ACL Cables PLC posted a 270%, YOYgrowth in Q2 2022 for the period ended September 2022, with Rs. 1Bln as Net Profit after Tax as a Group, compared to Rs. 1.4 Bln in the corresponding period last year.
ACL Cables PLC posted Rs. 1.9 Bln Net Profit for the same period with a growth of almost 250% in comparison to Q2 2021, which is a similar performance to its group.
Most significantly, the group as well as the company was able to match its total net profit recorded for the last financial year by the end of Q2 this year, despite challenging business conditions.
Revenue for the Group was Rs. 16.9 billion, while the company revenuewas recorded at Rs. 9.3 billion.
As a result of the significant cost saving initiatives adopted, both the Group and Company maintained a notable decrease of 30% and 18% in its cost of sale respectively for the period under review.
Distribution and administration costs were also maintained at a minimal rate.
Managing Director ACL Cables, Suren Madanayake said, “This has been a great success for us as a Company and a Group. Our cost saving programs that were initiated immediately after the Covid-19 pandemic have paved the way for us to gain impressive numbers this year. I believe we need to maintain these figures for the coming months,as the immediate future looks more challenging than the periodwe have concluded.”
“This model and procedure will be extended more within theGroup to strengthen our numbers for the incoming financial quarters. I amextremely confident that we could end the second quarter on a similar higher note and set the ideal foundation for another promising year ahead,” he said.
Q2 growth reflects ACL Cables trajectory toward strong growth achieved in the previous financial year. ACL Cables recorded Rs 36 Bln revenue with a 60% YOY growth and Rs 5.2 Bln net profit with 200% annual growth as a group for the financial year ended March 31, 2022.
The Company recorded a Rs.19.8 Bln revenue with a 51% YOY growth and Rs 2.1 Bln net profit for the financial year ended March 31, 2022.