Access Engineering PLC recently released its interim financial statements for the six months ended September 30, 2021.
Accordingly the company has recorded an after-tax profit of Rs. 628 million for the quarter, a YoY rise of 23.6%. Group after tax profits for the quarter stood at Rs. 654 million, against a corresponding after tax profit of Rs. 534 million in 2020/21.
Key revenue components of the group included construction (51%), construction related materials (35%), followed by automobiles (12%) and property (2%).
Revenue improvement in all key sectors resulted in a steady margin improvement during the quarter, with the exception of the automobile sector, which was hampered by the government-imposed vehicle import restrictions.Core construction activities recorded a 55.6% YoY increase in revenue during the first half amounting to Rs. 8.2 billion. With a top line of Rs. 5.65 billion, the construction material segment performed impressively during the six months period owing to the sale of asphalt and ready-mix concrete.
Today Access Engineering is one of Sri Lanka’s largest asphalt and concrete producers in the country serving a significant market share. Main construction projects that contributed to the company revenue during the period were the major ongoing projects that would continue to improve the topline of the company in future. Import restrictions, which have been in place since the previous financial year, have stalled the performance of the automobile industry in general. As a result the sector was able to return back to profitability with a marginal profit of Rs. 10 million against a loss of Rs. 31 million in the corresponding year.
During the period, the company’s two ongoing real estate projects fared well, with above industry average sales. Access Towers I and II, which lease office and commercial space, have maintained high occupancy rates throughout the year to date. The property sector recorded a segment profit of Rs. 267 million during the first half which was a 25% growth over the corresponding period of the previous year.Gross profit for the quarter was recorded at Rs. 1,338 millions and Rs. 979 million at Group and Company level respectively with corresponding margins of 14.7% and 12.7%. As at September 30, 2021, the total asset base of the company amounted to Rs. 64.03billion and Rs 48.44 billion at Group and Company level respectively. The equity attributed to the owners of the company was recorded at Rs24.26 billion at the Group level while it was Rs 22.82 billion at Company level. Net asset per share of the Group and Company as at September 30, 2021 stood at Rs. 24.26 and Rs. 22.82 respectively.
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