Thursday Dec 12, 2024
Thursday Dec 12, 2024
Wednesday, 10 June 2015 00:41 - - {{hitsCtrl.values.hits}}
ACL Cables PLC, the market leader in cables with over 70% market share as a group, and the pioneer of Sri Lanka’s cable industry since 1962, has recorded an impressive full-year group turnover of Rs. 14.5 billion, for the 2014/2015 financial year, a promising year-on-year (YoY) growth of 27.2%.
At the same time, group Profit After Tax (PAT) for the same period was also posted at Rs. 973.4 million, a lofty 90.4% rise over the previous 12 months (unaudited).
“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.
Meanwhile, ACL Cables Group’s business segment growth was lead 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; while PVC manufacturing also raised marginally, to Rs. 87.4 million, from Rs. 70.5 million. Additionally, its other business segment also grew, to Rs. 971.8 million, from Rs. 192 million previously.
Commenting, 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.”
Further Madanayake stated, “We have moved into additional new business ventures such as switches, sockets, electrical accessories and renewable power, which would increase our business potential to serve a vast range of customer segments and improve our business standards as well. The latest introduction of our fire zero and fire survivor cables has also meant to be a promising product in the market, with its remarkable results shown during a shorter period of time.”
“Buoyed by our positive progress this year, we look forward to doing even better in the future, thanks to the immense trust placed in us by our satisfied customers, and with the help of our highly motivated channel partners, key stakeholders and valued employees,” added Madanayake.
ACL Cables Plc has announced the appointment of Dr. Sivakumar Selliah as an Independent Non Executive Director with effect from 3 June 2015. 
Dr. Selliah is the Deputy Chairman of Asiri Hospitals Plc and Asiri Surgical Hospital Plc. He is also a Director of Lanka Tiles Plc, Horana Plantation Plc, Softlogic Holdings Plc, Lanka Walltiles Plc, Lanka Ceramic Plc, Odel Plc and HNB Assurance Plc.
He has served on the remuneration committee and audit committee of some of these companies as Chairman or as a member. Dr. Selliah holds an MBBS Degree and a Master’s Degree (M.Phill) and has over 23 years experience in diverse fields which include areas of manufacturing, healthcare, plantations, packaging, insurance and logistics.
With the latest appointment the Board of ACL Cables Plc comprises of U.G. Madanayake (Chairman), H.A.S. Madanayake, N.C. Madanayake, S.K. Madanayake, D.D. Walahathantiri, A.M. De S. Jayaratne, P.S.R. Casie Chitty, H.D.S. Amarasuriya and S. Selliah.
