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ACL Cables PLC shines in Sri Lanka's Top 40 Business rankings as sole cable brand

2022-11-23

Sri Lanka's No.1 cable company, ACL Cables PLC was ranked amongst Sri Lanka's Top 40 Corporates according to leading magazine Business Today’s Top 40 for the year 2021/2022.

Ranked in 32nd position, notably ACL Cables was the only cable company to be listed in the Top 40 and honoured by its first-ever listing in the prestigious rankings. Furthermore, ACL was among one of three companies in the building material industry to be recognised amongst the Top 40.

Annually, Business Today TOP 40 identifies the premier corporate performers. For 2021-2022, Business Today has recognized the top corporate performers who reported positive financial growth amidst the turbulent situation of the country.

The Top 40 ranking acknowledged ACL’s outstanding exponential success in recording the highest profits and highest growth for the first time in its six-decade history. ACL Cables recorded a top line of Rs. 35 billion with a year-on-year growth of 56% and mammoth Rs 5.1 billion net profit with a 200% YoY growth as a group for the financial year ended in March 2022. Significantly, the company celebrated this record milestone overcoming a challenging economic and business environment during its 60th diamond anniversary.

Commenting, Managing Director Suren Madanayake said, “We have once again proved ourselves as the number one cable and electrical brand in the industry. We have outmatched our competition and cruised ahead of the rest to remain as the true leader. I am delighted in our achievement even during tough and turbulent economic conditions. We successfully managed our cash flows effectively and always looked to optimizing investments across all business areas to benefit our top line and bottom lines. This strategy has enabled us to achieve the best results for the recent financial year.”

He added, “I am confident that ACL will continue in the same momentum during the months ahead and end the current financial year on a triumphant note. My sincere appreciation of the support extended by all our customers and stakeholders who have been with us throughout our 60-year journey. Their encouragement has sustained us to achieve great heights. We aim to thrive and continue to scale our operations further in the years to come.”

Continuing the positive trend, ACL had a promising start for the current financial year as well posting impressive figures. ACL recorded a 37% top line growth of Rs. 5.4 billion and 968% bottom line YOY growth of Rs. 1.2 billion for the first quarter ended 30th June 2022. As a group ACL recorded a revenue of 9.6 billion and Rs. 3.2 net profit with growths of 43% and 705% respectively.