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.
2016-05-09
ACL Cables PLC, the country’s No. 1 cable has marked its ascendency amongst Sri Lankan premier brands being ranked amongst the Top 50 Most Valuable Brands for the Year 2016.
Showcasing its dominance in Sri Lanka’s cable industry, the organisation is the only cable company to rank amongst the Top 50 Most Valuable Brands in 2016.
Compiled by Brand Finance, and presented by Media Services, publisher of business magazine LMD, the recent classification placed ACL Cables...
2016-02-26
The annual Thurstan-Isipathana Big Match cricket encounter is a much looked forward to event in the schools sports calendar.
This year, Sri Lanka’s No. 1 cable company ACL Cables Company will lend its corporate strength as the main sponsor for the 53rd annual encounter between Thurstan and Isipathana to be held on the 26 and 27 February 2016 at the SSC Grounds.
The partnership agreement was signed in the presence of the principals from both Thurstan College and Isipathan...
