On this auspicious occasion, when Pearl Engineering Company Limited is celebrating 20 years of successful construction business, I take this opportunity to congratulate The Board, Management and staff of Pearl Engineering Co. Ltd. for this landmark celebration.
I am grateful to the government of Uganda for creating an enabling business environment in which private enterprises have thrived in business.
Pearl has risen from very humble beginnings. We opened shop as a small subcontracting company in a small office in Namuwongo in 1994. We later moved to Kitgum House where we grew both in scope and size before finally securing our own home in Kabalagala in 2003.
The Board members have played a key role in this venture committing financial resources and going through extremely very difficult times to ensure success for this company.
Our 20th Corporate Anniversary celebrations comes at a very exciting time for the Company that was founded in the wake of the pervasive retrenchment programme being implemented by the Government in the 1990s.
PECL over these twenty years has demonstrated the following capabilities:
1. Bidding and winning construction work, in the small to medium sized stratum of the Uganda construction market (C-Contractors), with a current win rate of up to four projects per annum in the both public and private sectors.
2. Successfully delivering varied constructions services (including buildings, roads, dams and waterworks) with a total of over one hundred (100) individual construction projects successfully completed and handed over to our customers in Uganda.
3. Successfully delivering cross-border projects in South Sudan.
4. Growing from the scratch to Sustainably run a construction business in Uganda with a staff of 500 men and women (40 of them being fully qualified engineers) The company has been able to turn over a gross of over UGX25 billion in revenues and concurrently service up to ten (10) projects every year.
In addition to complying with all statutory regulations, The company has paid URA taxes and is in good books with the tax authority.
5. Re-ploughing virtually all company profits back into the business to fuel an astronomical average annual growth rate of over 30% per annum and fund the accumulation of over UGX12 billion in construction plant, machinery and equipment.
6. Attaining a sustainable market of approximately 15% of the small to medium sized stratum of the Ugandan construction market in the “A-Contractors”.
7. Creating the PECL Brand and cultivating the market identity and reputation of the Company in Uganda.
At this juncture, I proudly congratulate the Company Management for the cumulative job very well done and for definitely delivering beyond the initial expectations of the company’s founders.
I would like to briefly clarify as to why this is an exciting time for PEC.
Firstly, the Company is now undertaking several larger-sized projects that now see PECL moving up the market ladder to the large to medium-sized market stratum of the Uganda constructions market (A+Contractors), meaning that the Company is now competing in new space with more opportunity for growth.
Secondly, the economic outlook for Uganda is vibrantly positive and the industry outlook for construction is fabulously favorable with annual growth rate projections in the region of 13% per annum. This signifies an increasing pool of opportunities for the Company despite the big threat being posed by well financed foreign entrants in the market.
Thirdly, regional opportunities seems to be endless with a wide open market in South Sudan, a promising market in Rwanda and “virgin land”, per se, in Burundi. With experience already acquired from operations in South Sudan, PECL now has the chance to expand its operations regionally.
Fourthly, the Company has just completed its strategy formulation and planning process for the next five years and has selected a growth strategy that should help it move further upwards into the A-Contractor stratum in different regional markets by 2020.
The success we are celebrating today would not have been possible without the commitment and contribution of the Board of Directors, our staff and various stake holders whose support we sincerely acknowledge and appreciate.
Special recognition is given to the founding members and particularly to our first Managing Director, The late Eng. Byarugaba Anthony who was the rallying point on which the company was founded. He nurtured the young company and built a strong foundation on which the company is thriving today….. May his soul rest in peace.
My Recognition goes to the Managing Director Eng. Gumisiriza, Executive Board member past and present namely Eng. Kubirabe Davis, Eng. Ariyo Frank and Eng. Haabaasa Geoffrey who have steered the company as it grew to handle big projects that we are proud of today.
I must recognize the only female member of the Board, Madam Byarugaba Jover whose strong management skills, prayer and wise counsel has kept the Board together working as a team.
I am grateful to our staff members at all levels who have worked with commitment, under pressure and with limited resources to deliver quality projects in the last 20 years.
Your sweat and enthusiasm have led us to what we are happily celebrating today.
PECL would not have survived in business without the support of key stakeholders. The Board recognizes the support of our Clients, our Consultants, our Bankers, our service providers and our suppliers.
We have many Bankers and they have all given us crucial support, but I would like to single out Bank of Africa for their understanding and timely support over time which has helped us thrive in money hungry business.
I know that the relationship with our stakeholders is mutual, but we are truly grateful to you all.
As we celebrate what the company has achieved in the past, we want to assure you that with your co-operation and continued support, we are now braving ourselves for what we need to do to truly transform PECL into the future – as a leading construction company in the region.
Chairman, Board of Directors