Access Engineering records YOY Growth of 37%
Sumal Perera, Chairman,
Access Engineering PLC |
Access Engineering recorded an impressive profit attributable to
equity holders of Rs. 2,367 million for the financial year ending
31-03-2013, when compared to a profit of Rs. 1,725 million to the equity
holders of last year.
Furthermore, as per the financial results released to the Colombo
Stock Exchange, turnover for the year ended 31-03-2013 recorded at Rs.
13,900 million and Rs. 11,447 million at group and company level is a
growth of 90% and 64% respectively over the corresponding period.
This is the second consecutive year that the company was able to
almost double its turnover in view of the growth taking place in
infrastructure development and the construction industry in the country.
The year ending 31-03-2013 is the first full year of operation of
Access Engineering PLC since it made its debut on the Colombo Stock
Exchange after a successful IPO on 27-03-2012. Delivering under the
theme “new hope”, the above results stand testimony to same. At the
company level turnover is drawn from multidisciplinary value engineering
activities such as roads and highways, bridges and flyovers, water and
wastewater, ports and aviation, piling, building construction and
production income.
At group level, the company’s subsidiary Sathosa Motors PLC has
contributed Rs. 2,311 million to the top line.
The company’s fully owned subsidiary, Access Realties (Pvt) Ltd, also
contributed to the top line with a turnover of Rs.170 million. Stemming
from the top line growth, the company’s pre-tax profit of Rs.2, 674
million and Rs.2, 301 million witnessed a growth of 32% and 33% at group
and company level in the year under review.
‘Capacity Building’ initiatives which is year marked, was further
strengthened during the year ended 31st March 2013, with the company
making investments to the tune of approximately Rs.1,198 million in
property, plant and equipment.
Taken together with the financial year 2011/2012, the company has
made an investment over Rs.2.8 billion in ‘Capacity Building’ within a
period of 24 months. At present, Access Engineering owns one of the most
technically advanced and up-to-date fleet, of heavy construction
equipment and machinery in the country.
The company in the short to medium term is fully focused on its core
business of multi disciplinary engineering and owing to the high growth
in the infrastructure and construction industry, the Board of Directors
are of the opinion that sustainable growth on the short to medium term
could be achievable through the core business.
The company’s liquidity profile is excellent at both company and
group level. Operating activities of the company have generated a net
cash inflow of Rs. 1,623 million with the net cash outflow from
investing activities amounting to Rs.1,626 million mainly due to the
capacity building initiatives undertaken by the company.
The total asset base of the group stood at Rs.16,643 million. Equity
attributable to equity holders of the parent was Rs. 12,472 million
which translates into a net asset per share of Rs.12.47.
The earnings per share of the group is Rs. 2.38. The company declared
an interim dividend of Rs.0.25 per share for the year 2012/2013 which
was paid on 28th February 2013. |