ACL Cables PLC, the No.1 cable company in Sri Lanka has once again showcased its strong financial position and brand equity achieving (SL) A+ stable credit rating for the fourth consecutive year according to ICRA Lanka’s recently published rating outlook.
Impressively, ACL Cables became the only cable manufacturer in the local industry to register an A+ credit rating, demonstrating the company’s stability and credit worthiness amidst challenging business environments.
ACL Cables PLC registered revenues of Rs. 18.8 billion as a group for the financial year ended in March 2020. A profit-after-tax of Rs. 1 billion was also recorded as a group. This was a 64% increase in comparison to the previous year.
ICRA Lanka is a fully owned subsidiary of ICRA Limited of India. The ultimate parent company of the international credit rating agency, Moody’s Investors Service, is the indirect majority shareholder of ICRA.
Suren Madanayake, Managing Director ACL Cables PLC said, “We are pleased with the latest credit rating published by ICRA Lanka. Moreover, this is a remarkable achievement since this is the fourth consecutive year for us to post an (SL) A+ credit rating. This proves our corporate and financial strength even amidst challenging and volatile conditions. I believe that this will create further business confidence in ACL Cables amongst our shareholders, customers and all stakeholders. Additionally, this milestone is also noteworthy as we are the only cable company to register such an achievement. I like to take this opportunity to thank everyone who has contributed towards this task and invite them to stay partnered with ACL in years to come, enjoying the success we have achieved together.”
According to ICRA Lanka, ACL Cables as a ‘Company and the Group as a whole have been driven by the rich promoter-experience and the strong and experienced management team in place, which have guided the Company through several business cycles. The Company has a relatively strong corporate structure in place with well-planned management policies and good corporate governance structure. This has ensured the business continuity over the past several decades.’
ACL Cables began operations in 1962 in Kalutara. To-date the company has served the nation for over 58 years with a strong and rich history providing a plethora of innovative products for its consumers.
Ensuring novelty to its product range, ACL was the first in Sri Lanka to introduce Aerial Bundled conductors (ABC), Aluminum conductors, Armoured and unarmoured power cables, control cables etc.
Further, even 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. Recently ACL went on to become the only company in Sri Lanka to receive SLS standardization for fire rated cables. These are marketed under the brand names ACL Fireguard, ACL Firezero and ACL Fire survivor.
In 2014 ACL began manufacturing electrical switches and circuit protection devices, which currently has gained immense customer acceptance in the market.
Today, ACL Cables retains a market share of 70% as a group enjoying a dominant market position in the cable industry as the No.1 cable in Sri Lanka.