ACL Cables posts phenomenal 189% profits and record revenues as a group at end Q2

Wednesday, 17 November 2021 00:00 - - {{hitsCtrl.values.hits}}

Chairman Upali Madanayake

MD Suren Madanayake

Creating history in its journey of six decades ACL Cables PLC, Sri Lanka’s No.1 cable manufacturer has posted a phenomenal 189% year-on-year profit increase at the end of its second quarter demonstrating strong financial

performance and stability as a group.

Noteworthy are the resounding strong figures despite challenging economic conditions seen locally as well as globally due to the COVID-19 pandemic.

ACL Cables posted a revenue of Rs. 9 billion as a group for the financial quarter ending September 2021, recording almost a 50% growth compared with the previous year. Furthermore, the group posted a revenue of Rs. 15.8 billion which is a 66% YoY growth for the six months period ending September 2021.

Moreover, Group profits for the quarter grew 98% at Rs. 992 million in 2021 compared to Rs. 500 million in 2020.

The most significant growth was the increase in profits for the period ended from September 2021, a 189% year on year growth. Profit after Tax (PAT) grew by a mammoth figure of Rs. 910 million, to Rs. 1.39 billion in 2021 from Rs. 481 million during the same period when compared to the previous year.

Commenting on the remarkable results, Managing Director Suren Madanayake stated: “This was a tremendous performance by the team and the effort of every individual contributing for us to end the last quarter on such a high note. I’m delighted of the fact that ACL continuously keeps proving to be the No.1 cable establishment in Sri Lanka. I’m immensely grateful for our Chairman Upali Madanayake for all his advice and guidance rendered to us throughout this journey. I also would like to thank our customers for the trust they placed in us, and the support given throughout the years. Amidst stringent business conditions locally as well as globally we are humble and proud of ourselves with this outstanding performance. We hope to continue the momentum for the next two quarters as well and ensure we post a great end to the current financial year.”

ACL also recorded significant numbers in its performance as a company with a 47% revenue increase and 34% increase in profit after tax during the last quarter. The company also recorded a Rs. 8.9 million revenue and Rs. 545 million profits for the period ended from 30 September 2021, which is a 68% and 60% year on year growth respectively.

ACL Cables has been in the industry for the past six decades and continues to lead the industry as the No.1 cable company in Sri Lanka. Today, ACL has extended its range of products from cables to switches, circuit protection devices, ceiling fans and many other electrical accessories.

All ACL products have proved to be successful SKUs with positive market acceptance. The latest being switches under the Elegance brand name in addition to the range of circuit protection devices marketed under Venus and Mercury brand names.

ACL Cables holds a market share of 70% and a revenue over 20 billion as a group, which is equivalent to almost $ 100 million.