Sierra Cables records highest ever group turnover in FY19/20
Sierra Cables PLC, with strong credentials in the manufacturing and supply of wire and cable in Sri Lanka and overseas, recently recorded the highest ever group turnover, registering a strong POST-COVID-19 growth streak that speaks well for the country’s economic recovery.
Sierra Cables recorded a revenue of Rs.4.9 billion, with a 20 percent growth and a group revenue of Rs.5.6 billion, with an 18 percent growth, during FY19/20. The net profit stood at Rs.151 million at company level while the group net profit stood at Rs.229 million.
Commenting on the company’s exceptional performance, Sierra Cables CEO Harsha Jayatunga said the company is upbeat about the results that augur well for the industry.
“We are confident that we can maintain this streak of growth into next year,” he said.
The company has declared a 20-cent interim dividend, sharing its outstanding success with the shareholders.
A robust consolidation of the market is on the cards, with the recent securing of Rs.900 million worth of tender to supply 1500 km aerial bundled conductors (ABC) to the Ceylon Electricity Board. This is expected to enhance revenue from the second quarter of FY20/21.
The company continues to supply some of the largest projects of 19/20 through 20/21, such as Cinnamon Life Colombo, Pearl Grand Hotel, Rigid Tyre, Inter-continental Hotel, Brandix – Ratmalana, Ceylon Beverages Can (Pvt.) Limited, Queensbury Hospital – Galle, Havelock City – Phase V, Imperial Builders Destiny Project, China Harbour Engineering Limited and Shangri-la Hotel of Hambantota. As evident in the line-up, Sierra Cables has the distinction of being recognised as the most preferred brand of cables for high-calibre mega construction projects, pointed out Jayatunga.
A noteworthy innovation that is adding value to the emerging renewable energy sector is the company’s own line of solar cables, which has been developed to meet the exacting standards of the industry.
The only Sls-certified solar cable manufacturer, meeting the highest technical specifications in Sri Lanka, Sierra Cables has emerged as the most trusted supplier of cables to the country’s renewable energy industry.
Established in 1999, Sierra Cables has today grown into a vibrant organisation with a strong international footprint and a formidable presence that affirms its highest standards. Having expanded overseas, the company’s international manufacturing plants based in Kenya and Fiji cater to global markets across the Eastern African region, Pacific islands, Australia and New Zealand.
With a comprehensive product portfolio that covers domestic cables, industrial cables (armoured and unarmoured), ABC, overhead conductors, telecom cables, low smoke halogen-free (LSHF) and fire resistant cables (FR), Sierra Cables continues to be recognised for its exceptional quality and service delivery.