Sierra Cables PLC, with strong credentials in the manufacturing and supply of wire and cable in Sri Lanka and overseas, recently recorded the highest ever group turnover, registering a strong post-COVID-19 growth streak that speaks well for the country’s economic recovery.
The company said in a media release that it recorded revenue of Rs. 4.9 billion with a 20 per cent growth and group revenue of Rs. 5.6 billion with 18 per cent growth during 2019/20. The net profit stood at Rs. 151 million at a company level while the group net profit stood at Rs.229 million, the company said in a media release.
Commenting on the company’s performance, Harsha Jayatunga- CEO – Sierra Cables states that the company is upbeat about the results. “We are confident that we can maintain this streak of growth into the next year (2920/21),” he said.
The release said a robust consolidation of the market is on the cards with the recent securing of Rs. 900 million worth of tender to supply 1500 km Aerial Bundled Conductors (ABC) to the CEB. This is expected enhance revenue from the 02nd quarter of 20/21 FY.
“In a volatile market with challenging conditions, Sierra Cables remains confident of maintaining the upward trend. The company continues to supply some of the largest projects of 2019/20 through 2020/21 such as Cinnamon Life Colombo, Pearl Grand Hotel, Rigid Tyre, Inter-Continental Hotel, Brandix – Ratmalana, Ceylon Beverages Can (Pvt) Limited, Queensbury Hospital – Galle, Havelock City – Phase V, Imperial Builders Destiny Project, China Harbor Engineering Limited and Shangri-la Hotel of Hambantota.
Established in 1999, Sierra Cables has today grown into a vibrant organisation with a strong international footprint and a formidable presence that affirms its highest standards. Having expanded overseas, the company’s international manufacturing plants based in Kenya and Fiji, cater to global markets across the Eastern African Region, Pacific Islands, Australia and New Zealand.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
All Ceylon Makkal Congress MP Ali Sabri Raheem had been arrested by Kalpitiya police after he surrendered to the police today morning.
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
The 22nd amendment to the constitution dealing with the term of the President has been gazetted by order of President Ranil Wickremesinghe.
Auspicious times widely followed by candidates keeping with traditions will be taken into consideration by the Election Commission in fixing the date and time for the conduct on the Presidential polls.
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