Business

Dilmah initiated Merrill J. Fernando Innovation Awards 2021 Unveils Winner

Published

4 years ago

2022/04/10

The Merrill J. Fernando Innovation Awards – ECOVATION – first took place in 2016, seeking to encourage practical or scientific innovation amongst youth, women and men in academia or any field, in designing creative and impactful solutions to our most urgent ecological issues. The award ceremony for Ecovation 2021 was held on March 31, 2022 at the Dilmah Tea head-office premises. The included an exhibition showcasing the Top 10 eco-innovations from the competition with the aim of motivating the innovators and inspiring patrons to think of sustainable and eco-friendly solutions to the problems we face today.

Representing the eminent panel of judges, the event was graced by Prof. Ilmi Hewajulige, Additional Director General of R&D at ITI, Ms. Pathma Abeykoon, Operational Focal Point Biodiversity Secretariat, Ministry of Environment, while Ms. Shiranee Yasaratne, Advisor, Biodiversity Sri Lanka joined the festivities via Zoom. Other members of the panel included, Prof. Ajith de Alwis, Dean, Faculty of Graduate Studies, University of Moratuwa, Mr. Jeevan Gnanam, CEO of SAKS Global, and Ms. Savera Weerasinghe, Founder of Ananta Sustainables.

“Understanding that the traditional ‘take-make-dispose’ culture has had devastating impacts on people and planet; eco-innovations ideally address these environmental and social problems, among others, and upgrade the means used to tackle these issues. ECOVATION Awards 2021 sort out eco-innovative ideas and prototypes under the theme “Circular Economy for a Sustainable Future” and focused specifically on sustainable packaging, resource efficiency, and waste management,” a news release on the event said.

“The winner of ECOVATION 2021 was the innovator-duo Professor Rangika Halwatura and Himahansi Galkanda, affiliated to the University of Moratuwa, who created an eco-friendly wall-putty out of waste alum sludge. In addition to being honoured as winner of Ecovation 2021 with the Merrill J Fernando Innovation Awards 2021 trophy, the duo received a cash prize of Rs 750,000. “

In second place was Sudhara Jayakody, also affiliated to the University of Moratuwa, with his Eco Crumbler – “earthworm pet home” – a solution devised to help city dwellers deal with accumulating household food waste. Chosen in third place was Gamini Priyantha Alexander, from Nature’s Paper (Pvt) Ltd, a formidable eco-entrepreneur, who has been creating eco-friendly packaging alternatives out of paper waste and agricultural waste as well as invasive plants.

The second place and third place winners received cash prizes of Rs. 500,000 and Rs. 250,000 respectively. The remaining top 10 were also awarded with cash prizes of Rs 50,000 each towards their continuing eco innovation journey.

“The Merrill J. Fernando Innovation Awards aspires eco-innovators to showcase their product, and acts as space for knowledge-sharing and growth. Going beyond the boundaries of a traditional competition, ECOVATION seeks to work closely with the winning innovators to adapt and scale-up to suit the existing market needs. Furthermore, the winning innovators will be provided legal support to protect the intellectual property rights of the respective eco-innovators, the release said.

It explained that this edition of the awards saw 64 aspiring eco-innovators sending in their eco-friendly ideas and prototypes. These eco-innovations were then scored on their innovativeness, but most importantly on adaptability, scalability and practicality. After thorough screening by the judges, the Top 16 eco-innovators were given the opportunity of interacting closely with the panel to improve their concepts and prototypes.

As the panel included groundbreakers from various disciplines and fields; these eco-innovators were provided with invaluable feedback, constructive criticism and insightful suggestions on how to better their eco-innovations, in the areas of material sourcing, production, design, marketing, budgeting, financing and scaling-up. The applicants were then allowed a period of two months to apply relevant suggestions and further strengthen their innovations, after which they made their final presentations to the same panel, the release said.

“Ecovation will evolve in 2022 into a component of Dilmah’s Genesis Project, an initiative to promote the importance of building back better with Nature-based Solutions (NbS), for the welfare of people, reducing inequality and strengthening climate resilience through sustainable agricultural entrepreneurship. Like ECOVATION, that is a platform for innovators to connect and interact with corporates and government institutions, the Genesis Project will act as a platform for various stakeholders and institutes to network and lobby for various purposes that benefit people and planet,” it concluded.

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Business

A Historic First: Sri Lanka’s capital market leaders bring investor forum to Saudi Arabia

Published

5 hours ago

2026/02/6

Thilina Walpola

Key dignitaries at the Saudi investor forum

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka to the Kingdom of Saudi Arabia, successfully convened an investor forum on Saturday 24th January 2026 at the Radisson Blu Hotel, Riyadh Convention & Exhibition Center. Alongside the forum, the SEC and CSE facilitated a meeting with the Public Investment Fund (PIF) which is Saudi Arabia’s main sovereign wealth fund.

The forum was organized to engage directly with the vibrant Sri Lankan expatriate community in the Kingdom and international investors, highlighting compelling opportunities within Sri Lanka’s capital market following the country’s successful exit from sovereign default and restoration of macroeconomic stability.

The forum was marked by the presence of several senior level policy officials, market leaders and market regulators including; Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL); Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development; Ameer Ajwad Ambassador of Sri Lanka to the Kingdom of Saudi Arabia.; Senior Prof D.B.P.H. Dissabandara, Chairman of the SEC; Ray Abeywardena, Director of CSE; and Dr. Naveen Gunawardane, Co-Founder and Managing Director of Lynear Wealth Management.

In his welcome address, Ameer Ajwad stated, that a significant opportunity remains in broadening public participation in the capital market of Sri Lanka. As financial literacy and investment awareness among potential investors are limited, the investor forum would serve to bridge the knowledge gap. The forum offered an excellent opportunity for first-time investors, overseas investors, and those seeking to enhance their knowledge, to learn how to invest prudently, manage risk, and build wealth with discipline and confidence. Ambassador invited participants to make full use of the presence of high-level authorities from Sri Lanka’s key financial institutions, such as the Central Bank of Sri Lanka, the SEC, and the CSE, and to explore investment opportunities in Sri Lanka’s capital market, not only as a pathway to financial growth but also as a meaningful contribution to Sri Lanka’s resilience and long-term prosperity.

Business

CIC Holdings’ 9MFY26 revenue reaches Rs.70 bn

Published

6 hours ago

2026/02/6

Thilina Walpola

Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) recorded a consolidated revenue of Rs. 70.28 billion for the nine months ended 31 December 2025 (9MFY26), reflecting an increase of 8.69% YoY compared to the corresponding period of the previous year.

The Group’s gross profit increased by 10.11% to Rs. 18.42 billion, with the gross profit margin for the period under review improving to approximately 26%, supported by disciplined pricing and product mix optimisation. Profit after tax (PAT) increased to Rs. 5.97 billion from Rs. 5.70 billion in the corresponding period of the previous year, despite losses incurred in parts of the Group’s agri operations following the impact of Cyclone Ditwah, which disrupted cultivation activity during the Maha season.

The Group’s Crop Solutions sector remained the largest contributor to consolidated revenue, accounting for approximately 44.7% of total revenue, followed by Livestock Solutions at 21% and Health & Personal Care at 20.18%. The remaining sectors, Industrial Solutions and Agri Produce, contributed 8.6% and 6.4% to Group turnover respectively. Health and Personal Care , particularly export-driven product lines, recorded improved performance during the period, alongside continued growth in feeds, poultry, and veterinary care solutions, which supported the Group’s overall operating results.

Despite cyclone-related disruption to cultivation cycles, the Group delivered a strong operating performance, with EBITDA and operating profit (EBIT) both recording year-on-year growth. Operating profit (EBIT) closed at Rs. 9.67 billion, compared to Rs. 8.62 billion in the corresponding period of the previous year, reflecting the strength of the Group’s diversified portfolio and disciplined cost management.

During the period in review, key Group businesses across the five industry sectors, namely Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions, and Health & Personal Care, continued to perform resiliently. Crop Solutions revenue increased from Rs. 28.06 billion to Rs. 32.32 billion, while Livestock Solutions revenue grew from Rs. 13.35 billion to Rs. 14.60 billion. Health & Personal Care revenue improved from Rs. 14.29 billion to Rs. 14.46 billion, supported by herbal health product exports and steady domestic demand. Revenue from Agri Produce increased from Rs. 4.35 billion to Rs. 4.64 billion, while Industrial Solutions revenue rose from Rs. 6.07 billion to Rs. 6.28 billion.

Commenting on the performance, CIC Holdings Group CEO Aroshan Seresinhe said, “Despite the disruption caused by Cyclone Ditwah to agricultural activity during the Maha season, the Group remained focused on supporting farming communities through well clean-up operations, field renovation, and the restoration of cultivation activity.

Business

CSE regains some of its bullish verve as turnover hits Rs.11 billion

Published

6 hours ago

2026/02/6

Thilina Walpola

CSE trading reflected a bullish trend yesterday due to positive quarterly corporate earnings coupled with lower Treasury Bill yields, market analysts said.

Further, institutional participation contributed more than 50 percent to the day’s turnover.

Amid those developments both indices moved upwards. The All Share Price Index went up by 63.67 points, while the S and P SL20 rose by 12.58 points.

Turnover stood at Rs 11.1 billion with10 crossings. The top seven crossings were: JKH 189.5 million shares crossed to the tune of Rs 4.2 billion; its shares traded at Rs 22.70, HNB 3.5 million shares crossed for Rs 1.48 billion; its shares traded at Rs 422, Hemas Holdings 11 million shares crossed for Rs 376.2 million; its shares traded at Rs 34 20, Commercial Bank 1.5 million shares crossed for Rs 336.8 million; its shares traded at Rs 224.50, Sampath Bank 600,000 shares crossed for Rs 93.6 million; its shares sold at Rs 156, Laugfs Gas 868,000 shares crossed for Rs 51.6 million; its shares sold at Rs 71 and Sierra Cables 1 million shares crossed for Rs 36.7 million; its shares sold at Rs 36.70.

In the retail market top seven companies that mainly contributed to the turnover were; Ceylon Land Equity Rs 385 million (20 million shares traded), Commercial Bank Rs 373.9 million (1.7 million shares traded), Luminex Rs 247.2 million (26.7 million shares traded), Colombo Dockyard Rs 152 million (one million shares traded), TJ Lanka Rs 152 million (four million shares traded), Easter Merchants Rs 142 million (8.7 million shares traded) and RIL Properties Rs 116.9 million. During the day 441.3 million share volumes changed hands in 44406 transactions.

It is said that manufacturing sector counters, especially JKH, led the market while the banking sector also performed well, especially HNB and Sampath Bank. Further, the capital goods sector too performed well.Yesterday the Central Bank’s US dollar buying rate was Rs 305.78 and selling rate Rs 313.32.

By Hiran H Senewiratne