Largest cable manufacturer of Sri Lanka “Sierra Cables Plc” posts praiseworthy performance in Q2

The largest and the most outstanding aluminium and copper cable manufacturer in Sri Lanka with an international presence, Sierra Cables posted praiseworthy results for the second quarter, registering a positive growth for the company and the economy.

As per the company: “Operating in a challenging economic climate, the Group posted revenue of Rs 2.2 billion during the first half of 20/21 with a net profit of Rs 70 million. Company yielded an Rs 87 million net profit during the first half, indicating an 8% year on year growth.”

“During the second quarter, the Group posted 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 endorses Sierra Cables as BB (lka), having removed the company outlook from the Rating Watch Negative as a result of their notable performance during an economic downturn.

Harsha Jayatunga, CEO of Sierra Cables, said:  “We are pleased to have achieved these results having operated in an economic climate of restrictions and lockdown measures. Despite the pandemic and related economic downturn that restricted multiple activities, we succeeded in registering a growth that doubled during the second quarter, when compared to the first quarter.”

Sierra Cables, a highly recognised and a preferred supplier of cables for mega construction projects, 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 $250 million, due to open in mid- January 2021.

With 90.72% ownership held by Sierra Cables PLC, Sierra Industries commenced operations in 2011.