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% 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, Mr. 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 02nd 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 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 Harbor Engineering Limited and Shangri-la Hotel of Hambantota.
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 Mr. 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 have been developed to meet the exacting standards of the industry. The only SLS certified solar cable manufacturer meeting 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 organization 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) , Aerial Bundled Conductors (ABC), Overhead Conductors, Telecom Cables, Low Smoke Halogen free (LSHF), and Fire Resistant Cables (FR), Sierra Cables continues to be recognized for its exceptional quality and service delivery, says Mr. Jayatunga.
The Company has been recognized for excellence and best practices at a national and an international level on a consistent basis. In 2019, Sierra Cables won Silver at the CA Sri Lanka 55th Annual Report Awards for the Category of Manufacturing Companies with a turnover up to Rs. 5 billion. Among other accolades in the past have been Bronze Award in the Extra Large Category in the Industry Sector at the NCE Annual Export Awards, the Quality Crown Award, Sri Lanka Malaysia Business Award, UDC Best Cable Manufacturer of the Year Award, SLCSI Industrial Excellence Gold Award and the IESL Engineering Excellence Award.