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.
Aitken Spence invests in yet another renewable energy project in hydropower
Dr. Parakrama Dissanayake – Deputy Chairman and Managing Director Aitken Spence PLC accepting the share transfer form from Harsha Abeywickrama – chairman Sunshine Energy Ltd; in the presence of Ms. Stasshani Jayawardena – Executive Director Aitken Spence PLC, Dr. Rohan Fernando – Executive Director Aitken Spence PLC, Ms. Nilanthi Sivapragasam – Chief Financial Officer Aitken Spence PLC and Leel Wickremarachchi – Managing Director of the power segment from Aitken Spence PLC. Shyam Sathasivam – Managing Director, Sunshine Energy Ltd. and Harin Udeshi – Director, Waltrim Energy Ltd.
Aitken Spence PLC recently acquired Waltrim Energy Limited, a subsidiary of Sunshine Holdings PLC for Rs. 900 million. The company contributes 6.6MW to the national grid via three mini hydropower plants located in the Nuwara Eliya district, namely of Waltrim Hydropower (Private) Limited, Upper Waltrim Hydropower (Private) Limited and Elgin Hydropower (Private) Limited. Waltrim hydropower draws energy from Kothmala Oya, Upper Waltrim hydropower and Elgin hydropower from Dambagasthwala Oya.
Aitken Spence expands its portfolio in hydropower in the pursuit of meeting rising energy demands, sustainable development, access to clean energy and lowering our national carbon footprint. This is the second hydropower plant which is owned and operated by Aitken Spence. Branford Hydropower (Pvt) Ltd. is the other hydropower plant with a 2.5MW capacity located in Matale. The company also owns and operates a wind power plant with 3MW capacity located in Ambewela.
“This is yet another investment made by Aitken Spence that shows our commitment to expand the power generation portfolio with renewable energy projects. Hydro power plays a key role in renewable energy segment in Sri Lanka and this initiative strengthens the country’s efforts to move towards cleaner energy sources and effective and efficient management of sustainable and affordable generation of energy supplied to the national grid,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.
“Aitken Spence maintains highest environmental, safety and quality standards in the management of our power plants. These stringent management frameworks will be extended to the newly acquired power plants to meet compliance requirements as well as global benchmarks for cleaner production of energy,” added Leel Wickremarachchi, Managing Director of the power segment of Aitken Spence.
The Power segment of Aitken Spence is a leading player in the sector with a reputation for investing in pioneering technologies and has diversified into renewable energy by establishing hydro power and wind power plants to support Sri Lanka’s demand for energy. With their commitment to increase the country’s energy consumption from renewable energy sources, the company recently introduced Sri Lanka’s first waste to energy power plant that was officially launched in February 2021. Moreover, these initiatives are in line with the collective efforts of government and the private sector to produce clean energy sustainably.
Best Woman Entrepreneur at Entrepreneur Awards 2020
Christell Skin Clinic proved their mettle as industry leaders yet again, by clinching the three topmost awards at the recently held Western Province Entrepreneurship Awards Ceremony 2020. The highly-anticipated annual event -jointly organised by the National Enterprise Development Authority (NEDA) and the National Chamber of Commerce of Sri Lanka- took place this year at the BMICH.
The event brought together industry leaders and newcomers with the aim to recognise and honour micro, small, medium and large sector entrepreneurs that have contributed significantly to Sri Lanka’s service sector over the past year.
The country’s leading aesthetics and wellness centre took home The Best Enterprise service sector trophy, as well as the Best Entrepreneur of the Year award – the most sought-after prize of the night. More notably however, the Best Woman Entrepreneur title was awarded to the director of the Christell Skin Clinic, Dr. Shanika Arsecularatne, in recognition of her inspirational journey to becoming one of the most successful businesswomen in the country, and also of her outstanding contribution to the field of cosmetology and wellness in Sri Lanka.
“I’m truly honoured to receive this recognition, especially because I believe that no one receives an award like this out of sheer luck, but rather in acknowledgement and appreciation of the hard work, sleepless nights and sacrifices we have all made, to be where we are today,” said Dr. Arsecularatne on accepting her award.
Plastic Modified Asphalt Concrete car park in Sri Lanka
The car park of the Walgama Food City with its new “Paving with Plastic”
As a socially responsible corporate citizen, Cargills holds a strong commitment to serving the nation and preserving the planet for future generations. By partnering with AGC Innovate Pvt Ltd – one of the country’s leading innovative solutions providers – Cargills initiated the launch of “Paving with Plastic” as a means to address Sri Lanka’s plastic waste menace in an ecofriendly and pragmatic approach.
The benefits of plastic are irrefutable – this versatile material is ubiquitous in our everyday lives, due to it being cheap and convenient to produce as well as being highly durable and user friendly. However, once used and disposed, plastic lingers in the environment for too long and does not decompose.
As a result, the inherent problem of plastic pollution is a global crisis, with Sri Lanka generating approximately 7000 metric tons of mismanaged solid waste daily, with 6% accounting for plastic and polythene waste. Therefore, in the absence of a proper waste management system, non-recyclable plastic is dumped in large landfill sites. These sites are now exceeding their maximum capacity, and has led to pressing environmental and social concerns in the country.
As a first step to tackling this waste plastic problem, Cargills made a landmark decision to pave the Cargills Food City Carparks using Plastic Modified Asphalt Concrete, partnering with AGC Innovate.
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