For the cumulative period gross margin was recorded at 17% and 16% at Group and Company level respectively.

As at 31December 2018, the total asset base of the company amounted to Rs. 47.96 b and Rs. 34.55 b at Group and Company level respectively. The equity attributed to the owners of the company was recorded at Rs. 22.16 b at the Group level while it was Rs. 19.15 b at Company level.

During the quarter ended 31December the Company declared an interim dividend of Rs. 0.25 per share on 30November 2018 which was paid in full on 20December 2018. The company is engaged in two real estate development projects, namely, Capital Heights Rajagiriya for the development of 242 luxury apartments and Marina Square Colombo for the development of 1,068 units. Both projects have had healthy pre-sales with interest from foreign and local buyers.

The Board of Directors of Access Engineering PLC comprises Sumal Perera (Chairman), Christopher Joshua (Managing Director), Rohana Fernando (COO), Shevantha Mendis, Dharshana Munasinghe, Dilhan Perera, Ranjan Gomez, Professor Malik Ranasinghe, Niroshan Gunaratne and Dinesh Weerakkody.