LMD 100 Q&A

RANK 70

Our strategic focus encompasses enhancing our multifaceted structure, emphasising areas such as exports, imports, retail, distribution, manufacturing and innovation

Q: What are your goals and objectives for 2023/24?

Hemaka Amarasuriya (HA): We set an ambitious revenue target of Rs. 25 billion for 2023/24, reflecting a 30 percent increase over the previous year. Our aim is a steady annual growth rate of around 15 percent in line with our strategic plan up to 2027.

Our strategic focus encompasses enhancing our multifaceted structure, emphasising areas such as exports, imports, retail, distribution, manufacturing and innovation. Operational gaps are being addressed while leveraging strengths and opportunities. We remain confident in our robust infrastructure and team, which positions us well against any potential threats.

Developing team collaboration through training and development is critical, and I am committed to fostering this environment and building a dynamic team. In-house expertise is strategically deployed to strengthen underperforming units as needed.

Q: How are you faring under present macroeconomic conditions?

HA: We are navigating the current environment with caution. While taxation remains a necessary reality for national revenue, we hope tax rates will stabilise.

The exchange rate will depend on overall economic performance locally and globally – though the nation’s current buildup of foreign exchange reserves augurs well for the future.

Q: What strategies do you have in place to retain talent?

HA: We invested in training programmes to develop our management team and staff in modern leadership practices while presently working on a succession plan.

My philosophy centres on investing in people. Continuous training is crucial to our approach, fostering a positive culture that encourages growth and retention.

Q: And what are your expansion plans?

HA: We are exploring new opportunities for growth beyond our core business areas – expanding exports especially in rubber, cassava and peanuts through local agriculture programmes. The government should invest in credible businesses to develop uncultivated lands through leasing or partnership, or both.

Recent successes include exporting king coconut water and desiccated coconut to international markets in hitherto untapped geographies.

We are keen to leverage state support for land leases to enhance our agricultural exports, thereby contributing to foreign exchange growth.

Q: What contribution has your organisation made to the industry and economy?

Mangala Perera (MP): C.W. Mackie proudly served Sri Lanka for nearly 120 years as one of the pioneers in rubber and spice trading. Today, we have diversified into many industries including fast-moving consumer goods (FMCG), commodities trading, industrial refrigeration, marine paints, industrial gases etc.

Our own manufacturing plants with state-of-the-art facilities serve diverse international markets. Sunquick is manufactured in the Horana facility and serves the Oceania region including Australia, New Zealand, Fiji, Papua New Guinea and Samoa.

A partnership with Colombo Dockyard enables us to provide professional coating advisory and drydocking services, supported by our skilled engineering team.

Another notable initiative is our collaboration with the World Bank funded agriculture sector modernisation project for cultivating jumbo peanuts by Sri Lankan farmers. Since 2019, we’ve engaged around 500 farming families across 1,000 acres with plans to expand this to 5,000 acres.

As one of the country’s longstanding companies, we are committed to prioritising exports and industrial growth, manufacturing goods for local and export markets that are vital to the economy.

Q: What trends do you observe in your sector and how are you optimising them?

MP: Industry trends indicate a strong focus on agriculture and efforts to reduce food waste, driven by inadequate storage solutions.

As leaders in the industrial refrigeration sector, we provide innovative cold storage solutions and partner with global brands to offer eco-friendly and total energy saving solutions. We are also addressing the global shift away from harmful refrigerants by introducing natural alternatives ahead of the 2030 phase-out deadline.

Also, we are expanding into value added rubber products to improve competitiveness and support local economic growth.

Q: How is your organisation embracing environmental, social and corporate governance (ESG) standards?

MP: Our ESG framework aligns with the Sustainable Development Goals (SDGs), focusing on environmental sustainability, social responsibility and good governance. We are reducing our carbon footprint through solar energy investments and sustainable packaging initiatives.

Socially, we prioritise responsible consumption and the wellbeing of employees and communities. Our governance policies emphasise ethical conduct and transparency. Overall, our ESG strategy integrates into our business model.

REVENUE (RS. M)
19,388

REVENUE CHANGE
1%

PROFIT AFTER TAX (RS. M)
419

PROFIT CHANGE
(55)%

TOTAL ASSETS (RS. M)
10,147

SHAREHOLDERS’ FUNDS (RS. M)
3,820

MARKET CAP (RS. M)
3,419

EARNINGS PER SHARE (RS.)
11.56

PRICE EARNINGS RATIO
8.22

EMPLOYEES
614

Telephone: 2423554 | Email: info@cwmackie.com | Website: www.cwmackie.com