Category: Industry
Hemas Holdings reports revenue growth of 10.3-pct in 2023/24 first nine months performance
Amidst the backdrop of relatively stable operating conditions in the domestic economy, Hemas Holdings PLC (HHL) demonstrated a steady performance in the first nine months of the financial year 2023/24, achieving a cumulative revenue growth of 10.3 percent amounting to Rs. 90.2 billion. Operating profits for the period mirrored the revenue growth, reaching Rs. 8.8 […]
Relaxation of restrictions imposed on standing facilities
The Central Bank of Sri Lanka introduced restrictions on the usage of the Standing Facilities by the Licensed Commercial Banks (LCBs) under the Open Market Operations (OMOs), with effect from 16 January 2023 Accordingly, access to the Standing Deposit Facility (SDF) was limited to a maximum of five (05) times per calendar month, while access […]
‘s economic sovereignty
Sri Lanka, facing internal and external challenges, grapples with the aftermath of its external debt crisis, exacerbating existing economic issues. The Easter attacks, COVID-19 pandemic, global conflicts, and economic mismanagement have pushed Sri Lanka back to seeking IMF assistance. Despite government efforts, widespread poverty persists, exacerbated by low-pay and unemployment. The civil society warnings about […]
JKH records strong growth in EBITDA to Rs.13.7 Bn in Q3 2023/24
John Keells Holding says during the quarter under review, the Group reported a strong performance with all industry groups recording a growth in profits with the Group earnings before interest expense, tax, depreciation and amortisation (EBITDA) at 13.74 billion rupees in the third quarter of the financial year 2023/24 which is a 32 percent increase […]
EDEX Expo 2024: Empowering Sri Lankan youth with education, innovation, and sustainability
Dedicated to providing comprehensive insights into a diverse range of opportunities in higher education, training, gainful employment and entrepreneurship for the Sri Lankan youth, the EDEX Expo 2024, the country’s largest, longest running and premier Education Expo will take place from 9th to 11th February at the Sri Lanka Exhibition and Convention Center (SLECC) in […]
‘s tourism industry
An interactive session organized by the Sri Lankan Airlines at the Sri Lanka High Commission in London, served as a platform for fostering collaboration between top UK tourism agencies and Foreign Minister Ali Sabry. The purpose of this event was to collectively strategize and enhance Sri Lanka’s position as a leading, multifaceted tourist destination. Regional […]
Sri Lanka’s Motor Insurance Changes to Hit Non-Life Sector: Fitch Ratings
A new directive that Sri Lankan non-life insurers remit 100% of motor insurance strike, riot, civil commotion and terrorism (SRCCT) premiums to state-owned National Insurance Trust Fund Board (NITF, BBB(lka)/Stable) should benefit NITF while the underwriting profitability of non-life insurers is likely to worsen, says Fitch Ratings. However, the effect on non-life insurers’ profitability and […]
Sri Lanka Telecom on the Verge of Ownership Change: Only Jio and Gortune in the Running Now
The Government of Sri Lanka, through its Ministry of Finance, Economic Stabilization, and National Policies, has closed the first stage of its plan to divest shares in Sri Lanka Telecom PLC. After an evaluation process based on the Special Guidelines on Divestiture of State-Owned Enterprises, two investors have emerged as front-runners out of the three […]
Inclusive and sustainable businesses set new pathways for Sri Lanka
By Marta Perez Cuso and Yihan Zhao: Selyn, a women-led handloom business, offers flexible employment and valuable income opportunities to about 1,000 women artisans and persons from marginalized groups in rural Sri Lanka. Selyn develops and exports high-value craft products in global markets. The bigger revenue margins of quality products translate into better incomes for […]
‘s Solar Scheme Adds 630 Million Units in 2023
The Ceylon Electricity Board (CEB) implemented the Rooftop Solar Scheme, which resulted in an addition of 630 million units of electricity to the national grid in 2023. This initiative has been supported by electricity consumers across the country. Notably, these consumers have transitioned from traditional electricity users to generating and selling electricity to the national […]
‘s Rise
Over 300 oil and gas cargo vessels visited the Hambantota international Port (HIP) in 2023, recording a 132 percent increase in vessel calls compared to 2022. A key reason for this is the port’s bunkering partner Sinopec actively operating in the market, bringing significant value addition to the HIP’s commercial operations. The overall oil & […]
Visa Accelerator Program 2024 now open for Applications from Fintechs in Sri Lanka
Visa (NYSE: V), the global leader in digital payments, today announced the launch of the fourth edition of Visa Accelerator Program with an open call for applications. The initiative aims to enable startups in Sri Lanka to unlock growth potential by collaborating with Visa’s payments experts. The 2024 edition focuses on new opportunity areas – […]