Sierra Cables posts record turnover of Rs 4.9 bn | Daily News


 

Sierra Cables posts record turnover of Rs 4.9 bn

Harsha Jayatunga
Harsha Jayatunga

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 revenue of Rs 4.9 billion with a 20% growth and a Group revenue of Rs. 5.6 billion with 18% growth during 19/20. The net profit stood at Rs. 151 million at a Company level while the Group net profit stood at Rs 229 million.

Commenting on the Company’s exceptional performance, Harsha Jayatunga- CEO – Sierra Cables states that 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 the next year”, he said.

The Company has declared a Rs 0.20 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 CEB. This is expected enhance revenue from the second quarter of 20/21 FY.

In a volatile market with challenging conditions, Sierra Cables remains confident of maintaining the upward trend – the Company continues to supply some of the largest projects of 19/20 and through 20/21.

As evident in the lineup, Sierra Cables has the distinction of being recognized as the most preferred brand of cables for high caliber mega construction projects, points out Jayatunga.

He adds that innovation and sustainability define the path of growth for Sierra Cables.

A noteworthy innovation that is adding value to the emerging renewable energy sector, the Company’s own line of solar cables has been developed to meet the exacting standards of the industry.

Established in 1999, Sierra Cables has today grown into a vibrant organization with a strong international footprint and a formidable presence that affirms its highest standards.


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