ACL Cables records record 270% growth in post-tax profits in 1H23

Cable maker ACL Cables PLC posted Rs. 5.1 billion post-tax profit for the first half ended September 30, 2022 (1H23), compared to a post-tax profit of Rs.1.4 billion reported for the corresponding period of the previous year.

For the second quarter of FY23, the company reported a consolidated post-tax profit of Rs.1.9 billion compared to Rs.992 million reported for the same period, last year. 

Revenue for the group in 1H23 was Rs. 16.9 billion, while the company revenue was 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 percentand 18 percentin its cost of sale respectively for the period under review.Additionally, distribution and administration costs were also maintained at a minimal rate.

Commenting on the historic achievement, Suren Madanayake Managing Director ACL Cables PLC said, “This has been a great success for us as a company and a group. Our cost saving programmes 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 period we have concluded.”