Category: Daily Financial Times

Each year on 10 November, the global accounting community comes together to celebrate International Accounting Day – a tribute to the vital role accountants play in strengthening individuals, societies and communities institutions, economies and nations – across oceans, in essence the world at large. If one thinks about it deeply, we cannot envision a world without accountants. We certainly are not perfect, but the world would be a different place if not for us. Thus, joining my profession – my “accounting family”, as I did last year, was with a sense of wholesomeness, of belonging, of pride yet humility.

Celebrating integrity, insight, and impact

On Saturday, 1 November, 2025, ahead of International Accounting Day, representatives of our profession, including trainees, students, members, walked together in unity. The walk was not merely a ceremonial event, it was a reaffirmation of what the accounting profession stands for – the enduring values of integrity, insight, and impact. These three words, which I call the ‘Triple I,’ reflect the essence of our vocation and its enduring contribution to society.

Accounting is, above all, a profession of trust – and trust is sustained when Integrity becomes instinct and inspires confidence; Insight becomes habit and drives innovation, and impact becomes purpose, that uplifts Sri Lanka and the world.

Not only a Profession but a Purpose: Beyond Balance Sheets and Audit Reports

On this day we celebrate not only a profession but a purpose – a purpose grounded in Integrity, Insight, and Impact.

Integrity – the ethical foundation of the profession. Insight – the analytical and advisory intelligence accountants provide. Impact – the tangible contribution to organisations, markets, and society.

Integrity is the moral compass that guides every accountant. It is the unwavering commitment to truth, transparency, and ethical conduct – values that ensure public trust in financial systems and institutions. Without integrity, numbers lose meaning and confidence collapses. With it, the profession stands tall as a guardian of good governance and accountability.

Insight is the analytical depth and professional judgment that transforms data into understanding. Accountants do not merely record history; they interpret it, draw lessons from it, and help shape the future. Their insight drives better decisions – for businesses, Governments, and citizens alike.

Impact is the tangible difference the profession makes in the real world. From supporting entrepreneurs to strengthening public finance and advancing sustainability, accountants create value that extends far beyond balance sheets and audit reports. Their work touches every sphere of the economy, influencing progress and prosperity.

Reflections and reminiscences – with gratitude

The words “Upward, Onward and Forward together” are from the national anthem of the Commonwealth of The Bahamas, where I lived and worked with today’s Big 4 firm Deloitte for 9 years. I thought that theme can well refer to our global profession and our walk.

Perhaps I should reminisce about and share brief milestones of my personal journey, if only to convey my sincerity, in recording my appreciation of my profession and the motivation for this writing which I have been urged to do.

I trained with Ford Rhodes Thornton, now KPMG, and worked with John Keells after I qualified. I then left for The Bahamas, to take up an overseas contract early in my career. I owe a debt of gratitude to my profession, and these two truly wonderful institutions and very special people, for providing me with the opportunity to serve the profession and industry, giving me the confidence and the global mobility I certainly enjoyed.

On my return after almost a decade, having been in Pittsburgh Pennsylvania, USA, for an year to pursue an MBA, I rejoined John Keells, as Director Business Development. It was a privilege indeed to make a contribution, to its strategic review and redirection, its diversification and expansion. Having moved into independent consulting, I was invited to the partnership of Coopers and Lybrand, later PricewaterhouseCoopers. I then took up international consulting for multilateral and bilateral development banks, but meanwhile also contributed to the public sector, at the Bank of Ceylon and the Securities and Exchange Commission of Sri Lanka.

Confederation of Asian and Pacific Accountants

As I write this, I must confess, I only remembered just now, that 25 years ago to this day, between 7-11 November, in the year 2000, in Manila Philippines, I took office as the President of the Confederation of Asian and Pacific Accountants, a body comprising 30 professional accountancy organisations from around 25 jurisdictions in the Asia Pacific region, from Japan to New Zealand, representing over 2 million accountants. It was the culmination of an election I had won in Shanghai China, 2- 3 years before. There were many issues and challenges, as I was in a sense thrust into these positions, and must reserve for a later writing, the nostalgia associated with them.

10 years on Council

Add to this, my 5 terms of two years each on the Council of the Institute of Chartered Accountants of Sri Lanka, thus 10 years of my professional life was dedicated to the institute, of course with pleasure.

I reminisce about all this to say that indeed all this, has been possible due to the profession and the world of accounting, and thus all this and more, certainly endears me to my profession. I hope this brief overview of my journey would encourage those in schools and Universities to join our profession, our partnerships and the administration of CA Sri Lanka.

That vibrant, colourful, pageant-like Walk

Our walk comprised many people and several practice firms, performing an invaluable role at the very core of sustaining our profession, our professional services, and its clientele- a role too often taken for granted. There were many other global and local institutes, educational establishments and Universities, performing similar and different roles, serving as a visible reminder that accountants are not confined to balance sheets and audit reports. They are advisors, strategists, and guardians of the public interest. From contributing to proper governance in private and public institutions to guiding entrepreneurs and shaping sustainable markets, accountants influence the direction of enterprises, businesses, corporates, national and global economies.

Leveraging a core discipline

Over two decades ago, in developing thoughts for my induction as President of the Institute of Chartered Accountants of Sri Lanka, I reflected deeply on what message I should convey as I accepted the baton from my predecessor Lal Nanayakkara, to run my lap for two years.

I realise today, that the profession has enabled me to play many roles – as an accountant, as a consultant, as a strategic advisor, mentoring Chairmen of Boards, in business diagnostics, corporate turnarounds, valuations for acquisitions or divestments, in privatisation bids, in designing investment and fiscal incentives for Government Ministers and Prime Ministers, serving as a regulator, and as a board member in both public and private sectors.

It is interesting that I chose to title my address at the induction as follows: ‘Leveraging the Core Discipline of Accounting.” I did so with a purpose. To attract strong young leaders to our own profession and the firm I was a partner of, as well as to convey to society, that we were much more than the perceived “bean counter.” Might I add, without fear of contradiction that the theme of that presentation has relevance to this day.

Beyond Ratios and Reconciliations: Beyond compliance towards conscience

Our profession is more than numbers, ratios, and reconciliations. It is built on trust, transparency, and truth. In an age defined by artificial intelligence, automation, and algorithmic judgment, it is our conscience that must continue to guide our choices. True governance begins when compliance gives way to conscience. Integrity cannot be programmed or delegated, it must be lived. Technology may accelerate our work, but it cannot replace the moral compass that defines our profession. As we step deeper into the digital era, the human dimension of ethical decision-making must remain at the heart of accounting and audit.

Broadening horizons, multiple perspectives

Accounting, is a core discipline that draws from and contributes to economics, law, governance, and strategy. Through this interdependence, we gain not just technical proficiency, but perspective. An accountant may begin by auditing, but may evolve to consult, to regulate, to lead, or to govern. The profession is a foundation upon which many roles can be built. Whether in a corporate boardroom or a ministry, at a multilateral agency or a rural cooperative, the accountant’s responsibility is the same: to uphold truth, ensure accountability, and add value. That ability to cross domains – from the private sector to public service, from national institutions to international development – is both a privilege and a duty.

Flashback to 2009: Our Golden Jubilee celebrations

Reminiscing about my walk, infused with warm fellowship, music and even dance, just 10 days ago, from a location that was once a home away from home – 30 A Longden Place Colombo – 7, today’s Malalasekera Mawatha, and all the way to the Port City complex – an approximately 7 km walk where we released balloons, my mind flashed back to December 2009.

It was when the institute had a series of events for our 50th Anniversary Celebration and released a two volume publication, entitled “The Saga of an Enduring Journey”. The Chairman of the Jubilee Celebrations Organising Committee Lal Nanayakkara, invited me to write an article. I did so and titled it “Re-Earning Public Confidence, Regaining Credibility – What Should Our Posture Be? Defensive, Offensive Or Progressive?’

I do not intend to reproduce that article or even sections of it, but I recall structuring my writing in such a manner that the captions of the paragraphs, on its own, told a story. Here they are

A challenge for all-whether local or global, in public practice or outside it.

There were crashes, crises and bailouts – but they were not without precedent

We are not alone in this quagmire, there are feeders and providers in the value chain of our services

The Merits of a Market Economy have been questioned, but the Benefits it has provided are ignored

A share of the responsibility of corporate collapses is ours..

Our profession globally, played a pivotal role in economic restructuring, corporate restructuring and turnarounds

The ‘Value Adding’ role we played should not be tarnished..

Quo Vadis – Where do we go from here?

Building awareness and moving upwards is an obligation

I have a message for our Profession

I said then that ” I have a message for our Profession. We have a choice. We can be defensive and fold up, build hedges around us and retreat into the woodwork. We can live in an imaginary world of the comfort zones of an era gone by, when we were better known as bespectacled accountants, in the ‘back rooms of business’ who literally counted beans and gave an opinion on a Balance Sheet as at a particular date. But we passed that stage and passed it relatively well, and went beyond the bottom line.”

“We invested considerable hours and funds into developing more sophisticated approaches, we leveraged our core discipline to perform a wide variety of value added services in almost every industry and relating to almost every aspect where our core discipline could have been of benefit, and we did so in almost every country in the world. We can take pride in the fact that we are better represented than any other profession throughout the world.”

“Hence retreating into the woodwork is not an option. Alternatively, we can adopt an aggressive, offensive, ‘shoot the messenger’ syndrome. This will however, be entirely incompatible with our ‘raison d’être’, would distract from the good work we can and will do, and will result in our losing credibility rather than regaining it. Public confidence will erode and our profession will stagnate and decline. Others outside our profession will then enter and engage in activities, which could have remained the domain of our profession.”

“We must recognise that there is a threshold beyond which, we as a profession need not bow our heads, mop up the ‘debris’ of others or sweep their weaknesses or ours under the carpet as it were. Instead, if there is an expectation gap, we must bridge it. If there is a technical knowledge gap, we must fill it. If there is a resource gap, we must resource it. If there is a technology gap, we must acquire it.” End of Extracts of the “Jubilee Article.”

Fast forward – 2025 and beyond

It is 16 years since our Jubilee Anniversary of CA Sri Lanka. May I humbly submit that that message is yet valid and perhaps a continuing yardstick of how we measure ourselves. I am hopeful that today’s younger professionals will pause, reflect and derive comfort and confidence from it while also refining their approaches, methodologies and direction, should they so desire. Thus here are my thoughts as we continue to move upward, onward and forward together.

The economic capital of a nation cannot be sustained without moral capital

Accountability cannot rest with management alone. It must extend to boards, regulators, auditors, and educators alike. In today’s environment, accountability is an ecosystem – one that begins in the classroom, matures in the boardroom, and is sustained by the collective integrity of all who participate in governance. Ethics is not an accessory to growth, it is its foundation. A strong economy demands strong values – in Government, in enterprise, and in every profession.

Relevance to our profession

Within the above context, our profession remains relevant only when it subjects itself to the same scrutiny it demands of others. That self-examination – our own ‘professional audit’ – is what keeps us honest, humble, and forward-looking. We must ask ourselves the following questions:

Are we teaching what the future requires? Are we preparing professionals for challenges we cannot yet foresee? Are we ensuring that technology serves ethics, and not the reverse?. A curriculum teaches us subjects, experience teaches us context, conscience teaches us judgment.’ It is this triad – knowledge, context, and judgment – that defines professional excellence.

In a globalised and digitised economy, the accountant must serve as both guardian and translator – interpreting between finance and policy, data and decision, numbers and narratives. The global accountant of 2025 is no longer confined to a “ledger”. He or she operates at the intersection of sustainability, governance, and strategy. Yet amidst all change, one truth remains constant: ‘Our licence to operate is granted not only by statute, but by society’s continued belief in our integrity.’ It is a licence we must re-earn every day.

As we walked this year – young and old, mentors and mentees, professionals and students – we were reminded that our journey is continuous. From compliance to conscience, from independence to interdependence, and from technical competence to moral leadership, the spirit of the profession endures. Our stride may be measured, but our direction is clear. The Triple I – Integrity, Insight, and Impact – is not just a theme, it is a compass for the future.

Samagi Jana Balawegaya (SJB) MP Dr. Harsha de Silva has slammed the 2026 Budget as a betrayal of public trust, built on false narratives and unrealistic promises.

‘In my detailed response to the 2026 Budget speech, I exposed a Government that has not only failed to deliver on its core election promises but has presented a Budget that is a betrayal of the very people who voted for it,’ he said in a statement.

While acknowledging that the Government has maintained the macroeconomic stabilisation achieved by the previous administration, Dr. de Silva said it has ‘no plan for economic growth.’ He described the Budget as ‘not a system change, but the same old thing wrapped in a new flag.’

Pointing to what he terms a Rs. 1 trillion deception, Dr. de Silva alleged that the Treasury is overflowing with an unanticipated Rs. 1 trillion surplus generated mainly from vehicle imports worth more than $1.4 billion.

‘Instead of using this surplus to provide relief, the Government is increasing the tax burden,’ he said. He accused the administration of widening the VAT net by lowering the threshold from Rs. 5 million to Rs. 3.6 million per month, a move that would hit small businesses directly.

He also claimed the Government had secretly agreed to introduce a new property tax in early 2027.

Calling the housing allocations ‘a cruel joke,’ Dr. de Silva said the Rs. 10.2 billion earmarked for 7,000 houses equates to Rs. 1 million per unit.

‘With construction costs at Rs. 10,000 per square foot, this is enough for only a 100-square-foot structure. This is not a home; it is an insult,’ he said.

Dr. de Silva also criticised the concessional housing loan scheme for state employees, which he said provides only Rs. 500 million in total, enough for 416 workers out of 1.4 million.

‘This is not a policy; it’s a lottery,’ he said, adding that the real problem was the crippling taxes on building materials, including 49% on cement, 60% on bathroom fittings, and 92% on PVC pipes.

The MP accused the Government of perpetuating a ‘no system change’ policy while planning to borrow Rs. 3.8 trillion in 2026, Rs. 3. 11 trillion domestically and Rs. 700 billion from abroad.

‘They are taking credit for stabilisation achieved by the previous Government when inflation fell from 17% to 1% and the dollar from Rs. 370 to Rs. 294. Now, under their watch, the rupee is depreciating again, hitting Rs. 307,’ Dr. de Silva said.

He said the Budget betrays the youth who voted for the Government’s promises of jobs, tax relief, and support for SMEs.

‘Promised State sector jobs are indefinitely postponed. The pledge to raise the tax-free income threshold to Rs. 200,000 was broken. Freelancers who previously paid 0% are now taxed at 15%,’ he said. He added that the much-promised ‘Relief Bank’ for struggling SMEs had not materialised and claimed the ‘rice mafia’ remained stronger than ever, squeezing out small millers.

Dr. de Silva also dismissed the Government’s Foreign Direct Investment (FDI) figures as misleading.

‘Of the claimed $ 823 million in FDI, 54% came from projects initiated under previous Governments, including $ 229 million from the Adani Port,’ he said.

He warned that exporters were in crisis after the removal of the SVAT system, with promised refunds delayed beyond 45 days. ‘There was complete silence on crucial trade deals like RCEP and ECTA, showing no political will to walk the talk,’ he said.

He accused the Government of failing to tackle corruption and neglecting senior citizens.

‘While I support the anti-corruption talk, new irregularities are emerging, such as a tender for 1,775 double-cabs where the mandatory bid period was cut from 42 days to just 12,’ he said.

‘There is also no progress on pensions for the informal sector, and the Government has secretly agreed with the IMF to stop the interest subsidy on senior citizens’ fixed deposits by the end of this year, a crucial fact omitted from the Budget speech,’ Dr. de Silva alleged.

Concluding his critique, Dr. de Silva said the 2026 Budget was not a vehicle for change but a document of broken promises that fails to meet the real needs of the youth, the elderly, and the country’s key economic drivers.

The Chartered Institute of Public Relations (CIPR) has appointed Rishini Weeraratne, Editor of The Sun (Daily Mirror) and Head of Social Media at Wijeya Newspapers Ltd., as its new Ambassador for Sri Lanka.

This strategic appointment strengthens the CIPR’s global ambassador network and represents a significant step in expanding its presence across South Asia.

In her new role, Rishini will promote professional standards in public relations, support local practitioners, and encourage engagement with the CIPR’s Continuing Professional Development (CPD) and accreditation programmes.

Founded in 1948, the CIPR is the world’s only Royal Chartered body for PR professionals representing over 11,000 members across 80 countries and setting the global benchmark for professionalism, ethics, and excellence in public relations.

Its international ambassador network plays a crucial role in fostering collaboration, enabling practitioners worldwide to achieve Chartered status while upholding the values of transparency, trust, and integrity.

As the CIPR’s Ambassador for Sri Lanka, Rishini will serve as a vital bridge between the Institute and the country’s communications and media professionals, helping to build capacity, encourage career-long learning, and enhance the professional development of PR practitioners in Sri Lanka.

Commenting on her appointment, Rishini said: ‘I am deeply honoured to represent the Chartered Institute of Public Relations in Sri Lanka. This appointment is a recognition of Sri Lanka’s growing presence in global communications, and I look forward to strengthening professional networks, promoting ethical practice, and fostering meaningful collaborations.’

Chartered Institute of Public Relations CEO Alastair McCapra said: ‘We are delighted to welcome Rishini as our Ambassador for Sri Lanka. Her outstanding leadership across and beyond the public relations profession embodies the global standards of professionalism and integrity that the CIPR represents.’

‘Rishini’s appointment marks a significant step forward in strengthening our international network and deepening our engagement across South Asia. Her vision and experience will be invaluable in supporting PR professionals in Sri Lanka to build skills, achieve professional recognition, and uphold the highest standards in communication. We look forward to working with her to further our mission of promoting trust, transparency, and excellence in public relations worldwide,’ McCapra added.

Rishini is a renowned Sri Lankan media professional with a career spanning journalism, digital strategy, and corporate communications. As Editor of The Sun (Daily Mirror) and Head of Social Media at Wijeya Newspapers, she has driven innovative projects in digital storytelling, audience engagement, and content transformation across the group’s leading platforms, including Daily Mirror Online, Lankadeepa Online, Tamil Mirror Online, and HI!! Online.

Her visionary approach has successfully bridged traditional journalism with the dynamic world of social media and digital content creation. Under her leadership, Wijeya Newspapers’ social media teams have won multiple accolades, including Social Media House of the Year (New Generation Awards, 2020), the Youth Corporate Award (2021), and numerous YouTube Silver Creator Awards for outstanding audience engagement and reach.

Rishini’s exceptional leadership has been recognised through several prestigious awards, including the Top50 Professional and Career Women’s Global Award (2023) for Leadership in Digital Media, the Sri Lanka Vanitha-Abhimani Award (2025), and the Legendary Woman Award (2025) for pioneering digital media in Sri Lanka.

Her experience extends internationally, having held senior communications roles such as Head of External Communications at BRG (UK) and her current role as Head of Strategic Partnerships and External Communications at D3 Collective Limited (UK). Dividing her time between London and Colombo, Rishini continues to blend global expertise with local impact, driving innovation and excellence in communications.

Colombo Port City Economic Commission Chairman Harsha Amarasekera, PC said the project has the potential to become the ‘single catalyst of growth’ for Sri Lanka, positioning the island as the ‘Switzerland of the region’ for trade, investment and services, backed by an attractive incentive regime and renewed policy stability.

Speaking at the EY Sri Lanka post-Budget panel discussion on Friday, he said the Port City, as the country’s first and only service-oriented Special Economic Zone (SEZ), can connect Sri Lanka to high-value global sectors such as fund management, fintech, arbitration and e-commerce.

He noted that while establishing an independent arbitration hub from scratch could be difficult in the presence of established centers like Singapore or Kuala Lumpur, Sri Lanka could attract regional arbitration cases by positioning itself as a cost-effective alternative. ‘Singapore as an arbitration centre is expensive. Sri Lanka can become a cheaper destination for disputes involving India, Bangladesh and Pakistan. We could even explore the possibility of hosting a branch of the Singapore International Arbitration Centre within the Port City,’ he suggested.

Amarasekera described Sri Lanka’s geographical advantage as pivotal to its role in South Asia’s trade and investment flows. ‘In this region, we are the Switzerland of the world. Many Bangladeshi and Pakistani companies don’t want to operate through India and vice versa. So Sri Lanka can become the neutral hub for trade, meetings, and investment across the region,’ he said, adding that the Port City’s convention facilities and business infrastructure could facilitate such activities.

Reflecting on the broader economic framework, he dismissed misconceptions that the Port City’s incentive scheme had been altered, explaining that the original benefits were time-bound designed to kickstart the development and was later disrupted by the pandemic and foreign exchange crisis. ‘The new rules-based governance structure and incentive framework, developed with the Finance Ministry, remain very competitive compared to those in Dubai, Singapore or India’s Gift City,’ he noted.

Amarasekera asserted that the focus should now be on simplifying operational entry rather than expanding fiscal incentives. ‘We must make it easier for investors to come in and start operations. That means streamlining residency and long-term visas, employment conditions for expatriates and resolving issues such as EPF/ETF compliance for short-term foreign staff,’ he said.

He also pointed to the need for regulatory clarity on global income declarations and for accelerating intellectual property registrations, which can take up to seven to eight years. ‘Investors need assurance of policy consistency and efficient execution. That’s what gives confidence,’ he stressed.

Regarding the legislative amendments expected under the 2026 Budget, Amarasekera said the Commission aims to implement practical changes swiftly rather than wait for ‘a perfect law’.

‘We want to get the key amendments through quickly to approve the pending applications and then continue improving the framework in collaboration with the Finance Ministry,’ he explained.

Amarasekera opined that with the right mix of regulatory reforms, policy consistency, and execution efficiency, the Colombo Port City could become the ‘single most important catalyst’ driving Sri Lanka’s economic transformation in the coming decade.

KALBE Sri Lanka has announced the launch of its nationwide diabetes awareness initiative, ‘Test for Them,’ in support of World Diabetes Day 2025.

In line with this year’s global theme, ‘Diabetes and Well-Being,’ the campaign aims to encourage early testing and prevention by offering free diabetes screening clinics across 42 Cargills Food City outlets in the Western Province from 14 to 30 November.

Through this effort, KALBE Sri Lanka hopes to screen over 12,000 individuals in November, setting the foundation for a goal of 100,000 screenings over the next 12 months. The program underscores KALBE’s longstanding commitment to enhancing community health and raising awareness on early detection, prevention, and management of diabetes – a condition affecting more than 4.2 million Sri Lankans, with nearly 40% estimated to be undiagnosed.

Each clinic will offer free random glucose testing for individuals aged 18 and above, on a walk-in basis, supported by educational materials and Diabetasol sample kits. The screenings will be held at Cargills outlets across the Western Province – the region with the country’s highest prevalence of diabetes – including locations in Kohuwala, Rajagiriya, Nugegoda, Panadura, Gampaha, and Negombo. Kalbe will collaborate with Seeni.lk, an independent trilingual online health platform dedicated to diabetes awareness, to provide participants with access to further educational resources.

KALBE Sri Lanka Business Unit Head – Nutrition Kishan Canagasabey said: ‘As Sri Lanka’s No. 1 nutrition brand for sugar-conscious adults, we feel a deep responsibility to act. Through our Sugar Clinics, we want to create more opportunities for people to take control of their health and make early testing a habit rather than an afterthought. A simple screening can protect a future, prevent serious complications, and bring peace of mind to a family. Early detection can change a life, which is why we say, test for them, for the ones who love and depend on you.’

Hemas Holdings PLC’s consolidated earnings in 2Q of FY26 rose by 36.6% to Rs. 2.1 billion compared to the corresponding quarter of the previous year, driven by robust revenue growth across all its business sectors.

This growth in revenue, together with sustained operating margins, contributed to a 13% increase in operating profit which grew to Rs. 3.5 billion. Further, net interest cost decreased by 78.9% during the quarter benefitting from reduced interest rates and lower borrowings.

Revenue for the first half of the year increased to Rs. 60.8 billion, while operating profit stood at Rs. 5.6 billion, reflecting a growth of 11.8% and 10.7% respectively, leading to cumulative earnings for the first half reaching Rs. 3.3 billion, an increase of 32.5%. Hemas also announced a 25-cent first interim dividend for FY26.

During the quarter, the Group announced two landmark investments that underscore the Group’s strategic agenda. Pursuing the Group’s international expansion strategy, Hemas entered into a Conditional Share Sale and Purchase Agreement to acquire a leading consumer products company based in Kenya.

In line with its long-term vision to evolve from a strong secondary care provider into one of Sri Lanka’s leading tertiary healthcare institutions, Hemas Hospitals commenced the expansion of its Thalawathugoda facility during the quarter. This strategic investment will increase bed capacity and introduce specialised services in cardiology, neurology, and nephrology.

Hemas Holdings Group CEO Ashish Chandra said the acquisition in Kenya announced during the quarter, is expected to be completed by the end of the current financial year, conditional upon obtaining regulatory approvals from both the Central Bank of Sri Lanka and the Competition Authority of Kenya, together with the completion of other conditions precedent.

‘The ongoing strategic review of the Long Range Plan (LRP), is designed to align the Group’s priorities with evolving market dynamics and emerging growth opportunities. In parallel, the Group continues to pursue cost optimisation and operational excellence through process enhancements, digital transformation, and innovation-led initiatives, while actively exploring investment opportunities in related and adjacent spaces to strengthen resilience and enhance long-term shareholder value,’ he added.

Following a snapshot of sectoral performance of Hemas Holdings.

Consumer Brands

Amidst improving consumer sentiment, the sector recorded healthy volume growth across all its segments. The uptick in sales was further supported by increased marketing efforts, targeted promotional campaigns, and sustained brand-building initiatives.

The Consumer Brands Sector reported a robust performance, with cumulative earnings rising by 25.7% to 2.3 billion. Revenue increased by 10.9% to Rs. 22 billion while operating profit also improved by 15.1% to reach Rs. 2.9 billion.

For the quarter, the Sector reported a revenue of Rs. 13.4 billion, posting a growth of 21.7%, while the operating profits and earnings increased to Rs. 2.1 billion and Rs. 1.6 billion respectively.

Home and Personal Care – Sri Lanka

The sector maintained its recovery during the quarter, driven by the Beauty and Personal Care segments, which reported positive volume growth. During the quarter, the Company expanded its personal care portfolio with the launch of a novel charcoal-infused toothbrush under the Clogard brand.

Consumer Brands International

Despite the macroeconomic challenges experienced in Bangladesh arising from inflationary pressures, political uncertainties and the country’s exports to the United States being subjected to reciprocal tariffs, the segment saw revenue growth as a result of better sales mix and volume growth in the Value Added Hair Oil (VAHO) category.

Learning

Atlas sustained its market leadership during the quarter, achieving a notable increase in revenues driven by volume growth. As part of the ongoing efforts to diversify its product portfolio, Atlas introduced the ‘Active Fit’ range of school bags, designed to promote healthy posture and enhanced comfort for schoolchildren.

The business advanced its presence in the e-learning space through a strategic partnership to develop an innovative digital learning solution designed to enhance students’ academic performance and overall learning experience.

Healthcare

The cumulative sector revenue increased by 12.2% to Rs. 37.7 billion, with operating profits of Rs. 3.1 billion and earnings of Rs. 2.1 billion, highlighting a growth of 10.3% and 15.3% respectively.

The Sector posted a revenue of Rs. 18.3 billion for the quarter, with operating profits of Rs. 1.5 billion and earnings of Rs. 1.0 billion.

The SLIIT-Hemas Allied Health Institute broadened its academic portfolio in the fields of Nursing and Psychology with the introduction of Biomedical Sciences as a new discipline.

Pharmaceuticals

The Pharmaceutical Distribution business sustained its upward momentum through year-on-year volume growth. Broadening its presence in the consumer healthcare space, Morison expanded its product portfolio with the launch of two new offerings, ChlorMor, a paediatric formulation developed for the treatment of coughs and colds, and CeeMor Vitamin C Tablets, introduced for general wellness.

Hospitals

The Hospital segment recorded strong revenue growth during the quarter, driven by the expansion of service offerings across both hospitals. Medical admissions and channelling consultations saw a notable increase, partly reflecting the higher incidence of communicable diseases such as dengue and chikungunya. All business segments, including Home Care and the Outer Labs network contributed positively to the overall performance.

Mobility

The Maritime segment recorded higher volumes during the quarter, supported in part by the introduction of the China-India Express service, which established direct connectivity between key ports in China and the Indian subcontinent.

Led by growth in general and trans-shipment cargo, the Aviation segment saw its cargo volumes increasing during the period. Supported by increased frequencies, the passenger numbers also increased during the period.

The Sector achieved a cumulative revenue of Rs. 1,117.9 million, reflecting a growth of 18.7% while the earnings were reported at Rs. 396.3 million. The quarterly revenue and earnings increased to Rs. 623.0 million and Rs.248.0 million respectively.

Elena Rybakina claimed the biggest payday in women’s tennis history by beating world number one Aryna Sabalenka in straight sets in the WTA Finals on Saturday.

The 26-year-old produced a stunning display to overcome four-time Grand Slam winner Sabalenka 6-3 7-6 (7-0) in Saudi Arabia. Because both players came through the tournament undefeated, the prize money on offer was a record-breaking £ 3.98 million – the largest payout offering in women’s tennis history. The prize money tops the £ 3.74 million Sabalenka, 27, earned for winning September’s US Open, which was the highest-paying Grand Slam in 2025.

Rybakina, who was the world number six, hit 16 winners during a dominant first-set display. With the second set on serve, Sabalenka saved two break points at 4-4 to swing the momentum in her favour.

The victory, Rybakina’s sixth over Sabalenka, means she will move up one spot in the rankings to fifth in the world.

A delegation from the Bank of Ceylon (BOC), led by Chairman Kavinda de Zoysa, Acting Chief Executive Officer Y.A. Jayathilaka, and Country Manager Rajith Thushantha, paid a courtesy call on the Acting High Commissioner of Sri Lanka to the Republic of Seychelles, Manisha Perera, at the High Commission in Victoria recently.

The Acting High Commissioner commended the Bank for its continued contribution to strengthening Sri Lanka-Seychelles economic relations, as well as for its support to local enterprises and the Sri Lankan community in Seychelles. The delegation reaffirmed BOC’s commitment to promoting responsible banking practices and to further enhancing bilateral economic cooperation.

Established in 2014, BOC Seychelles remains the only Sri Lankan bank operating on the African continent, serving key sectors such as tourism, fisheries, construction, and trade. During the discussion, the Chairman of BOC expressed the Bank’s intention to expand its operations within the African region. In response, the Acting High Commissioner highlighted potential opportunities in Mauritius, to which the High Commission is concurrently accredited.

A ceremony marking the Bank’s 11th Anniversary was held at L’Escale Resort and Marina in Victoria, Mahé. The event was attended by dignitaries, long-standing customers, and business partners. Tokens of appreciation were presented to valued clients in recognition of their continued trust and support.

Public Security Minister Ananda Wijepala yesterday revealed that seven Sri Lankan nationals involved in drug trafficking and currently hiding in Middle Eastern countries have indicated their readiness to surrender to local authorities.

The Minister made the disclosure, while participating in the Colombo District Operation held under the ‘Ratam Ekata’ national anti-drug campaign at the Colombo District Secretariat.

Wijepala said the development marks a significant breakthrough in ongoing efforts to dismantle international drug networks linked to Sri Lanka.

He added that law enforcement agencies are coordinating with relevant foreign authorities to facilitate the safe return and legal processing of the suspects.

The Minister reaffirmed the Government’s commitment to intensify anti-narcotics operations both domestically and overseas, noting that the ‘Ratama Ekata’ initiative aims to unify national efforts across multiple sectors to curb drug abuse and trafficking.

In a significant step towards modernising diabetes management in Sri Lanka, Tranz Pharma Holdings has officially introduced the Continuous Glucose Monitoring System (CGMS), marking a first for the nation. This technology, known as ‘AIDEX X’ and produced by Microtech Medical in China, was unveiled at the medical symposium titled, ‘Transforming Diabetes Care through Technology,’ which took place at the Hilton Colombo.

The CGMS employs a sensor and an application that enables patients and healthcare professionals to continuously monitor glucose levels and trends over a 24-hour period for as long as 15 days, thereby eliminating the necessity for multiple daily finger pricks. This system provides a real-time overview of glucose fluctuations, facilitating improved treatment and lifestyle decisions.

The event attracted leading experts and practitioners in the field of diabetes care. Senior Consultant Endocrinologist and Ceylon College of Physicians President Prof. Vidyajothi Prasad Katulanda elaborated on the evolution of glucose monitoring from traditional meters to contemporary CGMS. He underscored the benefits of this advancement in enhancing patient outcomes and diabetes management.

Imperial College London Clinical Associate Professor and an expert in diabetes technology Dr. Lalantha Leelaratna participated virtually to discuss, ‘The Future of Glucose Control: CGMS, Pumps, AI, and Beyond.’ He emphasised how CGMS has revolutionised diabetes management globally, simplifying treatment decisions and enhancing quality of life.

Microtech Medical South Asia Business Development Manager Vincent Guo, along with Asia Pacific Business Development Manager Steven He, were present at the event, highlighting the significance of international collaboration in the advancement of healthcare technology.

Tranz Pharma Holdings Chairman Dr. Chula Gangoda said: ‘Our vision is to provide quality healthcare solutions that are accessible and affordable for all Sri Lankans. Having witnessed the challenges faced by diabetic patients, we Tranz Pharma Holdings take pride in introducing this transformative technology to our country.’

Tranz Pharma Holdings Managing Director Wikum Geeganage expressed gratitude to healthcare professionals, partners, and stakeholders who contributed to this initiative, reiterating the company’s dedication to empower both patients and professionals through innovative healthcare solutions. In addition, Tranz Pharma has established a dedicated hotline to provide inquiries and assistance for enhanced patient care.