Cable manufacturer ACL group turnover reaches Rs. 14.5 bln for 2014/15
View(s):ACL Cables PLC, the market leader in cables with over 70 per cent market share as a group, and the pioneer of Sri Lanka’s cable industry since 1962, has recorded an impressive group turnover of Rs. 14.5 billion, for the 2014/2015 financial year, according to a company media statement.
Group Profit After Tax (PAT) for the same period was Rs. 973.4 million, up by a sharp 90.4 per cent rise over the previous 12 month period. ”The ACL Cables Group has delivered remarkable growth over the 2014/2015 financial year. Not only has this performance resulted in maintaining our strong, market leader position in the local cable industry but, even more importantly, it has allowed us to add to the significant confidence felt by our customers and shareholders,” said Managing Director Suren Madanayake in the statement.
The group’s business segment growth was led by its core, cable-manufacturing concerns, which showed Rs. 13.4 billion in revenue for the 2014/2015 financial year, up significantly from Rs. 11.1 billion in 2013/2014. Mr. Madanayake also said, “The significant growth in new businesses is a direct result of being the single most innovative company in the sector assuring our number 1 position and proving ourselves committed to maintain international quality standards, while using only the finest material in our manufacturing process.”
The group has moved into additional new business ventures such as switches, sockets, electrical accessories and renewable power, which would increase the business potential to serve a vast range of customer segments and improve the company’s business standards as well.