Access Engineering posts solid growth in FY16

Access Engineering PLC has wrapped up FY 2015/2016 with a solid performance as per the Interim Financial Statements released to the Colombo Stock Exchange. 

At a Group level, cumulative revenue for the year 2015-16 was recorded at Rs. 17.6 billion, a growth of approximately 7% over the previous year. At a Company level this was recorded at Rs. 11.6 b, a marginal growth of 3.2% over the corresponding cumulative period. 

A salient feature during the period is the 38% growth recorded by the production of construction related material contributing Rs. 1.5 b to the Company’s top line after the elimination of inter-segment revenue.  

During the quarter ended 31 March 2016, revenue was recorded at Rs. 4.5 b and Rs. 3 b respectively at Group and Company level. The average gross profit margins at the Group and Company level for both the cumulative period and the quarter were well above 20%. 

Total Comprehensive Income After Tax for the Group and the Company for the FY 2015-16 recorded at Rs. 2.5 b and Rs. 2.1 b is a growth of 6.5% and 19.7% respectively. 

During the FY 2015-16, the company’s 100% owned subsidiary Access Realties Ltd. generated a profit before interest and tax of Rs. 152.2 million while its 84%-owned subsidiary Sathosa Motors PLC generated a PBIT of Rs. 471.6 million. The 80% owned Access Projects Ltd. generated a PBIT of Rs. 250.1 million and the contribution from the Company’s Associates amounted to be approximately Rs. 10.1 million.

As at 31 March 2016, the total asset base of the Company amounted to Rs. 30.3 b and Rs. 25.2 b at Group and Company level respectively. The equity attributed to the owners of the Company was recorded at Rs. 17.4 b at Group level while it was Rs. 15.9 b at Company level. This had been translated in to a net asset per share of Rs. 17.46 at Group level and Rs. 15.94 at Company level. 

The Company declared a final dividend of Rs. 0.50 per share on 25 May which is payable on 14 June. This is in addition to the interim dividend declared and paid in December 2015 amounting to another Rs. 0.50 per share. 

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