Access Engineering 1H pre-tax profit up 23% to Rs. 1.5 b

Wednesday, 9 November 2016 01:09 - - {{hitsCtrl.values.hits}}

Access Engineering PLC, the premier civil engineering company listed on the Colombo Stock Exchange, released its interim financial statements for the first half ended 30 September 2016, recently.

As per the results profit before tax for the first half at the Company level was recorded at Rs. 1,518 m with a corresponding growth of 23% YoY. For the quarter ended 30 September 2016 the Company recorded a profit before tax of Rs. 892 m, recording a growth of 32% YoY.

At the Group level turnover for the first half was recorded at Rs. 9.9 b, a YoY growth of 12.8% while at the Company level this was Rs. 6.3 b, a YoY growth of 9.8%. For the quarter ended 30 September 2016 the cumulative revenue was Rs. 5.3 b, a growth of 14.8%. At the Company level this was Rs. 3.5 b, a growth of 19.2%. The production of construction related materials segment recorded a 70% YoY growth in the first half after the elimination of intersegment revenue to record at Rs. 1,024 m.

Gross profit margin for the quarter was 23.6% and 25.8% respectively at Group and Company level while this was 23.7% and 25.7% for the first half. Net profit attributable to owners of the Company was Rs. 1,212 m and Rs. 787 m respectively for the first half and quarter at the Company level, a YoY growth of 11.1% and 31.7% respectively. This is despite the revised 17.5% tax applicable on construction activities.

At the Group level this was Rs. 1,243 m and Rs. 718 m respectively, a corresponding growth of (3.1%) and 5.1%. Total Comprehensive Income After Tax for the Group and the Company for the first half recorded at Rs. 1,276 m and Rs. 1,213 m is a growth of (5%) and 10.7% respectively.

During the first half, the company’s 100% owned subsidiary Access Realties Ltd. generated a profit before interest and tax of Rs. 82.3 m up by 5.4% YoY while its 84%-owned subsidiary Sathosa Motors PLC generated a PBIT of Rs. 160.7 m. The 80%-owned Access Projects Ltd. generated a PBIT of Rs. 112.5 m and the contribution from the Company’s Associates amounted to be approximately Rs. 10.7 m.

As at 30 September 2016, the total asset base of the company amounted to Rs. 32 b and Rs. 27.3 b at Group and Company level respectively. The equity attributed to the owners of the company was recorded at Rs. 18.2 b at the Group level while it was Rs. 16.6 b at Company level. This had been translated in to a Net asset per share of Rs. 18.21 at Group level and Rs. 16.65 at Company level. The Company declared an interim dividend of Rs. 0.50 per share on 2 November payable on 23 November.

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.