ACL Cables PLC is a cable manufacturing company in Sri Lanka. It manufactures and sells power cables, conductors, armoured cables and telephone cables. The company was established in 1962 as Associated Cables, a subsidiary of Associated Motorways. It was publicly quoted in 1976. In 1980, the company moved out of the Associated Motorways Group and was renamed ACL Cables in 1990. ACL Cables is one of the LMD 100 companies in Sri Lanka.[2]
 Current logo was introduced in 2015 | |
| Company type | Public |
|---|---|
| CSE: ACL.N0000 | |
| ISIN | LK0011N00003 |
| Industry | Building materials |
| Founded | 1962 |
| Headquarters | , Sri Lanka |
Key people |
|
| Revenue |  LKR30.146 billion (2023) |
 LKR9.079 billion (2023) | |
| LKR7.013 billion (2023) | |
| Total assets | LKR36.111 billion (2023) |
| Total equity | LKR27.458 billion (2023) |
| Owners |
|
Number of employees | 1,641 (2023) |
| Subsidiaries | See text |
| Website | www |
| Footnotes / references [1] | |
History
editIn 1962, Associated Cables Ltd was incorporated as a subsidiary of Associated Motorways (AMW).[3] Manufacturing of electric cables commenced in the following year in the AMW industrial park in Kalutara.[4] Associated Cables was listed on the Colombo Stock Exchange in 1976.[5] The company moved out of the Associated Motorways Group in 1980 and was renamed ACL Cables to establish an independent identity from Associated Motorways in 1990. The company started manufacturing armoured cables in 1986. ACL Cables began a technical collaboration with Nokia Cables in 1988. In 1995, the company started exporting to Bangladesh and the Maldives.[4]
ACL Cables acquired Kelani Cables in 1999.[6] The acquisition raised monopolistic concerns by the small players in the market. Even though the acquisition fueled speculations of triggering anti-monopoly legislation, since cables were not one of the 46 items that have been gazetted which cannot be monopolised, the Fair Trading Commission did not interfere in the matter.[7] A consortium of companies consisting of ACL Cables, National Development Bank and Trydan Partners acquired Hemas Power from Hemas Holdings.[8] ACL Cables introduced its new logo in 2015.[9] The company acquired 51% of Cable Solutions (Pvt) Ltd for LKR480.7 million in 2019.[10]
Operations
editACL Cables was ranked the most valuable building material and 37th overall brand in Sri Lanka in 2022 by Brand Finance. The company controls 70% of the market share of the cable market.[11] ICRA Lanka upgraded its credit rating of ACL Cables to [SL]AA- from [SL]A+ in January 2022. The credit outlook is adjudged as Stable. The company's financial position and market share are cited as the rationale for the rating.[12] ACL Cables' main export markets are India, Australia, Maldives, Bangladesh and Africa.
With the shortage of foreign exchange reserves due to the Sri Lankan economic crisis, the company faced difficulties in importing raw materials.[13] ACL ceiling fans received Sri Lanka Standard Institute's certification for energy efficiency and safety features. The company moved to the ceiling fans market in 2016.[14] Percy Abeysekera, the superfan of the Sri Lanka national cricket team is an employee of the company. Abeysekera joined the company in 1962 as a factory foreman and rose to a factory manager position during his career.[15]
Subsidiaries
edit| Subsidiary | Group holding |
|---|---|
| Kelani Cables PLC | 79.30% |
| ACL Plastics PLC | 65.20% |
| Ceylon Bulbs & Electricals Ltd | 95.30% |
| Lanka Olex Cables (Pvt) Ltd | 100% |
| ACL Kelani Magnet Wire (Pvt) Ltd | 93.79% |
| ACL Polymers (Pvt) Ltd | 65.20% |
| ACL Metals & Alloys (Pvt) Ltd | 100% |
| Ceylon Copper (Pvt) Ltd | 100% |
| ACL Electric (Pvt) Ltd | 100% |
| Cable Solutions (Pvt) Ltd | 51% |
| RESUS Energy PLC | 32.53% |
Source: Annual Report, 2020/21[4]
See also
editReferences
edit- ^ "Annual Report 2022/23" (PDF). cse.lk. ACL Cables PLC. Retrieved 31 October 2023.
- ^ "ACL Cables ascends LMD 100, showcasing market dominance". Daily FT. Wijeya Newspapers. 5 January 2019. Retrieved 31 August 2022.
- ^ Kangaraarachchi, Ramani (30 May 2006). "ACL 'powers' Lanka's energy sector". Daily News. Associated Newspapers of Ceylon Limited. Retrieved 30 August 2022.
- ^ a b c "Annual Report 2021/22" (PDF). cse.lk. ACL Cables PLC. Retrieved 30 August 2022.
- ^ Samarawickreme, Navaratna Dissanayake (2005). Industrial Accumulation in Sri Lanka: impact of policy shifts. New Delhi: Gyan Pub. House. p. 277. ISBN 978-8-12120-855-0. Retrieved 30 August 2022.
- ^ Dissanayake, D. M. R.; Munasinghe, A. (January 2017). "Strategic Synergy of Post-Acquisition: A Case Story on ACL Cables PLC vs Kelani Cables PLC & Key Insights of Brand Positioning of "Kelani Brand"" (PDF). Sri Lanka Journal of Marketing. 3 (1). University of Kelaniya: 59–71. ISSN 1800-4989. Retrieved 31 August 2022.
- ^ Goonewardene, Dinali (19 September 1999). "ACL takeover triggers monopoly issues here". The Sunday Times. Wijeya Newspapers. Retrieved 31 August 2022.
- ^ "Hemas Holdings sells Hemas Power to Sri Lankan consortium". adaderana.lk. Ada Derana. 5 December 2014. Retrieved 31 August 2022.
- ^ "ACL Cables goes for share subdivision". Daily FT. Wijeya Newspapers. 6 July 2015. Retrieved 31 August 2022.
- ^ "ACL Cables to acquire 51% of Cable Solutions for Rs.481mn". dailymirror.lk. Wijeya Newspapers. 27 November 2019. Retrieved 31 August 2022.
- ^ "ACL Cables crowned as the Most Valuable Consumer Brand". adaderana.lk. Ada Derana. 2 May 2022. Retrieved 31 August 2022.
- ^ "ICRA Lanka upgrades issuer the rating of ACL Cables PLC" (PDF). icralanka.com. ICRA Lanka. Retrieved 31 August 2022.
- ^ "Sri Lanka money printing hits cable maker raw materials". Economy Next. Echelon Media. 20 September 2021. Retrieved 31 August 2022.
- ^ "ACL Ceiling Fans awarded star rating in compliance with energy efficiency and safety standards". Daily FT. Wijeya Newspapers. 1 June 2020. Retrieved 31 August 2022.
- ^ "ACL Cables celebrates birthday of Lanka's much-loved cheerleader Percy Abeysekera". Daily FT. Wijeya Newspapers. 3 August 2018. Retrieved 31 August 2022.