Access Engineering ups 1H pre-tax profits by 84%

Access Engineering PLC, has recorded an impressive growth in both top line and bottom line as per the financial results released yesterday.

Turnover for the six months ended 30 September 2012 of Rs. 6,057 million and Rs. 4,784 million has recorded a growth of 131% and 88% at group and company level over the corresponding period of last year.

At company level, the highest contribution to revenue was from the highways construction sector followed by building construction and production income sectors.

This growth in top line has resulted in the company reporting a before tax profit of Rs. 973 million and Rs. 823 million.



This  is a growth of 84% and 74% at group and company level compared to the corresponding period of last year.    

Embarking on the theme of ‘Capacity Building’ which is earmarked, during the six months ended the company has made further investments amounting to Rs. 551 million in property, plant and equipment. The company declared a dividend of Rs. 0.25 per share for the year ended 31 March 2012 which was paid in June 2012.

Operating activities of the company have generated a net cash inflow of Rs. 936 million with the net cash outflow from investing activities amounting to Rs. 950 million mainly due to capacity building initiatives that were undertaken by the company.

Access Engineering has successfully completed many landmark infrastructure projects in the island and their growth rate over the years is unprecedented for a major and specialist civil engineering company in Sri Lanka. Among some of the ongoing projects are, Hambantota International Airport project (cargo and fire rescue buildings, airport access road, fuel hydrant for the apron, pipe laying and a water tower), design and build of 1,137 housing units at Henamulla, Outer Circular Highway Piling Project which is the largest piling project awarded to a single contractor, Unity Container Terminal Rehabilitation Project at the Colombo Harbour, Hambantota Water Supply Project, Batticaloa Water Supply project, Ibbagamuwa-Madagalla Road Project, Galagedara-Rambukkana Road Project, Jaffna Rehabilitation and Improvement Project (three major roads), Dialog Aerial Optical Fibre Network Project, Veyangoda Railway Flyover Project, etc.  

Access Engineering is armed with some of the best talent in the industry which presently stands over 3,000 employees including over 150 engineering professionals, cutting-edge engineering solutions, and core engineering services, complemented by an in-house design unit and a modern fleet of specialised machinery and equipment.