Connect with us

Business

ACL Cables showcases strong financial position

Published

on

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 among 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.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Shark and Ray Karawala

Published

on

Sun drying of ray meat

When we buy shark dry fish (Mora Karawala), do we really know what species we are consuming? What if endangered sharks are hiding in our meal? Most consumers are unaware.

In Sri Lanka, dried fish is more than food; it is a flavour, a tradition and a way of life. Affordable, long-lasting, and rich in taste, it has become a staple across the island, mainly in rural communities, the dry zone, and hill country. While most fish are eaten fresh, about 14% of the catch is preserved through age-old methods, such as salting, sun drying, smoking and fermentation. Whether served as a main dish (Karawala) or as a flavourful condiment (Umbalakada), dried fish has secured a special place on Sri Lankan plates.

Today, nearly two-thirds of the demand for dry fish is met locally, with dried sharks being the most common and popular in markets. And many people believe that milk sharks are particularly nutritious for lactating mothers.

Typically, part of the excess fish supply in peak seasons, fish arrive late from multiday fishing boats, fish from the bottom of nets, fish that are susceptible to quick spoilage or have low market appeal, are used to produce dry fish rather than letting this resource go to waste. In many coastal villages, drying fish is carried out at the fishing “waadi” (fishing villages/houses) level, often led by women as a means of earning supplementary income.

But this comes with a cost. Sharks and Rays are slow-growing, late maturing and producing only a few young cannot keep up with rising demand. Sharks and Rays are captured by large-scale artisanal fisheries and often retained as bycatch. Mainly exploited for their meat and other derivatives, including gill plates, fins, and skins.  Overfishing has pushed their populations into serious decline.

In Sri Lanka, over 60–70% of shark and ray species are threatened with extinction according to the IUCN Red List, with many others listed as Data Deficient — meaning their true status may be even worse. Only a handful of species might be considered less at risk, but even those assessments are uncertain.

Sun drying of ray meat

Once dried, it becomes nearly impossible to identify which species are being sold. Drying removes distinguishing features, making it impossible to verify the species or ensure sustainability. Labelling is virtually non-existent, and consumers have no reliable way to tell which species they are purchasing.

This means endangered sharks are likely ending up on plates across the country — without anyone realising it. Given the high proportion of threatened species and the lack of transparency, the safest and most responsible choice is to avoid all shark-based dried fish entirely.

By choosing alternative dried fish products made from more sustainable species, we can protect Sri Lanka’s marine biodiversity and ensure that our cultural traditions remain part of a future where sharks still swim in our oceans.

About the Author:

Apsara Rupasinghe, a zoologist with a BSc (Hons) Degree in Zoology, is pursuing MPhil research on shark and ray genetics at BRT-FiPo, with a background in conservation genetics and population genetics. Her work involves combining genetics and conservation to improve species identification and protect endangered elasmobranch species. Apsara pays special attention to the dry fish industry in Sri Lanka as part of her research.

by Apsara Rupasinghe

(Researcher, Fisheries and Policy Programme, Blue Resources Trust)

 

Continue Reading

Business

SPAR Sri Lanka opens first Kandy outlet, redefining modern retail in hill capital

Published

on

From left to right : Oliver Sabatino- General Manager, Daham Gunasena - Director Commercial, Kumar De Silva Chief Executive Officer, Pasan De Siva Head of Finance , Kumila Gunasekera- Head of new business Development Chamira Suraweera Head of HR, Mevan Fernando Head of IT.

SPAR Sri Lanka marked a significant milestone with the opening of its 12th outlet—its first in the historic city of Kandy and only the second outside the Western Province. Established in 2018 as a joint venture between SPAR South Africa Group and Ceylon Biscuits Limited, SPAR Sri Lanka combines global expertise with strong local roots.

Speaking at the launch, CEO of SPAR Sri Lanka highlighted the cultural and commercial significance of Kandy, noting that the brand’s aim is “not just to open a store, but to serve the community in a meaningful and relevant way.”

The Kandy outlet offers over 6,200 products, with nearly 3,900 locally sourced, supporting farmers, producers, and SMEs, while the remaining range includes imported SPAR international brands. Innovative features such as a dedicated pet care section, TOPs liquor store, pharmacy, and banking facilities create a one-stop lifestyle destination.

SPAR Sri Lanka is also fostering youth employment and professional development, providing structured training programs to equip staff with globally recognised retail skills. The store has created over 50 jobs in the region and supports local suppliers in meeting international standards, opening doors for broader market access.

With its SPAR2U online platform and SPAR Rewards app, customers can enjoy convenience and value, while the company’s ecosystem approach supports retailers, suppliers, and communities alike. The brand’s next expansion is scheduled in Kurunegala, underscoring SPAR Sri Lanka’s vision of reshaping retail while uplifting local economies.

Text and Pic By S.K Samaranayake 

Continue Reading

Business

Sri Lanka Insurance Life Honoured at Great Managers Awards, Becoming First SOE to Achieve this Recognition

Published

on

SLIC Life team after receiving their awards (L-R) Ruchira Edirisinghe - Brand Manager, Amali Gomez – Manager Corporate & Marketing Communications, Chaminda Athauda - Deputy General Manager Life, Nalin Subasinghe – Chief Executive Officer, Jagath Welgama – Deputy General Manager National Sales, Duminda Peiris –AGM/Zonal Head, Manjula Darmaprema –Branch Manager Pilimathalawa and Uththara Kapugamage – Manager Employee Engagement

Sri Lanka Insurance Life (SLIC Life) was recognised at the prestigious ‘Great Managers Awards 2025’, held on 26th March 2026 at Cinnamon Grand, Colombo, marking a significant milestone as the first State-Owned Enterprise (SOE) to receive this recognition.

Organised by CLA Coaching in collaboration with the Colombo Leadership Academy, the awards recognise organisations and individuals who demonstrate excellence in leadership and managerial effectiveness, benchmarked against global best practices through a rigorous evaluation process.

Sri Lanka Insurance Life was recognised under the category of ‘Companies with Great Managers’, reflecting its commitment to nurturing leadership talent and building a culture that supports sustainable performance and people development.

Several SLIC Life team members were also honoured across multiple categories, highlighting the depth of leadership within the organisation. Duminda Pieris, Assistant General Manager/Zonal Head, was recognised for Driving Results and Execution Excellence, while Chaminda Athauda, Deputy General Manager – Life, received recognition for Aligning Organisational Vision. Jagath Welgama, Deputy General Manager – National Sales, and Manjula Darmaprema Branch Manager – Pilimathalawa were acknowledged for Building Team Effectiveness and Collaboration. Amali Gomez, Manager – Corporate & Marketing Communications, was recognised for Integrality and Holistic Approach. Ruchira Edirisinghe, Brand Manager, and Uththara Kapugamage, Manager – Employee Engagement, were both recognised as Great Millennial Managers.

Commenting on the achievement, Nalin Subasinghe Chief Executive Officer of Sri Lanka Insurance Life stated: “We are truly humbled and honoured to be recognised at the Great Managers Awards 2025, especially as the first State-Owned Enterprise to receive this accolade. This achievement is a testament to the strength, dedication, and professionalism of our team, who continue to demonstrate exceptional leadership across all levels of the organisation. We take great pride in this collective success.” He further added, “We also commend this initiative for its role in encouraging organisations to nurture and develop future leaders. Platforms such as these are vital in shaping strong leadership cultures that drive sustainable business success and industry-wide progress.”

This recognition underscores Sri Lanka Insurance Life’s ongoing commitment to developing its people, strengthening leadership capabilities, and fostering a high-performance culture that contributes to long-term organisational success.

Continue Reading

Trending