Category: Economy and Markets
Sri Lanka Tourism attracts over USD950Mn in investment despite pandemic
Foreign investment is a key driver of economic growth, as is the revenue generated via tourism. As one of its primary exports, tourism remains Sri Lanka’s calling card to the world. Over the last fifteen months (March 2020-June 2021) the government has attracted over $950 million in investments, dedicated to revitalising the island’s burgeoning tourism […]
UK’s CDC Group commits USD50Mn to ComBank to bolster SME lending and climate projects
Facility to target funding directly at underserved SMEs, boost jobs and promote economic and social inclusion across Sri Lanka Supports development of clean energy efficiency initiatives, underpinning Sri Lanka’s commitment to the Paris Agreement Commitment marks CDC’s first climate investment in Sri Lanka and its first direct investments in the country since 2012 The Commercial […]
Sunshine Holdings records 54% top-line growth in 1Q with acquisitions in Healthcare & Consumer
Diversified Sri Lankan conglomerate Sunshine Holdings PLC (CSE: SUN) continued to demonstrate resilience amidst prevailing macro-economic conditions after reporting an impressive top-line growth of 54% YoY. The Group recorded consolidated revenue of Rs. 7.3 billion during the first quarter of the current financial year (1QFY22) and Profit after tax (PAT) grew 88% to Rs. 1 […]
Teejay Lanka steps into 2021-22 with improved Q1 performance
Teejay Lanka PLC has made an encouraging start to FY 2021-22 with solid top and bottom line growth in the three months ending 30th June 2021, shrugging off the pandemic-imposed shackles that retarded Q1 growth last year and overcoming the impact of the third wave of COVID-19 on the industry. Sri Lanka’s largest textile manufacturer […]
Airport and Aviation Services ramps up digital transformation with IFS
IFS, the global enterprise applications company, announces that Airport and Aviation Services (Sri Lanka) has successfully implemented IFS Enterprise Resource Planning (ERP) solutions to boost efficiency and transparency across its operations. The business is currently on a journey towards a digital-first infrastructure that embraces modern technology and maximizes productivity. Becoming globally connected and environmentally sustainable […]
Global tech company, HCL, to take up 80-pct of ‘The Offices’ at Cinnamon Life
Colombo’s newest state-of-the-art office tower, ‘The Offices’ at Cinnamon Life has been chosen as the hub for leading global technology company, HCL Technologies’ growth drive in Sri Lanka. Cinnamon Life is the first A-grade office tower in Colombo to attract a leading multinational company to occupy a majority of available office spaces within its premises. […]
CA Sri Lanka’s prestigious Annual Report Awards makes a comeback this year
In its continuing determination to crown the most brilliant financial reports produced in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will present the prestigious Annual Reports Awards competition this year, incorporating new concessions on account of COVID-19, whilst also automating the marking system for the first time in the […]
Omani Investor delegation concludes visit to Sri Lanka with signing of MoU
Sri Lanka Embassy in the Sultanate of Oman organized a successful visit of investor delegation to Sri Lanka from Omani Shumookh International LLC which is an investment arm of Madayn – the Public Establishment for Industrial Estates of the Sultanate of Oman, under the investment bubble concept from 20-26 July 2021. The delegation led by Shumookh […]
SLT introduces e-learning platform for all SLTDA registered tourist guides
As an initiative to uplift the reviving tourism industry in the country, Sri Lanka Tourism Development Authority in collaboration with Sri Lanka Institute of Tourism & Hotel Management (SLITHM) have introduced the continuous professional development (CPD) e-learning platform to all registered guides to enhance their knowledge and skills. The launch of the continuous professional development […]
Expolanka group reports gross profit of Rs.14.4Bn
259% YoY growth in Group Profit After Tax up to Rs. 6.3 Bn 165% YoY increase in Group revenue up to Rs. 95.7Bn Logistics growth driven by surging retail demand in U.S. Led by vibrant growth in its logistics sector, Expolanka Holdings PLC, delivered another record-breaking performance during the quarter ended 30 June 2021 (Q121). […]
ICRA economic outlook for 2H 2021: Economy relapses amid the third wave
Key Takeaways Expedited vaccine rollouts in many major economies have enhanced global growth outlook for 2H 2021. Sri Lanka which was earlier expected to be a laggard, is now among the countries with the fastest vaccination rates in the world. First quarter recorded a modest economic growth (4.2%) but the rapid escalation of the third […]