C. W. Mackie announces best financial results in over 100 years of operation

Wednesday, 19 July 2023 00:05 - - {{hitsCtrl.values.hits}}

C. W. Mackie Chairman and Chief Executive Officer Hemaka Amarasuriya

C. W. Mackie PLC, one of Sri Lanka’s leading and longest-standing diversified conglomerates, published its integrated annual report for the 22/23 financial year, highlighting the company’s resilience during a period defined by unprecedented challenges to register its best financial results in over a century of operation.

C. W. Mackie PLC newly appointed Chairman and Chief Executive Officer Hemaka Amarasuriya said: “In what has become a benchmark year of financial and non-financial performance for C. W. Mackie PLC, we continued to deliver on our commitments to the shareholders and stakeholders of the company, exceeding all expectations.”

“We are excited to share our consolidated financial statements alongside details of the strategic approach followed by the Group to sustain and strengthen our market leadership position, and record an exceptional performance in a susceptible economic environment,” he added.

C. W. Mackie PLC Group recorded a remarkable year with a 46% year-on-year increase in revenue to reach Rs. 19.2 billion, and the resulting doubling of gross profit from Rs. 2.0 billion during the preceding financial year to Rs. 3.9 billion during the reporting period, an outstanding growth of 97%.

Despite the global recession C. W. Mackie PLC Group successfully supplied overseas orders and strengthened overseas customer relationships. The Group focused on capacity expansion of manufacturing facilities, investing in new machinery especially for export-based manufacturing, reconditioning old machinery and revisiting production lines, and investing in human capital to focus more on developing new products and marketing strategies. LKR depreciation was favourable in terms of revenue and margin in export business.

The integrated annual report pays homage to C. W. Mackie PLC’s over 120-year history and sheds light on its farsighted strategic investments under the theme ‘An Inspiring History.. An Aspiring Future’. The company has prudently invested across a multitude of sectors, with the annual report presenting a sectoral-wise breakdown for the reporting period that saw the company’s FMCG sector – despite compounding market challenges and economic contraction – overtake the commodity sector in terms of revenue.

The business overview of the company is complemented by the review of capitals for the reporting period, giving shareholders a concise, clear and transparent narrative of C. W. Mackie PLC strategy, performance, as well as prospects for sustainable value creation over its projected growth phase in the next three years. The report also introduces the Company’s ‘Six-fold Sustainable Model’, launched during the reporting period by C. W. Mackie PLC as a more holistic approach to address existing and emerging environmental challenges that are more closely aligned with its own business verticals.

The annual report will be presented by the Board of Directors of the company during its Annual General Meeting scheduled to be held on the 27 July and also available for download in print PDF on C. W. Mackie PLC’s revamped website.