2022-03-07
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Showcasing a strong financial position and dominant market share of the local cable industry with strong brand equity, ACL Cables PLC’s credit rating was upgraded with a [SL] AA- Stable outlook recently according to ICRA Lanka Limited, a Group Company of Moody’s Investor Services.
ACL Cables, Sri Lanka’s no.1 cable company in Sri Lanka, is the only cable company in the local industry to register an issuer rating of [SL] AA-. Previously, the company had been assigned a [SL] A+ Stable outlook. The elevated rating demonstrates ACL Cables’ stability and credit worthiness amidst challenging business environments having prevailed successfully during the last financial year.
ACL Cables PLC registered impressive Group revenues of Rs. 22.6 billion for the financial year ended in March 2021. Furthermore, the Group recorded a profit after tax of Rs. 1.7 billion for the same financial year. This was a mammoth 71% increase compared to the previous.
Commenting the achievement, Suren Madanayake, Managing Director, ACL stated, “We are elated with the latest issuer credit rating recorded by ICRA Lanka and the upgrading to [SL] AA- from [SL] A+. Having maintained an [SL] A+ credit rating for the past four consecutive years, I am extremely pleased to witness the company upgraded to [SL] AA- this year. This is a remarkable achievement. We have once again proved ourselves as the best in the industry. It demonstrates our financial strength amidst challenging business conditions. I believe that this would create more business confidence in ACL Cables among our shareholders, customers and all stakeholders.”
Madanayake added, “I believe this achievement helps us gain further confidence and reach greater heights as a business. We have always been the trusted partner in electrical cables and accessories for the past 60 years and guarantee to our customers that ACL will continue to do so in the future too. Therefore, I request all stakeholders to place their trust and confidence upon ACL products and join us as we grow our business.”
ACL Cables commenced operations in 1962 in Kalutara and to-date celebrates six decades of serving the nation. Adding novelty to its product range, ACL was the first Sri Lanka enterprise to introduce Aerial Bundled conductors (ABC), Aluminum conductors, Armoured and unarmoured power cables, control cables etc.
Additionally, to-date, ACL is the first and only company in Sri Lanka to produce fire retardant and fire resistant cables as per local and international regulatory guidelines. These are marketed under the brand names ACL Fireguard, ACL Firezero and ACL Fire survivor.
In 2014 ACL began the operation of electrical switches and circuit protection devices, which today has gained immense customer acceptance in the market, with the latest introduction of ACL Elegance.
ACL Cables retains a market share of 70% as a group, is steadfast as the number one cable manufacturer in Sri Lanka.
2019-06-14
ACL Cables PLC, the nation’s No.1 cable manufacturer has risen in ranks consecutively amongst Sri Lanka's top fifty most valuable consumer brands.
Compiled by Brands Finance and presented by LMD, the Brands Annual 2019 survey on Sri Lanka's most valuable consumer brands placed ACL Cables in 44th rank, up from last year’s 45.
Proving market dominance yet again, ACL Cables is the only cable company to rank in the Top 50 Brands this year and to have...
2019-01-16
Sri Lanka’s No. 1 cable entity, ACL Cables PLC distributed a total fleet of 48 lorries recently to its entire distributor network islandwide.
18 lorries were handed over during the initial phase held several months ago at ACL Cables head offce Colombo. The subsequent second phase held mid-January recently ensured the remainder fleet of 30 vehicles were delivered, covering the total distribution network. This was held ceromoniously at BMICH with the presece of ACL cables Group ch...
