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Sierra Cables registers commendable performance in second quarter

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Sierra Cables, a leading manufacturer of copper and aluminium cables at the forefront of meeting multiple needs across industrial sectors, posted commendable results for the second quarter, registering a positive economic growth for the company and for the economy.

‘Operating in a challenging economic climate, the Group posted a revenue of Rs 2.2 billion during the first half of 20/21 with a net profit of Rs 70 million. Company yielded a Rs 87 million net profit during the first half, indicating a 8% year on year growth, a press release said.

The release adds – ‘During the second quarter, the Group posted a 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.

‘Fitch Ratings affirm Sierra Cables as BB (lka), having removed the company outlook from the Rating Watch Negative as a result of their exceptional performance during an economic downturn.

” We are pleased to have achieved these results having operated in an economic climate of restrictions and lockdown measures” says Harsha Jayatunga , CEO of Sierra Cables, ” 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 finetuned its product offerings in large scale projects and infrastructure development. The 75% concluded project of Integrated Water Supply Scheme in Gampaha, Attanagalla and Minuwangoda for the National Water Supply & Drainage Board with a contract value of Rs 750 million is one such project of the recent past.

‘With 90.72% ownership held by Sierra Cables PLC, Sierra Industries commenced operations in 2011. With a quality centric focus operational at a state-of-the-art production facility, the company maintains leadership status in the industry manufacturing and marketing high quality uPVC pipes and fittings and is managed by an experienced team of professionals.

‘As an affirmation of its exceptional commitment to quality, Sierra Industries has also obtained SLS certification and ISO 9001 Quality Management System certification at the initial stages of establishing their manufacturing facility. The company is further certified with SLS Certifications – SLS 147, SLS 659 and SLS 1286.’



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Business

Seylan Bank offers amazing discounts for Avurudu

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With Avurudu just around the corner, Seylan Bank PLC is offering amazing discounts to customers purchasing daily essentials, electronics, clothing, gifts, and more. The bank with a heart will celebrate the New Year with “Ratatama Super, Avurudu Offers with Seylan Cards” and “Seylan Tikiri – Season of Gifts and Laughter”.

The bank with a heart, commenced these exciting offers and promotions to provide the best Avurudu experience to its customers young and old, and to reward them for their continued loyalty to the bank, in the spirit of festivity.

“At Seylan Bank, we want to make your Avurudu an unforgettable experience,” said Gamika De Silva, Assistant General Manager, Marketing and Sales at Seylan Bank. “These two promotions underscore our customer-centric approach which focuses on providing products and services that enhance the overall customer experience and convenience, adding value to your experience with the Bank with a Heart.”

The Bank has partnered with leading supermarket chains on selected promotions; with Keells offering 30% off on fresh meat during the weekends, Cargills providing 20% off on total bills during selected weekends, Glomark offering 20% off on the total bill on every Sunday for a limited time, Laugfs Super providing 20% off on a range of goods on every Monday for a limited time, and Premasiri Supermarket offering 20% off on vegetables & 10% off on fruits on every Wednesday & Thursday during the promotion period.

 

 

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SLIM elects new president and EXCO at 51st AGM

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The Sri Lanka Institute of Marketing (SLIM) held its 51st AGM, which saw the induction of its new President Thilanka Abeywardena, who will spearhead the Institute as its 43rd president. This appointment is a milestone in the history of the Institute as Ms. Abeywardena became the first ever female to hold the position of President.

The AGM was held on 7th April, 2021 at Marino Beach Hotel, Colombo. Both a new Council of Management as well as an Executive Committee were appointed during the meeting.

Thilanka currently holds the position of the CMO Lead, South East Asia Emerging Markets at Microsoft Sri Lanka (Pvt) Ltd. and leads marketing and communications across nine Asian countries; Bangladesh, Bhutan, Brunei, Cambodia, Laos, the Maldives, Myanmar, Nepal and Sri Lanka.

The newly appointed Executive Committee comprises ten experienced marketing professionals:

SLIM is the apex body for Marketing in Sri Lanka and has been promoting marketing excellence and elevating the status of marketing since 1970.

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OPPO launches Avurudu song to spread seasonal cheer

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OPPO recently launched an Avurudu jingle ahead of the Sinhalese & Tamil New year. Sung by OPPO brand ambassador & The Voice coach Umaria Sinhawamsa, the song also features popular personalities including actor& singer Gayan Gunawardena and choreographer Ramod Malaka& his dance troupe, Cool Steps.

The visual for the song has been shot in a scenic village atmosphere & features a host of New Year traditions of great cultural significance. The video also features the newly launched fan-favorite OPPO F19 Pro which is on offer during the season. On the first day of sales alone, the F19 Pro recorded a 200% increase in sales compared to its predecessor F17 Pro.

CEO of OPPO Sri Lanka Bob Li said: “This project helped us to immerse into Sri Lankan culture better. In keeping with the spirit of the season, evolving & upgrading, OPPO has launched two concurrent promotions: ERABADU WASI from 2-13 April & OPPO SERVICE WASI from 5 – 18 April.”

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