C. W. Mackie PLC Group recorded a remarkable year with a 46% year-on-year increase in revenue to reach Rs. 19.2 billion, and the resulting doubling of gross profit from Rs. 2.0 billion during the preceding financial year to Rs. 3.9 billion during the reporting period. According to its integrated annual report for the 22/23 financial year, this is 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 C. W. Mackie PLC’s newly-appointed Chairman and Chief Executive Officer Hemaka Amarasuriya. “We are excited to share our consolidated financial statements alongside details of the strategic approach followed by the Group to sustain and strengthen our market leadership position, and record an exceptional performance in a susceptible economic environment.”
The integrated annual report pays homage to C. W. Mackie PLC’s over 120-year history and sheds light on its farsighted strategic investments under the theme ‘An Aspiring Future’. The company has prudently invested across a multitude of sectors, with the annual report presenting a sectoral-wise breakdown for the reporting period that saw the company’s FMCG sector – despite compounding market challenges and economic contraction – overtake the Commodity sector in terms of revenue.
Despite the global recession, C. W. Mackie PLC Group supplied overseas orders and strengthened overseas customer relationships. The Group focused on capacity expansion of manufacturing facilities, investing in new machinery specially for export-based manufacturing, reconditioning old machinery, 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 the 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’s strategy, performance, as well as prospects for sustainable value creation over its projected growth phase in the next three years. The report also introduces the company’s ‘Six-fold Sustainable Model’, launched during the reporting period by the company as a more holistic approach to address existing and emerging environmental challenges that are more closely aligned with its own business verticals.
The annual report will be presented by the Board of Directors of the Company during its Annual General Meeting scheduled to be held on the 27 July 2023. This is also available for download in print PDF on the company’s revamped website.