Author: user user

World Health Organisation (WHO) Director-General Dr. Tedros Adhanom Ghebreyesus arrived in Sri Lanka yesterday (12) to attend the 78th Session of the WHO South-East Asia Regional Committee.

President Anura Kumara Dissanayake announced that the long-standing demand of plantation workers for a daily wage of Rs. 1,750 will be fulfilled within this year.

Hayleys PLC has been ranked as Sri Lanka’s leading listed corporate in the 32nd edition of the LMD 100, securing the no. 1 position for the 10th time since the ranking’s inception in 1995. This recognition underscores the Group’s longstanding role as a centrepiece of the Sri Lankan economy and a benchmark of resilience, innovation, and sustainable value creation.

For the financial year 2024/25, Hayleys achieved a record-breaking consolidated revenue of Rs. 492.2 billion, reflecting a 13% year-on-year (YoY) increase and marking the highest in the Group’s 148-year history. Profit Before Tax (PBT) rose to Rs. 35.4 billion, a growth of 40%, while Profit After Tax (PAT) reached Rs. 22.5 billion, representing a 52% increase compared with the previous year.

An export income of $ 685 million contributed 53% of the Group’s total revenue, while reaffirming Hayleys’ role as a key driver of foreign exchange earnings.

The Group continues to be one of Sri Lanka’s largest private sector employers, with a workforce of 38,000, while supporting over 27,000 indirect livelihoods across its value chains. In 2024/25, Hayleys contributed Rs. 152 billion in cumulative economic value through payments to the Government, employees, lenders, and nearly 13,000 shareholders.

Hayleys has a diversified presence across 16 industry verticals and operations in over 20 countries. Its export leadership includes serving close to 5% of global demand for household and industrial, supported and unsupported rubber gloves, and a commanding 16% global market share in coconut shell-based activated carbon. The Group is also Sri Lanka’s largest manufacturer and exporter of fabric, aluminium extrusion profiles, processed fruits and vegetables, hybrid flower seeds, and tissue culture plants.

Hayleys PLC Chairman and Chief Executive Mohan Pandithage said: ‘Securing the no. 1 position in the LMD 100 for the 10th time reflects not only our financial strength, but also the dedication of our teams across Sri Lanka and in over 20 countries of operation. This recognition belongs to our 38,000+ employees and the many thousands of small-scale partners who power our value chains. Their unwavering efforts are the foundation for our continued progress in innovation, diversification, digital transformation, and Environmental, Social and Governance (ESG) integration.’

‘At Hayleys, our mission has always been clear – to earn for the country, empower communities, and create enduring value for stakeholders. With Sri Lanka’s macroeconomic conditions showing signs of stabilisation, we remain confident in the opportunities ahead and will continue to invest in progress that strengthens both the nation and our Group,’ he added.

As one of Sri Lanka’s most socio-economically impactful organisations, Hayleys has long championed inclusive business models that connect rural smallholder communities to global markets. From training and fair buyback agreements for agri farmers, to the ‘First Light’ program for rubber smallholders and the ‘Harith Angara’ initiative empowering coconut-based charcoal suppliers, the Group embeds fairness, sustainability, and security into its value chains. These partnerships, recognised internationally for their social impact, ensure that economic growth is not only export-driven but inclusive, strengthening livelihoods across Sri Lanka.

The Group also retained its national long-term rating of ‘AAA (lka)’ from Fitch Ratings in March 2025, reflecting disciplined governance and strong balance sheet management. Reinforcing its sustainability commitments, 74% of the Group’s energy consumption is now derived from renewable sources, driving a 14% reduction in greenhouse gas emission intensity (Scope 1 and 2) over the past year.

Janashakthi Life has been reassured confirming its governance, trust, stability and performance with the award of A- credit rating by Lanka Rating Agency. This independent recognition highlights the company’s strong financial position, commitment to transparency and long-term stability.

As Janashakthi Life proudly celebrates 31 years of operations during the month of September 2025, which is also the Insurance Month, this milestone comes at a pivotal time for the company. Having outpaced the industry as the fastest-growing insurer in Q1 2025 with a 49% growth in Gross Written Premium and having exceeded key industry benchmarks across First Year Premium, Long-term Business, Gross Written Premium, and New Business during the first half of the year, this recognition further underscores the insurer’s strong and sustained growth development.

The A- rating reflects Janashakthi Life’s robust governance framework, ensuring transparency, accountability, and adherence to industry best practices. Its professional management, guided by an experienced leadership team and well-defined processes, enables the company to navigate challenges effectively while pursuing sustainable growth. The company’s unwavering commitment to creating long-term value for policyholders and stakeholders underscores its focus on financial stability, customer-centric innovation, and ethical business conduct. Collectively, these factors reinforce Janashakthi Life’s resilience, positioning it as a trusted and responsible player in the insurance sector. The risk-based Capital Adequacy Ratio demonstrates strong organic capital generation, exceeding industry benchmarks without reliance on external support, and highlights the strength of the internal risk management framework and the company’s ability to sustain capital growth. In parallel, consistent investment yields continue to outperform industry norms, underscoring superior investment management capabilities. The improvement in leverage ratio further demonstrates enhanced financial discipline and sound risk management practices. Based on the current trajectory, Janashakthi Life is positioned within the next 2-3 quarters to achieve an expense ratio that places the company at the forefront of industry efficiency, reinforcing both our competitive pricing power and operational excellence.

Janashakthi Insurance PLC Director/CEO Ravi Liyanage commented on the achievement, stating, ‘Janashakthi Life’s robust foundations are reaffirmed by this strong credit rating. It is an acknowledgement of our steadfast dedication to transparency, stability and customer trust, ensuring our policyholders that their policy benefits are secure in the long run due to our long-term focus to deliver on our every promise in protecting our policyholders and their family’s future. This milestone is a celebration of our journey as a homegrown brand and a testament to the continued faith that our customers have in us.’

Adding to this, Janashakthi Insurance PLC Chief Financial Officer Jude Shanmugam stated, ‘Our strong financial management procedures and ability to withstand a challenging operating environment are reflected in our A-rating. It strengthens stakeholder trust in the company’s capacity to fulfill its commitments and justifies our approach of promoting sustainable growth. Further, Janashakthi Life, recorded strong results for Q2 YTD 2025, continuing its growth momentum. First-year premiums grew by 61% year-on-year, reflecting agility in a challenging economic climate. Regular long-term business rose by 32%, strengthening long-term customer value and steady income streams. Gross Written Premiums (GWP) increased 27% to Rs. 3,769 million, positioning the company as a sector outperformer. Net profit surged 70% to Rs. 1,318 million from Rs. 777 million last year, while total assets climbed to Rs. 40 billion by end-June 2025, reinforcing its solid financial base and growth capacity.

The A- rating reflects not only Janashakthi Life’s robust financial performance but also the dedication of its team, whose efforts have reinforced the company’s position as one of Sri Lanka’s most trusted life insurers. As Janashakthi Life marches its three-decade journey, the company remains committed to building long-term value by staying true to its core values integrity, collaboration, respect, performance driven and innovation.

HNB General Insurance (HNBGI) has announced the signing of a partnership agreement with the Postgraduate Institute of Management (PIM) affiliated to the University of Sri Jayewardenepura strengthening the collaboration dedicated to advancing leadership excellence, management capabilities and empowering employees to drive sustainable organisational growth.

This partnership also marks the continuation of ‘HNBGI Elevation’ a Management Development Program with the inauguration of the second consecutive batch. HNBGI Elevation is designed to build future-ready managers who will transform the general insurance industry through critical skills in strategic decision-making and leadership development embodying its essence of ‘Leadership Beyond Limits.’

HNB General Insurance Director/CEO Sithumina Jayasundara said, ‘At HNB General Insurance, we believe that investing in our people is investing in the future. This partnership with PIM reflects our commitment to nurturing leadership talent, empowering our employees and preparing them to take on tomorrow with confidence.

HNB General Insurance Head of Human Resources/Assistant General Manager Malsha Munasinghe added, ‘HNBGI Elevation is a vital platform that enables our employees to unlock their true potential, build confidence and develop into leaders who can navigate challenges and inspire teams. As we continue with the second batch, we look forward to shaping a culture of growth and leadership that benefits both our employees and the organisation as a whole.’

President Anura Kumara Disanayake yesterday said the daily wage of plantation workers will be increased to Rs. 1,750 before the end of this year.

He made the announcement at an event held in Bandarawela to distribute land title deeds to over 2,000 families from the upcountry plantation community under the fourth phase of the 10,000-housing project implemented with Indian assistance.

The President said the Government is committed to improving the economic and social well-being of the plantation community, who have contributed to the national economy for more than two centuries. He said ensuring fair wages, housing ownership, and better living conditions for the Malayagam community remains a key responsibility of the State.

Disanayake also thanked the Indian Government for its continued support to improve living standards in Sri Lanka, highlighting India’s contribution of Rs. 2.8 million per housing unit under the project, in addition to the Rs. 400,000 allocated by the Sri Lankan Government for infrastructure facilities.

He said the Government is focusing on several areas to uplift the plantation community, including health, education, access to clean water, and eradication of the drug menace in estate areas.

‘The plantation community has long demanded a fair daily wage of Rs. 1,750. We are determined to ensure that this entitlement is granted within this year by whatever means necessary,’ he said.

The President also noted the growing political participation of the Malayagam community, observing that for the first time in history, many of their representatives were elected to Parliament in the last General Election. He said the Government would not betray the trust placed by the community and would continue to work towards ensuring their economic and social advancement.

Indian High Commissioner Santosh Jha, speaking at the event, said the housing initiative reflected the longstanding friendship between India and Sri Lanka and reaffirmed India’s commitment to supporting the development and well-being of all Sri Lankan communities.

The NDB Wealth Growth Fund said it has once again showcased its ability to deliver consistent and market-leading performance, posting an impressive year-to-date (YTD) return of 37.11% as of 30 September 2025. This follows exceptional returns of 44.96% in 2024 and 37.47% in 2023, marking three consecutive years of outstanding growth.

Since the beginning of 2023, the Fund has generated a cumulative return of over 170%, significantly outpacing the ASPI return of 156.53%. This remarkable track record is a testament to the Fund management team’s disciplined approach in identifying high-conviction growth opportunities and maintaining agile capital allocation strategies.

NDB Wealth said that the results reaffirm the Growth Fund’s position at the forefront of market innovation, delivering substantial value to its investors. With macroeconomic headwinds easing and secular growth trends gaining momentum, the Fund remains committed to capturing long-term value creation opportunities.

As Sri Lanka’s domestic economy continues its recovery and interest rates decline to single-digit levels, investors are increasingly exploring equity-based solutions to achieve stronger, tax-efficient returns. The NDB Wealth Growth Fund provides such an opportunity through a professionally managed, diversified equity portfolio, designed to deliver sustainable capital growth over the medium to long term.

With a minimum investment of just Rs. 5,000, the Fund offers an accessible gateway for investors to participate in the growth of established companies with strong fundamentals and proven track records.

For investors seeking to capitalise on the country’s evolving growth story, the NDB Wealth Growth Fund said it stands out as a reliable partner, delivering consistent returns while staying aligned with long-term wealth creation objectives.

Sri Lanka’s workers’ remittances surged to $ 695.7 million in September, marking the third highest monthly inflow so far in 2025, according to the latest data released by the Central Bank of Sri Lanka (CBSL).

The figure reflects a 25.2% year-on-year (YoY) increase and represents the sixth consecutive month of record inflows, underscoring the steady recovery of foreign worker earnings.

Cumulatively, workers’ remittances in the first nine months of 2025 rose 20% YoY to surpass $ 5.8 billion, registering the strongest performance for the period since 2020.

The year-to-date (YTD) figure also represents an 8% increase compared to the over $ 5.38 billion registered in the same period of 2016-the year that holds the record for the highest annual workers’ remittances inflow at $ 7.24 billion.

The sharpest post-crisis rebound was in 2023, when workers’ remittances grew by 57% to $ 5.96 billion, recovering from a 12-year low of $ 3.78 billion in 2022.

In 2024, workers’ remittances hit a four-year high of $ 6.57 billion, up by 10.1% from 2023. This growth was followed by a record wave of people seeking foreign employment after an unprecedented economic crisis.

Historically, the highest-ever annual workers’ remittances were recorded in 2016, whilst between 2014 and 2018, the annual inflows averaged around $ 7 billion, or roughly around $ 600 million per month.

A 23-member US delegation, comprising senior representatives from leading American think tanks and private sector enterprises, recently paid a courtesy call on Board of Investment (BOI) of Sri Lanka Chairman Arjuna Herath.

The delegation included members from the Hudson Institute, the American Enterprise Institute, and executives representing the technology and human capital development sectors.

The meeting brought together senior Sri Lankan Government officials. The US delegation was led by Hudson Institute’s Prof. Walter Russell Mead.

In a statement, the BOI said discussions centred on strengthening economic ties, expanding investment opportunities, and Sri Lanka’s strategic role in a rapidly evolving geopolitical landscape.

Prof. Mead explained that the delegation was keen to understand Sri Lanka’s economic transformation, regional positioning, and development priorities. Delegation members engaged in discussion on a wide range of topics including the investment climate, technology adoption, and real estate development.

Herath said: ‘We are determined to maintain macroeconomic stability while fostering growth. Our Government is firmly market-oriented, working closely with the International Monetary Fund (IMF) to ensure fiscal discipline, eliminate corruption, and promote good governance. Sri Lanka’s economic trajectory is strong, forward-looking, and open for business.’

On geopolitical matters, Sri Lankan officials reaffirmed the country’s longstanding non-aligned foreign policy, maintaining constructive relations with all major powers while safeguarding national interests. They said Sri Lanka remained neutral and independent in its external relations, while ties with the US were historic and enduring.

The BOI highlighted Sri Lanka’s strategic advantages for investors: a highly educated and trainable, English-speaking workforce; a strategic location along major East-West shipping routes; and competitive opportunities in high-growth sectors such as logistics, renewable energy, technology, pharmaceuticals, minerals, apparel, tourism, and real estate development.

Officials also outlined several upcoming initiatives, including specialised economic zones for technology, textiles, and pharmaceuticals, new digital economy initiatives, and expanded opportunities in port logistics and industrial infrastructure, supported by upcoming regulatory reforms to further foster strategic investments.

When asked about Sri Lanka’s message to US investors, the BOI Chief said: ‘We remain open, transparent, and eager to work with US partners. Our focus is on fostering a positive narrative that reflects Sri Lanka’s recovery, resilience, and readiness to welcome investment.’

LOLC Al-Falaah the Alternate Financial Services unit of LOLC Finance has announced the re-launch of its new upgraded International Debit Card. This latest offering is designed to deliver enhanced convenience, security, and financial empowerment while staying true to the principles of Islamic banking.

The upgraded LOLC Al-Falaah International Debit Card features EMV chip technology, ensuring every transaction is encrypted and protected, giving customers peace of mind as they navigate physical and digital financial landscapes, whilst processing local and international transactions. The card is a dual-interface visa debit card, allowing customers to perform contact and contactless transactions across various local and international payment platforms. With dual-network functionality, customers can now access ATM services and perform debit card transactions locally and globally. The card is accepted at all VISA merchant outlets across Sri Lanka and overseas, offering users a convenient and borderless payment solution.

LOLC Al-Falaah’s Debit Card is cost-effective to use and is the only debit card in the market that includes zero joining fees, annual fees, ATM withdrawal charges, hidden transaction fees for usage, giving account holders full access to their actual account balance. Customers can also benefit from real-time SMS alerts for all transactions along with exclusive discounts and special offers lined-up with over 100 merchants, positioning the card as a practical and rewarding financial tool, going forward.

The introduction of the latest debit card stands as a core component of LOLC Al-Falaah’s broader strategy to enhance the banking experience of existing investors as well as potential new customers across Sri Lanka. The card promotes ethical and responsible spending while expanding financial inclusion, particularly in underserved and rural communities. It offers access to digital payments through its expansive branch network, ensuring modern, secure banking for all customers regardless of geography or income in a manner aligned with their values.

LOLC Al-Falaah Head of Alternate Financial Services Shiraz Refai said, ‘Managing one’s finances effectively while staying true to one’s beliefs and moral values is essential. At LOLC Al-Falaah, we have long believed in enabling our customers to pursue financial independence without compromising their faith. Through this debit card upgrade, we take yet another step towards building an inclusive, ethical, and accessible financial ecosystem, one where every Sri Lankan, whether a seasoned investor, small-business owner, or daily wage earner, has the tools and guidance needed to thrive. Our commitment goes far beyond just providing services; we build relationships. We stand by our customers in times of need, guiding them toward regulated financial accessibility and away from exploitative, unregulated lending practices. We invest in communities through educational initiatives and financial literacy programs, empowering them with the greatest wealth of all: knowledge. The introduction of this upgraded debit card represents not just a payment tool, but a meaningful leap toward financial dignity, inclusivity, and sustainable prosperity for all.’

Manager – Institutional Marketing Shafin Iqbal added, ‘We are excited to announce the launch of our re-branded and upgraded high-tech debit card, a breakthrough in delivering secure, convenient, and inclusive financial services. This launch represents a significant milestone in our brand’s ongoing transformation toward becoming a technology-driven, customer-centric financial institution. Beyond its technological advancements, this card exemplifies LOLC Al-Falaah’s core brand values of trust, innovation, and social responsibility. By expanding access to digital payments, we are empowering underserved communities to participate more actively in the formal economy. This contributes not only to individual financial empowerment but also to broader societal progress through improved financial inclusion and economic development. With our commitment in transforming the way financial services support and uplift society, the new debit card is a vital step in realising this vision, offering customers a safer, smarter way to manage their finances while fostering greater economic participation across the communities we serve.