Access Engineering PLC (AEL), the country’s premier listed civil engineering company, has recorded an impressive after-tax consolidated profit of Rs. 691 million for the third quarter reflecting a 141.3% increase from a year earlier.
Group after tax profits for the nine months stood at Rs. 1,268 million up 18.7% from the corresponding period of FY20.
In a statement AEL said the 3Q performance indicates a faster recovery and bouncing back of operations amidst the COVID-19 pandemic.
At Company level the 3Q saw after tax profits rise by 36.4% to Rs. 559 million.
AEL said the significant margin improvement was despite the key sectors recording revenue decreases during the quarter, except sale of construction related materials.
Core construction activities, property sector and the automobile sector recorded YoY decreases in revenue during the quarter amounting to approximately 15%, 14% and 48% respectively. Nevertheless, this decrease was offset by a whopping 143% growth in the sale of construction related material during the quarter.
The company’s core construction activities amounting to Rs. 8,654 million contributed to 53.5% of the group’s consolidated revenue with construction related material contributing to 23.7% (Rs. 3,827 million), property 3.1% (Rs. 504 million) and automobile 19.7% (Rs. 3,176 million) during the nine-month period.