C. W. Mackie revenue increases by 46% to Rs. 19.2 Bn in FY 2022/23

C. W. Mackie PLC, recorded a remarkable year with a 46% year-on-year increase for the 22/23 financial year in revenue to reach Rs. 19.2 billion, resulting in doubling of gross profit from Rs. 2. billion during the preceding financial year to Rs. 3.9 billion during the reporting period, an outstanding growth of 97%.

“In what has become a benchmark year of financial and non-financial performance for C. W. Mackie PLC, we continued to deliver on our commitments to the shareholders and stakeholders of the Company, exceeding all expectations,” stated Hemaka Amarasuriya, (Pictured) newly appointed Chairman and Chief Executive Officer of C. W. Mackie PLC, during the reporting period. Despite the global recession C. W. Mackie PLC Group one of Sri Lanka’s leading and longest-standing diversified conglomerates successfully supplied overseas orders and strengthened overseas customer relationships.

The Group focused on capacity expansion of manufacturing facilities, investing in new machinery especially for export-based manufacturing, reconditioning old machinery and revisiting production lines and investing in human capital to focus more on developing new products and marketing strategies.

LKR depreciation was favourable in terms of revenue and margin in export business.

The business overview of the Company is complemented by the review of capitals for the reporting period, giving shareholders a concise, clear and transparent narrative of C. W. Mackie PLC strategy, performance, as well as prospects for sustainable value creation over its projected growth phase in the next three years.

The annual report will be presented by the Board of Directors of the Company during its Annual General Meeting scheduled to be held on July 27.