Sierra Cables posts Rs. 2.2 bn revenue in 2Q | Daily News

Sierra Cables posts Rs. 2.2 bn revenue in 2Q

Sierra Cables posted commendable results for the second quarter, registering a positive economic growth for the Company and for the economy posting a Group revenue of Rs 2.2 billion during the first half of 20/21 with a net profit of Rs 70 million.

The company yielded an Rs 87 million net profit during the first half, indicating a 8% year on year growth. During the second quarter, the Group posted revenue of Rs 1.5 billion, indicating a considerable growth of 104% over the first quarter, registering a strong streak of resilience and recovery from pandemic related economic conditions.

CEO of Sierra Cables Harsha Jayatunga (Pictured) said, “Despite the pandemic and related economic downturn that restricted multiple activities, we succeeded in registering a growth that actually doubled during the second quarter, when compared to the first quarter.”

Widely recognised as a preferred supplier of cables for mega construction projects, Sierra Cables was honoured to be the cable supplier for the Rigid Tyre’s state-of-the-art, fully-integrated manufacturing plant, known as the largest tyre manufacturing plant in South Asia with an investment of USD 250 million, due to open in mid- January 2021.

Sierra Industries, a subsidiary of Sierra Cables, has been awarded a new tender recently by the National Water Supply & Drainage Board to the value of Rs 460 million for the Supply of uPVC pipes and fittings for Western South, Sabaragamuwa, Central, North Central, North Western, Southern and Eastern Regions of the island, meeting the annual requirement.

Sierra Industries has fine-tuned its product offerings in large scale projects and infrastructure development. With 90.72% ownership held by Sierra Cables PLC, Sierra Industries commenced operations in 2011.