Access Engineering recorded its highest turnover in the history at the Group and the Company levels, recording Rs 26 billion and Rs. 18 billion, a growth of 27% and 21%, in a challenging business environment, Chairman Sumal Perera told company’s shareholders in the company’s Annual Report 2017/18.
Construction related activities have contributed 57% to the Group turnover, while 31% was contributed by automobile activities, 10% from sale of construction related material and the rest being made up of leasing office space. Profit after tax was Rs. 3 billion and Rs. 1.9 billion at the Group and the Company levels.
“We also paid dividends amounting to Rs 1.2 billion during the year, in addition to the Rs 1.5 billion paid in 2016/17. The net asset value per share grew by 10% and 4% respectively at the Group and the Company levels,” he said.
The company reported this performance through focused execution of strategic imperatives for the year with ownership and accountability, thereby enhancing the quality of company’s service offering,
depicting the robustness of its business model and the underlying core values.
The company has also completed several infrastructure projects of national importance and continued large-scale projects both independently and as joint ventures with international companies.
“Despite the cyclical recovery in the global markets, the international operating environment was not conducive to the business segments that we operate in. Especially in the international markets, the construction and engineering sectors were negatively affected while the automotive sector remained resilient.”
The construction sector grew by 10% in 2017 despite the setbacks through delays in the decision-making process, depreciation of the rupee, and changes in the corporate tax structure.
Perera said the company’s signature real estate project to transform the skyline of Colombo, “Capital Heights” Rajagiriya, will be completed in 2020 and has garnered interest from locals and expatriates.