Category: Daily Financial Times

hSenid Business Solutions PLC (hSenidBiz) has announced its financial results for the second quarter of FY2026, reporting robust topline performance and substantial margin expansion as the company approaches a critical profitability milestone. Total revenue for the quarter reached Rs. 516.9 million, reflecting year-on-year (YoY) growth of 23% both LKR and USD constant currency terms.

The PeoplesHR Cloud segment continued to drive performance, recording a strong 34% YoY increase in LKR terms and 35% in USD constant currency. Recurring revenues contributed 72% of total revenue, reinforcing the quality and sustainability of the company’s revenue base.

New deal closures for the quarter amounted to $ 381,931, a 48% increase compared to the same period last year, with 76% of deals attributed to the PeoplesHR Cloud business.

Founder and Chairman Dinesh Saparamadu said: ‘The combination of accelerated revenue growth and expanded margins validates our strategic approach. We continue to execute our long-term plan with discipline and are firmly on track to achieving the milestones we set out a few years ago. Our immediate focus centres on reaching sustained profitability, strengthening our sales pipeline in overseas markets, and capitalising on the competitive advantages our product innovations will deliver to customers.’

Normalised EBITDA margin (adjusted for one-off staff restructuring expenses) reached 11%, more than quadrupling the 2.5% recorded in 1Q FY26, marking a substantial improvement that positions the company at the cusp of Normalised EBIT break-even, a critical milestone that reflects the effectiveness of operational discipline and revenue scaling.

hSenidBiz reported a net loss of Rs. 25.9 million, which included the one-time staff restructuring expense of Rs. 25.5 million. Free cash flow, after adjusting for the cash outflow related to this one-off restructuring, remained positive.

CEO Sampath Jayasundara said: ‘We are seeing tangible results from our unwavering focus on building a resilient recurring revenue model. Approaching Normalised EBIT break-even represents a significant milestone, and we remain committed to strengthening our market position through product innovation and disciplined execution.’

The company is advancing key product initiatives with the upcoming launch of PeoplesHR X (Version 10), which introduces Lexi, an AI-powered capability suite featuring an AI navigation agent for enhanced product discoverability and an AI super-agent for task assistance and execution. These agentic AI features are designed to elevate customer experience and productivity, further strengthening hSenidBiz’s competitive position in the HR technology market.

PeoplesHR, the company’s flagship human capital management software solution, now supports over 1,700 HR departments across 40 countries spanning South Asia, Southeast Asia, the Middle East, and Africa, helping organisations digitise the entire employee journey from recruitment to retirement.

Treasury Secretary Dr. Harshana Suriyapperuma will participate as the Chief Guest at the popular and high-profile post-Budget Forum organised by the Daily FT in partnership with the University of Colombo MBA Alumni Association and sponsored by Standard Chartered Bank today at 9 a.m. at ITC Ratnadipa, Colombo.

Dr. Suriyapperuma will deliver the keynote address and engage in an open, in-depth discussion on the country’s economic direction under the National People’s Power (NPP)-led Government.

Joining him is an eminent panel of economists and business leaders, comprising; Senior Adviser to the President on Economic Affairs and Finance Duminda Hulangamuwa; Standard Chartered Bank Sri Lanka CEO Bingumal Thewarathanthri; Economist Dr. Roshan Perera, and Selyn Sri Lanka Director – Business Development Selyna Peiris.

The discussion will be moderated by Daily FT Editor and CEO Nisthar Cassim.

The event provides participants with an opportunity to engage directly with the Treasury Secretary, gain expert analysis on economic, investment, and business implications, and exclusive networking opportunities with top policymakers and business leaders.

UB Finance PLC has announced the appointment of experienced, veteran banker Sabry Ghouse as Chairman of the Board of Directors with effect from 6 November. He has been serving on the UB Finance PLC Board as Senior Director since November 2021.

Ghouse holds a Master’s Degree in Business Administration (MBA) from the University of Western Sydney, Australia. He has participated in executive leadership programs conducted by the London Business School, UK and Templeton, Oxford UK. He holds extensive experience in Retail Banking and SME, allied operations and strategy, with a banking career that spans over 30 years with leading international banks across Middle East, ASEAN and Sri Lanka, and with over 10 years’ experience serving in overseas financial markets.

His impact in the economic enhancement of Malaysia’s SME level was recognized and made a foster program to follow in the regional areas to support the enterprises. In recognition of his dedication, commitment, and contribution to creating shareholder value, he was honoured to be selected for a series of prestigious leadership and development programs. He has attended Creating the Future at the London Business School in the United Kingdom, and was chosen to participate in Engaging People in New York, USA – an exclusive program designed specifically for a select group of senior managerial high performers within Standard Chartered Bank. Later, he was privileged to be selected for a global leadership program at Templeton College, Oxford. This intensive course brought together high-potential leaders from across the Standard Chartered Group worldwide

Ghouse was recently appointed as Independent, Non-Executive Director People’s Bank, and was a former Director of the Credit Information Bureau (CRIB) in Sri Lanka. He was the Deputy Chairman of Union Bank of Colombo PLC until August 2021.

He records impactful stints at American Express Bank, Standard Chartered Bank and Al Rajhi Banking and Investment Corporation of Saudi Arabia. He also headed the Retail Banking at Al Rajhi Bank Malaysia to develop a retail banking model and set up operations, on their entry into the Malaysian market, whilst also being critical resource in setting up the Small and Medium Enterprise (SME) unit, while working with the Central Bank of Malaysia’s (BNM) Guarantee Program.

The company looks forward to the insights and experience of Sabry Ghouse in leading and growing the company to greater heights.

The Global Responsible Tourism Awards conducted by the International Centre for Responsible Tourism ICRT recognised 30 organisations around the world at a sideline event to the World Travel Market in London on 3 November. They had all already won Gold in regional awards held with ICRTs in Latin America, Africa, Europe, the Indian Subcontinent and Southeast Asia.

Judging Panel Chair ICRT global Founder Emeritus Professor Harold Goodwin said: ‘Responsible tourism is about making better places for people to live in and visit. As is clear from the 2022 Responsible Tourism Charter there is a wide variety of ways that businesses and destination managers can take responsibility. It is critically important that organisations support any statement of impact with facts. Our sector is still plagued with extravagant claims, we hope that national and EU mis-selling regulations will reduce this over time. All of the Global Responsible Tourism Award winners have explained how they decided what to take responsibility for, what they did and with what impact. Congratulations to them all and we hope they will inspire other organisations to follow in their footsteps.’

ICRT global Chair Debbie Hindle said: ‘Our awards are free to enter but hard to win. We applaud all our 2025 winners for inspiring and giving us great new ideas for the future. And we’re now starting the hunt for our 2026 changemakers, if you know of anyone who should be recognised please do suggest they enter.’

Deputy High Commissioner Manorie Mallikaratchy accepting the award for Heel Oya Community-Based Tourism (CBT) Village at the Sri Lanka stand at the World Travel Market

Sri Lankan winners in the Global Responsible Tourism Awards are: Silver award for Heritance Kandalama Hotel for Climate Adaptation and Resilience, Finalist award for Jetwing Vil Uyana for Nature Positive and Finalist award for Heel Oya Community Based Tourism (CBT) Village for All-Inclusive tourism.

Heritance Kandalama Hotel, a luxury hotel which was designed by the famous Sri Lankan architect Geoffrey Bawa. It is addressing and adapting to climate change goals, by offering a long-term, well-integrated regenerative tourism model that is measurable, credible, and deeply embedded in both ecology and community. Jetwing Vil Uyana, exemplifies nature-positive tourism through its transformative restoration of degraded land into a biodiverse wetland supporting over 300 species. The judges commended Jetwing Vil Uyana for presenting a leading model in ecosystem regeneration and visitor education. Heel Oya CBT Village is a community-based tourism village in Sri Lanka. The judges praised its community-based tour packages for integrating food, trekking, local gastronomy, and traditional agriculture into immersive experiences, while offering homestays and newly curated activities.

Charmarie Maelge of ICRT Sri Lanka explained, ‘This is the 20th year of the Global Responsible Tourism Awards held annually in the United Kingdom. It was a proud moment for Sri Lanka to have three winners recognised at the Awards, highlighting the country’s growing commitment to tourism. This recognition brings valuable international visibility to

Jetwing Hotels Director – Marketing Hashan Cooray accepting the Jetwing Vil Uyana award at the Sri Lanka stand at the World Travel Market, along with (from left): ICRT Sri Lanka Director Charmarie Maelge, Deputy High Commissioner for Sri Lanka in the United Kingdom Manorie Mallikaratchy, and ICRT Global Chairperson Debbie Hindle

Sri Lanka’s responsible tourism initiatives, strengthening the country’s reputation as a sustainable and inclusive travel destination. The awards place Sri Lanka firmly on the global map for responsible tourism excellence.’

The judges of the 2025 Global Responsible Tourism Awards, chaired by ICRT Founder Dr. Harold Goodwin, included Responsible Travel CEO Justin Francis, Village Ways Managing Director and ICRT India Foundation representative Manisha Pande, McKenzie Gayle Ltd., Chief Tourism Officer and ICRT Global Special Adviser Carol Hay, Transfrontier Parks Destinations CEO and Co-Founder and ICRT Southern Africa representative Glynn O’Leary, Crees Manu Director and ICRT Global Director Quin Meyer, ICRT Latin America Regional Director Gustavo Pinto, Echo Founder Kerry Carmichael, and from ICRT Southeast Asia, representatives Sochea Nhem and Dr. Phuong Bui.

Sri Lanka Association of Inbound Tour Operators (SLAITO) President Nalin Jayasundera yesterday welcomed the Budget 2026 proposals to upgrade domestic and international airport infrastructure and improve road connectivity, but cautioned that without a robust, consistent marketing strategy, the country will struggle to attract year-round visitors.

‘Overall, the Budget 2026 is good,’ he told the Daily FT.

Jayasundera said the tourism industry appreciates the Government’s plans to develop the domestic airports in Hingurakgoda, Sigiriya, and Trincomalee, expand operations at the Jaffna International Airport, and resume expansion of the Bandaranaike International Airport (BIA).

He also welcomed the continued investment in expressway and key road projects, including the Central Expressway, Kurunegala-Dambulla Expressway, and Ruwanpura Expressway, noting that improved road connectivity will significantly enhance accessibility to key tourist destinations.

‘Accessibility is key and this requires infrastructure and transport solutions. Without those, we will struggle to attract year-round visitors. We are glad the Government has taken some of the proposals the industry has suggested,’ Jayasundera cautioned.

He also welcomed the reduction in the Value-Added Tax (VAT) threshold from Rs. 60 million to Rs. 36 million per annum, effective from 1 April 2026, noting that the move could discourage companies to split operations to remain below the threshold and avoid taxes.

Jayasundera further stressed that while Sri Lanka is making progress in infrastructure and investment, the missing piece remains a strong and sustained destination marketing effort.

‘Sri Lanka needs the necessary infrastructure, hotels, and attractions in place, but without a consistent global marketing strategy, we cannot fully unlock our tourism potential,’ he said.

The 2026 Budget projects an ambitious expansion of Sri Lanka’s tourism sector, targeting $ 8 billion in annual earnings and 4 million visitors by 2030. The Government said the strategy combines institutional reforms, infrastructure development, human resource training, and a cohesive global marketing campaign to strengthen the industry’s competitiveness.

According to the Budget speech delivered by President Anura Kumara Dissanayake, the tourism sector will undergo a restructuring of its key institutions to resolve longstanding coordination issues among stakeholders. The Government aims to boost productivity and efficiency, while ensuring that destination development, environmental restoration, and promotional activities move in tandem.

A Rs. 3.5 billion destination development initiative will focus on nature and heritage-based tourism, including coastal and marine restoration in the Western Province, such as the Hamilton Canal and Negombo Lagoon. The Haputale area, along with Beragala and Idalgashinna, will also be developed as major tourism zones through infrastructure upgrades and targeted publicity campaigns.

More than 900 State-owned tourist bungalows and resorts, many located in high-demand areas, are to be redeveloped with private sector collaboration to increase accommodation capacity. To meet the estimated demand for over 800,000 skilled workers by 2030, the Sri Lanka Institute of Tourism and Hotel Management (SLITHM) will expand training through a new Hospitality Multi-Purpose Program supported by Rs. 500 million from the Tourism Development Fund.

A further Rs. 2.5 billion from the same fund will be used to redevelop Beira Lake as a central urban attraction. On connectivity, Rs. 1 billion will be allocated to develop domestic airports in Sigiriya, Trincomalee, and Hingurakgoda, with plans to expand operations at the Jaffna International Airport.

The Government also reaffirmed its intention to resume the long-delayed Bandaranaike International Airport (BIA) expansion early next year, and pursue debt restructuring for SriLankan Airlines, positioning the country as a regional transit hub.

ADB approves $ 100 m to strengthen Sri Lanka’s fiscal resilience and transparency

Funding to improve public expenditure management and revenue mobilisation

To support key reforms such as PPPs, procurement, develop a comprehensive Fiscal Risk Statement, climate finance strategy, SDG budget tagging and gender-sensitive Nationally Determined Contribution to address gender gaps

The Asian Development Bank (ADB) yesterday said it has approved a $ 100 million financing package to build on Sri Lanka’s progress toward macroeconomic stability and to help achieve sustainable growth following the economic crisis.

This will be done by strengthening public expenditure management, improving revenue mobilisation, and fostering private sector participations.

ADB Sri Lanka Country Director Takafumi Kadono said: ‘Sri Lanka has made commendable progress in restoring fiscal and debt sustainability following an unprecedented economic crisis. We will work closely with the Government to restore macroeconomic stability and promote inclusive, sustainable growth by strengthening Sri Lanka’s fiscal governance and build a more efficient, accountable, and resilient public sector’.

‘This program also aims to improve the credibility and execution of public expenditure, enhance domestic revenue mobilisation, and foster a more predictable and transparent investment climate,’ Kadono added.

This program will help improve efficiency and transparency in public expenditure management through a comprehensive approach that streamlines budgetary processes and optimises resource allocation to ensure the effective utilisation of public funds.

In addition, it will enhance revenue mobilisation by strengthening revenue generation through stronger domestic and international tax compliance such as the development and implementation of a multiyear tax compliance improvement strategy and by further deepening international tax cooperation following Sri Lanka’s recent membership to the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The program will support the Government’s efforts to improve the enabling environment for private sector participation, including developing a legal framework for public-private partnerships (PPP) that is aligned with international best practices and mobilising additional climate finance and private investment. It will also focus on strengthening the management, transparency, and accountability of State-owned enterprises (SOE).

Several first-time initiatives in Sri Lanka will be supported, the ADB said.

In addition to the draft PPP law, this includes a comprehensive Fiscal Risk Statement and a climate finance strategy that aims to crowd in other sources of finance to support Sri Lanka’s climate ambition and resilience.

It also addresses gender gaps through Sustainable Development Goals budget tagging, a new gender sensitive Nationally Determined Contribution, and public procurement reforms to enhance its development impact and inclusivity. These innovations, together with newly established institutional mechanisms, such as the SOE credit risk framework and specialised monitoring units, lay the foundation for sustained impact, the ADB said.

There has been a surge of tickets purchased for next summer’s Women’s T20 World Cup in England following India’s victory in the 50-over World Cup final earlier this month.

Overall sales for the tournament, which runs from 12 June to 5 July, have increased 171% compared to the previous week, with a 265% upturn in India fixtures.

All of the best-selling fixtures were India group-stage matches, including a repeat of their World Cup final against South Africa at Old Trafford on 21 June and their meeting with Australia at Lord’s on 28 June.

Tournament Director Beth Barrett-Wild said: ‘Demand for tickets to next year’s ICC Women’s T20 World Cup in England and Wales has been incredibly high from the outset, propelled by a stellar summer of women’s sport, which culminated in a thrilling finish to the ICC Women’s Cricket World Cup in India earlier this month. We’re thrilled to see India Women’s incredible win prompting a significant spike in ticket sales for next summer’s tournament, underlining its truly global appeal, and demonstrating how women’s cricket is breaking firmly into the mainstream.’

As well as Old Trafford and Lord’s, which will host the final, matches will also be held at Edgbaston, Headingley, The Oval, and Bristol’s County Ground and in Southampton.

Prime Minister and Education Minister Dr. Harini Amarasuriya yesterday said discussions are underway to introduce an age-appropriate sex education program in schools with the aim of protecting children from sexual abuse.

Her remarks come in response to concerns raised by Archbishop of Colombo Malcolm Cardinal Ranjith, who described the proposed program as an ‘inappropriate sexual education initiative’ planned for inclusion in next year’s school curriculum.

Speaking at an event, Dr. Amarasuriya pointed that there is a significant rise in incidents of child sexual abuse in the country, highlighting the requirement to provide children with proper knowledge and awareness to safeguard themselves.

She assured the sex education curriculum will be formed based on the advice of experts, especially those from the Health Sector.

‘The Health Ministry, the Family Health Bureau, and the National Child Protection Authority (NCPA) have all recommended that sex education be introduced in the school curriculum. We have already introduced a health module for Grade 6 students, which focuses on maintaining good health. Specialists from the Family Health Bureau have proposed including sex education within this module to teach children how to protect their bodies,’ she said.

She stressed that the NCPA has also pointed out that child sexual abuse remains a serious concern in the country and that educating children about their physical safety is crucial.

Dr. Amarasuriya also said that the Education Ministry is holding ongoing discussions with the Health Ministry and the NCPA, adding that both institutions have submitted their recommendations on how the program should be structured and implemented.

Sri Lanka signed the agreement for the 2026 Hajj pilgrimage on Sunday, 09 November, in Jeddah, Saudi Arabia.

The agreement was signed by the Sri Lankan delegation, headed by the Deputy Minister of Religious and Cultural Affairs Muneer Mulaffer and the Deputy Minister of Hajj and Umrah of Saudi Arabia Dr. Abdulfattah Bin Sulaiman Mashat.

The agreement outlines the mutual understanding and commitment of both Governments to facilitate and serve the Sri Lankan pilgrims participating in Hajj 2026. As per the agreement signed today, the official Hajj quota allocated to Sri Lanka stands at 3,500.

During the signing, Deputy Minister Muneer Mulaffer expressed the appreciation of the Government of Sri Lanka for the excellent arrangements made by the Saudi authorities for Hajj 2025, and reaffirmed Sri Lanka’s readiness to continue its close collaboration with the Ministry of Hajj and Umrah to ensure a successful Hajj 2026 for Sri Lankan pilgrims. He also took the opportunity to elaborate on the measures taken by the Sri Lanka Government to regularise the hajj operations in the country, including the draft Hajj Act.

Sri Lanka Hajj Committee Chairman Reyaz Mihular elaborated on the Committee’s regulatory role and the operational processes being implemented for the upcoming Hajj season.

Deputy Minister Mulaffer is also scheduled to meet with Dr. Tawfiq Fawzan Alrabiah, the Saudi Minister of Hajj and Umrah, and engage with Hajj service provider.

The Sri Lanka delegation for the signing ceremony includes Department of Muslim Religious and Cultural Affairs Director M.S.M. Nawas, Acting Consul General in Jeddah Mafusa Lafir, Medical Coordinator Dr. Azeez Mohamed Shihan and Hajj Coordinator Dr. M.N.M. Ahsraff.

The Harvard Club of Sri Lanka has announced the return of ‘Big Bold Brave 2025 (BBB 2025),’ a premier thought leadership conference to be held from 12 to 14 November at Cinnamon Life at City of Dreams, Colombo.

Bringing together over 15 Harvard Clubs across the Asia-Pacific (APAC) region, the event will unite official alumni organisations of Harvard University in a powerful collaboration to shape the future of ideas and leadership in the region.

Under the theme ‘Big Opportunities | Bold Moves | Brave People,’ the 2025 conference will explore the defining forces shaping the APAC’s journey towards 2050. Focus areas include the Future of Work and Human Capital Development, Digital Economy and Entrepreneurship, Modernising Agriculture and Food Security, Sustainable Energy and Infrastructure, and Environmental Resilience and Climate Change Adaptation.

Recognising the region’s growing global influence, the Harvard Clubs are committed to creating a transformative platform that addresses pressing challenges and identifies new opportunities for innovation and growth.

Over three days, the conference will bring together visionary leaders, distinguished Harvard alumni, and global experts for high-impact discussions, case studies, and workshops designed to inspire collaboration and actionable solutions.

BBB 2025, powered by Mastercard, will feature an outstanding line-up of international speakers and thought leaders, including nature scientist and TIME100 Climate Leader Dr. M Sanjayan; author, commentator and public intellectual Gurcharan Das; Synergies Worldwide Executive Chair and World Health Organisation (WHO) Technical Advisory Group Chair Munir Merali; Chief Presidential Adviser on Digital Economy and former Axiata Group Executive Director Dr. Hans Wijayasuriya; Singapore Sri Lanka Business Association President Lakshanthi Fernando; and Singapore Professional Centre Chairman Leong Sze Hian.

With over 40 speakers and over 150 delegates expected to attend, the summit aims to spark meaningful discussions, strengthen cross-border partnerships, and drive innovation across sectors vital to Asia’s future.

Harvard Club of Sri Lanka President and Co-Chair of the conference Kandeban Balendran said: ‘Building on the resounding success of 2024, we are thrilled to host the APAC region once again. BBB 2025 is strategically positioned to serve as a catalyst for Big opportunities, Bold ideas, and Brave people coming together to engineer a prosperous, sustainable future for Asia and beyond. Our vision is to create an essential platform for leaders to connect, learn, and turn dialogue into tangible change.’

Keynote speaker for the conference Dr. M. Sanjayan said: ‘The BBB conference leverages the power of Asia’s human capital, its abundant natural capital, and newfound creativity to redefine and reimagine sustainable growth, prosperity, and happiness for an entire generation. I am delighted to participate in the conversation to ensure Sri Lanka and the region grows while protecting nature and adapting to climate change.’

BBB Co-Chair Asanka de Mel said: ‘Half the world lives in the APAC. We’re richer, bigger, older – and facing massive change. That’s why we created BBB: to face it head-on. These are once-in-a-lifetime opportunities. Don’t watch from the sidelines. Join the conversation. And thanks to Mastercard Sri Lanka, Cinnamon Life, and our partners for backing a dialogue that actually matters.’

Championing this initiative, the Harvard Club of Sri Lanka, established in 2021, continues its mission to empower members, serve the nation, and strengthen the global Harvard network. The 2025 conference stands as a testament to that vision, promoting connection, collaboration, and shared progress.

The Annual Report of the Auditor General for the year 2024 has been handed over to the Speaker of House Dr. Jagath Wickramaratne by the Acting Auditor General G.H.D. Dharmapala, at the Parliamentary Complex.

The report has been presented in accordance with the provisions of Article 154 of the Constitution.

A large number of institutions including Ministries, Departments, Corporations, Boards, Authorities, statutory funds, non-statutory funds, and foreign-aid projects, Provincial Councils, Local Government institutions and State-Owned Enterprises (SOEs) were audited during the year 2024, and the relevant audit reports were submitted to Parliament by the Auditor General, the statement issued by the Department of Communication of Parliament stated.

Based on this, the respective annual report has been compiled.