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‘Siyapatha Finance persistently grows into Q1, standing firm amidst the challenging environment’

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(L to R) Sumith Cumaranatunga, Chairman, Siyapatha Finance PLC and Ananda Seneviratne Managing Director, Siyapatha Finance PLC

Siyapatha Finance stands confident despite economic setbacks, reporting an outstanding performance during the first quarter of 2022 with favourable returns and increased revenue.The Company recorded a Profit Before Tax (PBT) of Rs.608.0 Million in 1Q 2022 compared to Rs.395.9 Million in 1Q 2021, a growth of 53.6%. Resilient performance and improved credit quality helped strengthen the Company’s performance in the 1Q of 2022.

Efficient and professional initiatives by the Company also witnessed an improvement in the Cost to Income ratio to 34.06% during 1Q 2022 from 34.45% recorded in 1Q of 2021.Effectiveness of the credit recoveries process is amply reflected in the improved NPL ratio of its key lending product “Leasing” which stood at 9.31% at the end of March 2022, in comparison with 12.06% at the end of 31 December 2021. The Company has also been meticulously monitoring overdue facilities with a view to identifying customers who face genuine difficulties.

Siyapatha Finance’s total assets grew by 6.7% to reach Rs.45.6 Billion at the end of 31 March 2022, an increase from Rs. 42.7 Billion at the end of December 2021. In spite of the prevailing challenging economic environment, the net loans and advances grew by 5.5%, reaching a notable Rs.38.7 Billion.The deposit base of the Company was maintained at a steady level of Rs. 16.6 Billion thus reflecting the trust and confidence inspired by the Company among fund managers, retail depositors and the corporate sector that continue to invest substantially in fixed deposits.Annualized return on average assets (ROA) after tax also increased to 3.81% in 1Q 2022 from 2.59% in December 2021, while Annualized return on average equity (ROE) after tax increased to 26.07% in 1Q 2022 from 19.16% in December 2021.

The capital adequacy ratios were reported well above the regulatory minimum requirements and recording 14.10% as the Tier I capital ratio and 20.43% as the total capital ratio as at 31 March 2022.Siyapatha Finance’s strong undisputed position was further reinforced by the rating of ‘A (lka)’; Outlook Stable, affirmed by Fitch Ratings Lanka Ltd.

“These outstanding results achieved in the first quarter gives us the confidence to endure in performance going forward. We are grateful for the unwavering trust and support of our customers, investors and other stakeholders throughout this challenging period and will continue to deliver on our promises to our customers, community and shareholders as we grow from strength to strength,” stated Mr. Sumith Cumaranatunga, Chairman, Siyapatha Finance.Siyapatha Finance also marked a significant milestone in its journey with the construction of the new Corporate Headquarters in Colombo in order to facilitate the operations from a more centralized geographical setting. This state-of-the-art eighteen level building interlaced with modern technology will operate as the main hub aiming to enhance the overall Siyapatha experience for all stakeholders.



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Business

Priority areas for deepening Japan-SL economic ties

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Executive Committee for the Year 2026/2027

Japan Business Council (SLJBC) of The Ceylon Chamber of Commerce recently held its 47th AGM, with the Ambassador of Japan and the Patron of the Council, Akio ISOMATA, attending as the Chief Guest.

Addressing the gathering, Ambassador ISOMATA outlined three priorities for deepening bilateral economic relations: an effective and forward-looking trade and investment policy, the promotion of domestic industrial policy, and expanded investment in renewable energy. He noted that Sri Lanka’s ongoing review of its Free Trade Agreement policy would be important in shaping the country’s future negotiating landscape. He encouraged Sri Lanka to look Eastward toward Southeast Asia and Japan, proposing that the country adopt an export-oriented industrial model. The Ambassador welcomed the Government’s National Export Development Plan 2026 and National Mineral Policy 2026 as consistent with Japan’s vision of connecting Sri Lanka’s export-related manufacturing sectors with India’s high-growth manufacturing base.

In his address, President Athulla R F Edirisinghe reflected on nearly seven decades of humanitarian and development support extended by Japan to Sri Lanka, and paid tribute to the Chairman of the Sasakawa Peace Foundation Yohei Sasakawa, for his magnanimity in establishing the Foundation. Reflecting on the history of Japanese investment in the region from the 1970s onward, he observed that Sri Lanka had missed many opportunities to attract Japanese foreign direct investment. Highlighting the 2025 proposal for a Sri Lanka – Japan Economic Corridor by the Ministry of Economy, Trade, and Industry Japan, he called on Sri Lankan businesses, industry associations, and the wider community to come together in dialogue with the Government to ensure the country does not miss this opportunity as well.

2026/27 Committee: President: Athulla R F Edirisinghe – Director, Hirohama Ceylon (Pvt) Ltd, Senior Vice President – Ruwan Waidyaratne – Managing Director, Hayleys Advantis Ltd, Vice – President – Shamil Mendis – Managing Director, Spear International (Pvt) Ltd, Treasurer – Rohitha Mendis – Managing Director of Prudential Shipping Lines (Pte) Ltd, Immediate Past President – Mahen Kariyawasan – Managing Director, Andrew The Travel Company (Pvt) Ltd, representatives from Amano Lanka Engineering (Pvt) Ltd, BOV Capital (Pvt) Ltd, Brandix Apparel (Pvt) Ltd, Heritage Teas (Pvt) Ltd, Kalhari Enterprises (Pvt) Ltd, Lanka Harness (Pvt) Ltd, Dentsu Grant (Pvt) Ltd, MAC Holdings (Pvt) Ltd, and Vidullanka PLC. By invitation: HVA Foods PLC (subsidiary of George Steuart & Co), Spillburg Holdings (Pvt) Ltd, and Vaughan Chemicals (Pvt) Ltd.

The Sri Lanka – Japan Business Council plays an important role in promoting trade, tourism, and investments between Japan and Sri Lanka. For membership inquiries contact Kiyara at The Ceylon Chamber of Commerce via E-mail: businesscouncils1@chamber.lk or Tel.: 011 5588875/ 5588800.

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Rekawa turns turtle conservation into a 30-year community business model

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Stakeholders at 30th anniversary celebrations of the turtle conservation project.

By Ifham Nizam

What started 30 years ago as an effort to protect sea turtles has evolved into a community-based economic model that has generated livelihoods, attracted tourists and transformed Rekawa into one of Sri Lanka’s best-known nature tourism destinations.

The Rekawa Turtle Conservation Project, launched on September 2, 1996, by the Turtle Conservation Project (TCP) in partnership with the Department of Wildlife Conservation and the Rekawa community, marked its 30th anniversary last week, demonstrating how biodiversity protection can become an economic opportunity for communities living alongside sensitive natural resources.

Speaking at the anniversary celebrations, TCP chairman Thushan Kapurusinghe said the project currently provides direct livelihoods for 28 people, but its economic impact extends considerably beyond those directly employed by the programme.

‘Today, 28 people directly earn their livelihood through this project. But its impact goes far beyond those 28 individuals, Kapurusinghe said.

He pointed to the transformation of the area over the past three decades, arguing that the growth of tourism in the community has been closely linked to the turtle conservation programme.

‘If you travel from Netolpitiya to this area, you can clearly see how much the village has transformed over the years. There is no doubt that the growth of tourism in this community has been driven by the Turtle Conservation Project, he said.

The economic significance of Rekawa lies in its ability to convert the protection of a natural asset into a source of recurring community income.

Tourists do not come to Rekawa merely to see a beach. They come to witness sea turtles emerging from the ocean and nesting in their natural habitat—a tourism experience that depends directly on the continued protection of the nesting beach.

Kapurusinghe said tour operators regularly bring visitors to Rekawa, with some tourists traveling there after visiting major attractions such as the Kandy Esala Perahera.

The model represents a fundamental shift from viewing conservation as an expense to recognising biodiversity as an economic asset that can generate sustainable livelihoods when properly managed.

The 30th anniversary celebration at the Rekawa Turtle Conservation Project Information Centre brought together Southern Wildlife Region Director of the Department of Wildlife Conservation Channa Suraweera, government officials, conservation organisations, community representatives and long-standing supporters of the initiative.

Individuals who had contributed to the project over the past three decades were also recognised with awards for their service to sea turtle and environmental conservation.

Rekawa’s experience has attracted international attention because of precisely this combination of conservation and community development. The project has received international recognition as well as the Green Employment Award from the Ministry of Environment and Natural Resources. Earlier international recognition included a highly commended ‘Tourism for Tomorrow’ award, while the project’s turtle-watch programme subsequently received further recognition in responsible tourism and conservation.

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Ceylinco Life brings premium policyholders closer to the magic of the Kandy Perahera

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For an evening, the timeless spectacle of the Kandy Esala Perahera unfolded at especially close quarters for a select group of Ceylinco Life’s most valued policyholders and their families, who were hosted to an exclusive viewing experience by the Company’s Customer Relations Division.

Held at the Ceylinco Life Kandy Branch on Kings Street, the annual event coincided with the second Randoli Perahera, bringing guests into the heart of one of Sri Lanka’s most spectacular expressions of culture, tradition and pageantry.

As the procession made its majestic passage through the streets of Kandy, guests enjoyed VIP seating at a prime vantage point, allowing them to experience the colour, movement and grandeur of the Perahera up close. The evening offered a fitting setting for Ceylinco Life to celebrate its enduring relationships with its premium clientele.

The experience extended well beyond the spectacle outside. Guests were welcomed with evening refreshments and an exclusive dinner buffet presented by the prestigious Amaya Hills Resort, adding a fine-dining dimension to an already memorable evening.

Families, too, were at the centre of the occasion. A private movie theatre experience provided entertainment for children and adults alike, while each attending family received a beautifully framed family photograph as a personalised souvenir, a tangible reminder of an evening shared together against the backdrop of one of Sri Lanka’s most treasured cultural traditions.

Besides being a much sought-after opportunity to watch the Perahera, the occasion was an expression of appreciation. Through its continuing Customer Relationship Management activities, Ceylinco Life seeks to create experiences that recognise its most valued policyholders not simply as customers, but as relationships to be celebrated and nurtured. And on this particular August evening, the enduring splendour of the Kandy Perahera provided the perfect setting for doing just that.

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