Access Engineering

Last updated
Access Engineering PLC
Company type Public
CSE:  AEL.N0000
ISIN LK0409N00009
Industry
FoundedJuly 31, 2001;23 years ago (2001-07-31)
FounderSumal Perera
Headquarters
Colombo
,
Sri Lanka
Key people
  • Sumal Perera (Chairman)
  • Christopher Joshua (Executive Vice Chairman)
  • Rohana Fernando (Managing Director)
RevenueDecrease2.svg LKR20.565 billion (2023)
Increase2.svg LKR7.834 billion (2023)
Decrease2.svg LKR2.436 billion (2023)
Total assets Decrease2.svg LKR79.941 billion (2023)
Total equity Increase2.svg LKR31.972 billion (2023)
Owners
  • Sumal Perera (25.00%)
  • Christopher Joshua (10.01%)
  • Ramani Joshua (7.00%)
Number of employees
1,094 (2023)
Subsidiaries Sathosa Motors PLC (84.42%)
Website accessengsl.com
Footnotes /references
[1]

Access Engineering PLC is a Sri Lankan civil engineering company engaged in the construction industry and supply of construction-related services and materials. [2] The company is one of the constituents of the S&P Sri Lanka 20 Index. [3] The company was founded in 2001, and in 2012 was listed on the Colombo Stock Exchange. In 2019, for the third consecutive year, the company was named amongst the ten "Best Corporate Citizens in the Country" by the Ceylon Chamber of Commerce. [1] Currently, the company is constructing the largest condominium in Sri Lanka, with 1,068 units. Following the news that the Cabinet of Sri Lanka had granted the LKR 9.34 billion housing project in Elliot Road, Borella, the company's share price rose by five-fold. [4]

Contents

History

Access Tower (left) and the construction site of Access Tower II (middle), in 2017 UG-LK Photowalk - Hilton Residencies - 2017-03-12 (4).jpg
Access Tower (left) and the construction site of Access Tower II (middle), in 2017

In 2001, Access Engineering Limited was founded by three shareholders, Sumal Perera, Christopher Joshua and Ranjan Gomez. [1] In 2008, Access Realties Limited, the owner of the Access Tower in Union Place, Colombo became a subsidiary of the company. The company issued 180 million ordinary shares and raised LKR 4.5 billion in 2011. In the same year, Access Engineering became the first Sri Lankan construction company to take part in the United Nations Global Compact. The company was listed on the Colombo Stock Exchange in 2012 and offered 20 million shares in the Initial public offering and raised LKR 500 million. The company bought 60% of the shares of Sathosa Motors PLC in the same year. In 2014, the company acquired 100% ownership of Access Realties II Limited and in 2019 for the third consecutive year the company was named amongst the ten "Best Corporate Citizens in the Country" by the Ceylon Chamber of Commerce. [1] In 2019, Access Engineering acquired 100% of the issued shares of WUS Logistics (Pvt) Ltd. for LKR 925 million. [5]

Operations

The company is currently constructing Marina Square, the largest condominium in Sri Lanka with 1,068 units and a 242-unit apartment complex in Capital Heights in Rajagiriya is nearing completion. [6] The company expanded its asphalt manufacturing operations with the building of its seventh plant in Kekirawa. Access Engineering is one of the largest asphalt concrete producers in Sri Lanka currently. [7] The company recorded LKR 691 million profit for the third quarter of the financial year of 2020 and it is a 141% year-on-year growth. During the quarter the company executed a number of projects including Thambapavani Wind Farm, Bloemendal housing project in Colombo, a building project for Sri Lanka Institute of Nanotechnology, construction of Central Expressway and Nittambuwa-Pasyala Road project. [8]

The Cabinet of Sri Lanka gave its approval to grant the 400-units Elliot Place housing project in Borella for LKR 9.34 billion to Access Engineering. [9] Following the news, the company's share price increased five-fold in Colombo Stock Exchange. [4] The company acquired 50% of shares in Lanka AAC Ltd, a lightweight brick manufacturer for LKR 131 million at the start of 2021. Lanka AAC Ltd. manufactures autoclaved aerated concrete used in the construction industry. [10] Due to the boom in public investment, the company stands to gain in the next five years. [11]

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References

  1. 1 2 3 4 "Annual Report 2022/23" (PDF). cse.lk. Access Engineering PLC. Retrieved 15 December 2023.
  2. ↑ "Access Engineering PLC". ft.com. Financial Times . Retrieved 5 June 2021.
  3. ↑ "Indices". cse.lk. Colombo Stock Exchange. Retrieved 5 June 2021.
  4. 1 2 Senewiratne, Hiran H. "Access Engineering share price rises fivefold". The Island . Upali Newspapers. Retrieved 5 June 2021.
  5. ↑ "Access Engineering to build warehouse on 41-acre land in Negombo". themorning.lk . Leader Publications . Retrieved 5 June 2021.
  6. ↑ "Access Engineering's Christopher Joshua on building a conglomerate in construction". EconomyNext. Retrieved 5 June 2021.
  7. ↑ "Access Engineering opens new asphalt manufacturing plant in Ganewalpola". Daily Mirror . Wijeya Newspapers . Retrieved 5 June 2021.
  8. ↑ "Access Engineering ups 3Q profit by 141% to Rs. 691 m". ft.lk. Wijeya Newspapers. Retrieved 5 June 2021.
  9. ↑ "Access Engineering gets Rs. 9.3bn contract for 400 housing units in Borella". Ada Derana . Retrieved 5 June 2021.
  10. ↑ "Access Engineering invests Rs. 131 m to expand biz". ft.lk. Wijeya Newspapers. Retrieved 5 June 2021.
  11. ↑ "Access Engineering:Boom Time". echolon.lk. Echelon Magazine. Retrieved 5 June 2021.
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