**Colombo**: Hemaka Amarasuriya, strategic head of C.W. Mackie, announces plans for a 30% revenue boost to Rs. 25 billion, supported by strong supplier ties and innovation across sectors, while emphasising resilience in response to macroeconomic challenges and promoting local agricultural initiatives.
In a recent interview, Hemaka Amarasuriya, the strategic head of C.W. Mackie, outlined the company’s ambitious plans for 2023/24, highlighting a targeted revenue increase of 30% to reach Rs. 25 billion. This target is part of a broader strategic plan aimed at sustained annual growth of around 15% through to 2027, focusing on various sectors including exports, imports, retail, distribution, manufacturing, and innovation.
Amarasuriya expressed confidence in the company’s robust infrastructure and team, which he believes equips C.W. Mackie well to handle any potential macroeconomic threats. He emphasized the importance of developing team collaboration through ongoing training and professional development initiatives. “Continuous training is crucial to our approach, fostering a positive culture that encourages growth and retention,” he stated. The company is also working on a succession plan to ensure talent retention and development within its ranks.
Addressing current macroeconomic challenges, Amarasuriya noted the necessity of stable taxation and its impact on national revenue, alongside optimistic views on foreign exchange reserves bolstering the nation’s economy. Amid these conditions, he reiterated the company’s commitment to fostering resilience through strong supplier relationships and collaborative frameworks.
C.W. Mackie is also delving into new growth areas beyond its core business, particularly focusing on agricultural exports. Amarasuriya pointed to successful recent exports such as king coconut water and desiccated coconut to previously untapped markets. He advocated for government support towards local agricultural initiatives, including the leasing of uncultivated land to develop crops like rubber, cassava, and peanuts.
Mangala Perera, an emblematic figure at C.W. Mackie, discussed the company’s extensive contribution to both local industries and the economy since its inception nearly 120 years ago in rubber and spice trading. The company has since diversified into fast-moving consumer goods and industrial sectors, establishing manufacturing plants equipped with modern technologies for international markets.
Perera emphasised ongoing collaborations that promote agricultural development, such as a partnership with the World Bank to modernise the agricultural sector, which has engaged around 500 farming families in cultivating jumbo peanuts. “We are committed to prioritising exports and industrial growth, manufacturing goods for both local and export markets that are vital to the economy,” he stated.
In response to industry trends, Perera highlighted a growing focus on agriculture, particularly in reducing food waste, driven by improved storage solutions. C.W. Mackie is advancing in the industrial refrigeration sector, implementing innovative cold storage solutions and aligning with global standards to phase out harmful refrigerants by the 2030 deadline.
The company also embraces robust environmental, social, and corporate governance (ESG) standards, aligning its practices with the Sustainable Development Goals (SDGs). Efforts include reducing carbon footprints through solar energy investments and implementing sustainable packaging. Perera noted, “Our ESG strategy integrates into our business model,” underscoring the commitment to ethical practices and transparency.
As of the latest financial reporting, C.W. Mackie’s revenue stood at Rs. 19,388 million, reflecting a 1% change, with a profit after tax declining by 55% to Rs. 419 million. The total assets were recorded at Rs. 10,147 million, with shareholders’ funds amounting to Rs. 3,820 million. The company’s market capitalization was noted at Rs. 3,419 million, demonstrating its foothold in the competitive marketplace.
The strategic focus of C.W. Mackie remains clear: to enhance supplier relationships and foster collaboration, establishing the company as a resilient player within its sector, while continuously seeking competitive advantage through innovation and growth opportunities.
Source: Noah Wire Services
