ACL charting new territories
Electric cable manufacturer ACL Cables PLC is big on export diversification and is scouting for new markets while setting sights on new product development, according to an official.
“We are exporting to different markets, but we want to increase the number of export markets going forward. We are discussing with our partners in this regard to expand our export portfolio,” Mahesh Amarasiri (Chief Financial Officer, ACL Cables PLC told the Sunday Times Business. The cable company currently exports to Southeast Asia, parts of Africa, the US and the European Union. Its export composition is at 20 per cent of the total portfolio.
ACL maintains a dominant position, holding 70-75 per cent of the local cable market share. In its latest fiscal year, the company reported a revenue of Rs. 29-30 billion, with export sales contributing a sizeable portion of total revenue. The company exports multiple products, including domestic cables, power cables, switches, and accessories.
The construction industry is beginning to show signs of recovery, and this resurgence is expected to increase demand for construction materials such as cable, driven by both privately funded and government projects, Mr. Amarasiri said. He noted that investments from the renewable energy sector, especially in solar, have slowed down, but with clear policies, this sector will see an uptick in sales. He also noted that increasing residential apartments and housing, along with the increase in capacity expansions etc. will also increase cable sales.
Having already invested in Resus Energy, a solar company, ACL Cable will also seize opportunities in the renewable energy sector, Mr. Amarasiri said.
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