ACL Cables shows promising growth

ACL Cables PLC, a manufacturer of cables since 1962, has recorded a = group turnover of Rs. 14.5 billion, for the 2014/2015 financial year, a year-on-year (YoY) growth of 27.2 percent. Group Profit After Tax (PAT) was Rs. 973.4 million, a 90.4 percent 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 market position in the local cable industry but has allowed us to add to the significant confidence felt by 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. 87.4million, from Rs. 70.5 million. Additionally, its other business segment also grew, to Rs. 971.8million, from Rs. 192 million previously.

"The significant growth in new businesses is a direct result of being the single most innovative company in the sector assuring our number one position and proving ourselves committed to maintain international quality standards, while using only the finest material in our manufacturing process.""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," he said."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," Madanayake said.