Access Engineering records highest ever after-tax profit of Rs. 2.6 b in FY17

Access Engineering Plc, the premier civil engineering company listed on the Colombo Stock Exchange, released its interim financial statements for the 2016/2017 financial year, ending it on a record high with an impressive after-tax profit of Rs. 2.6 billion at the company level, which is the highest ever recorded since its incorporation. 

This is approximately a YoY growth of 29% compared to the corresponding year. For the quarter ended 31 March 2017, the company recorded a profit after tax of Rs. 912 million, a significant YoY growth of 61% against the fourth quarter of 2015/16. 

At a group level, cumulative after-tax profit for the financial year 2016/17 was Rs. 2.7 billion, an approximate growth of 7% while the quarterly earnings were Rs. 848 million, a growth of 33%. 

2016/17 also saw the company recording its highest ever revenue of Rs.  20.4 billion and Rs. 14.7 billion at the group and company level respectively with corresponding YoY growth levels of 16% and 27%. For the quarter ended 31 March revenue was recorded at Rs. 5.1 billion and Rs. 4.1 billion at the group and company level respectively, a YoY growth of 14% and 35%. 

For cumulative revenue the contribution of construction-related material was Rs. 2.1 billion, a YoY growth of 37% while the contribution of construction activities amounted to Rs. 10.7 billion, a YoY growth of 16%.  

Gross profit for the quarter was recorded at Rs. 1 billion and Rs. 711 million at the group and company level respectively, with corresponding margins of 20.2% and 17%. 

For the cumulative period the gross margin was recorded at 23.3% and 23% at the group and company level respectively. Net profit attributable to owners of the company was Rs. 2.6 billion and Rs. 911 million respectively for the cumulative period and quarter at the company level, a YoY growth of 28.6% and 60.6% respectively. 

At the group level this was Rs. 2.7 billion and Rs. 831 million respectively, a corresponding growth of 9.6% and 30.5%. Total comprehensive income for the cumulative period was Rs. 2.9 billion and Rs. 2.7 billion respectively at the group and company level. For the quarter this was recorded as Rs. 1 billion at both the group and company level. 

During the cumulative period, the company’s 100%-owned subsidiary Access Realties Ltd. generated a profit before tax of Rs. 171 million, up 6.8% YoY while its 84%-owned subsidiary Sathosa Motors Plc generated a PBT of Rs. 333 million, a YoY drop of 27.9%. The 80%-owned Access Projects Ltd. generated a PBT of Rs. 146 million, a YoY drop of 15.5%.

As at 31 March 2017, the total asset base of the company amounted to Rs. 36 billion and Rs. 28.4 billion at the group and company level respectively. The equity attributed to the owners of the company was recorded at Rs. 18.8 billion at the group level while it was Rs. 17.2 billion at the company level. This had been translated into a net asset per share of Rs. 18.85 at the group level and Rs. 17.22 at the company level. 

During the quarter ended 31 March, the company declared its second interim dividend of Rs. 0.50 per share on 9 March 2017, which was paid in full on 27 March 2017. This is in addition to the first interim dividend of Rs. 0.50 per share which was declared and paid in full on 23 November 2016 for the financial year 2016/17.

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