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.
2018-04-09
Sri Lanka’s No. 1 cable manufacturer, ACL Cables PLC was once again recognised amongst Sri Lanka's top 50 companies according to a study conducted by Brands Finance 2018.
This is the third consecutive year ACL Cables has received this prestigious ranking which is compiled annually by Brands Finance, the local pioneers for independent brand evaluation and presented by the nation’s leading business magazine Lanka Marketing Digest (LMD).
Earning further kudos, ACL...
2018-02-27
Sri Lanka’s premier cable manufacturer in Sri Lanka, ACL Cables PLC unveiled ‘ACL Elegance’, its innovative new switch and socket range for the market at a glittering event recently.
The new ACL Elegance range was unveiled by Suren Madanayake, Manager Director ACL Cables PLC along with the brand’s iconic Russian model Ksenia. The milestone event was held during the last week of February at Cinnamon Grand, Colombo and in attendance were key ACL Cables deal...
