Category: Companies
Economy at a glance for 2020:Double whammy blow
Highlights ICRA Lanka estimates Sri Lanka’s GDP growth rate in 2020 to be -4%. In addition, our estimates indicate industry, services, and agricultural sectors to have contracted by 7.3%, 1.7% and 1.3% respectively. By mid-March the COVID crisis took center stage and the CBSL implemented a series of policy rate cuts further bringing the short-term […]
Ceylinco Life records income of Rs 36.98 billion in 2020
Ceylinco Life has achieved consolidated income of Rs 36.98 billion for FY 2020, demonstrating the Company’s ability to grow business volumes and investment returns even in the most challenging conditions. This top line growth of 15.2 per cent was made possible by Gross Written Premium Income of Rs 22.07 billion for the 12 months ending […]
Trade Finance and Investments amalgamates into Commercial Credit and Finance PLC
Trade Finance and Investments PLC (TFI), a financial service providerhas been amalgamated into one of Sri Lanka’s pioneering finance companies, Commercial Credit and Finance PLC (CCF). The amalgamation, which came into effect from 31st December 2020 was subject to the shareholders of both companies approving the said amalgamation at Extraordinary General Meetings held on 09 […]
Central Bank updates rules for export proceeds & conversion of them into Sri Lanka Rupees
The Monetary Board of Sri Lanka’s Central Bank has issued rules as published in the Gazette Extraordinary No. 2215/39 in respect of receipt of export proceeds into Sri Lanka and conversion of such export proceeds into Sri Lanka Rupees. Accordingly, following Rules are imposed with effect from 18 February 2021 until further notice. Every exporter […]
Softlogic Life grew 25-pct in 2020 to Rs.15.6Bn; PAT Rs.1.5Bn
Softlogic Life announced that despite all the difficulties associated with a thoroughly disrupted COVID year 2020, the Company grew revenues to record Gross Written Premium (GWP) of Rs. 15.6 billion, an increase of 25% making it the fastest Company to that mark. The strong growth follows a similar 25% growth that was achieved by the […]
Rated Sri Lankan corporates less exposed to sovereign than banks: Fitch Ratings
Fitch Ratings views most rated Sri Lankan corporates as less vulnerable than local financial institutions to the sovereign’s financial distress. This is because most rated corporates have a combination of strong business profiles, low leverage, sound liquidity, and limited exposure to government. On the other hand, local financial institutions’ ratings are usually constrained by the […]
Kantar to offer media monitoring service in SL
Kantar recently announced that it would start providing Media Monitoring service in Sri Lanka. The announcement comes as Kantar has agreed to acquire Nielsen’s local media monitoring business. Historically, Kantar has provided TV audience measurement in Sri Lanka. The addition of media spend monitoring positions Kantar as a key partner to Sri Lanka’s media industry. […]
Lanka Property Web says SL real estate market stable despite pandemic
“Since the turn of the year there has been an increase in real estate activity by property buyers and sellers”, said Sri Lanka’s leading property portal LankaPropertyWeb. The company stated that a comparison between the number of visits to lankapropertyweb.com during the month of January in 2020 and 2021, showed an increase of 23% while […]
SEC conducts workshop for CFOs of potential listed companies
The Securities and Exchange Commission of Sri Lanka (SEC) recently conducted a forum for the Chief Financial Officers (CFOs) of several private companies with the view of encouraging them to list on the Colombo Stock Exchange (CSE). The SEC has had a continuous dialog with all stakeholders of the capital market and has emphasized on […]
Hayleys delivers its best ever PAT of Rs. 8.20bn; Foreign currency earnings exceed USD 443mn
The Hayleys Group maintained its growth momentum in the first nine months of FY 2020/21, delivering its highest ever pre-tax profit of Rs.11.51 billion which represents a tripling of profitability compared to the corresponding period of last year. The performance reflects exceptional growth in the core performance of the Group’s export-oriented businesses, relentless focus on […]
John Keells IT earns highly acclaimed SAP on Azure Advanced Certification
John Keells IT, a leading boutique consulting and professional services company and one of the pioneers in driving cloud adoption in the region, has achieved the rare feat of “SAP on Azure Advanced Certification” demonstrating its long-term commitment to the leading technology partners: SAP & Microsoft. “We are very pleased to attain the SAP on […]
Resus Energy connects first of its ground-mounted Solar PV power plants to national grid
Diversifying its portfolio, Resus Energy PLC, a forerunner in renewable energy, operating a number of mini-hydropower stations in Sri Lanka, recently connected the first of its ground-mounted Solar PV plants to the national grid. The development rights were secured from a government tender floated under the Sooriya Balasangramaya programme to procure 60 x 1MW Solar […]