Access Engineering invests Rs. 131 m to expand biz

Wednesday, 27 January 2021 00:24 - - {{hitsCtrl.values.hits}}

Takes 50% stake in company manufacturing lightweight bricks for construction industry

Access Engineering PLC (AEL) has invested Rs. 131 million to take up a 50% stake in Lanka AAC Ltd.

The venture manufactures Autoclaved Aerated Concrete (AAC) blocks, a lightweight brick used in the construction industry.

AEL’s core business is construction of buildings and other infrastructure and manufacture of construction-related material such as asphalt product, quarry products, crusher products and ready-mix concrete. The latest venture will further extend its business lines in the latter segment.

In the first half of FY21, AEL’s consolidated turnover was Rs. 10 billion, down from Rs. 12 billion a year earlier. Pre-tax profit was Rs. 604.7 million, sharply down from Rs. 982.6 million in the first half of FY20.

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