Business
Abans Finance achieves a remarkable 344% growth to reach LKR 951Mn profit before taxes in FY25
Abans Finance PLC has reported outstanding financial results for the year ending 31st March 2025, reinforcing its status as a resilient and growth-oriented member in Sri Lanka’s non-banking financial services sector. The Company recorded a total income of Rs. 3.46 billion, a significant increase from Rs. 2.86 billion in the previous financial year. This 21% year-on-year growth was primarily fuelled by enhanced lending operations and asset portfolio expansion, which resulted in interest income rising to Rs. 3.03 billion from Rs. 2.61 billion. The Company’s net interest income surged by 73% to reach Rs. 2.09 billion, up from Rs. 1.21 billion the previous year, reflecting effective risk management strategies and an improved cost-of-funds position. This strong income growth laid the foundation for an equally impressive rise in profitability.
Abans Finance PLC’s net operating income more than doubled, climbing from Rs. 1.06 billion to Rs. 2.07 billion, while operating profit before tax rose to Rs. 951 million, a remarkable 344% increase from the Rs. 214 million recorded in FY 2023/24. Profit after tax stood at Rs. 426 million, compared to Rs. 104 million, marking a 309% year-on-year growth. The strength of the balance sheet was equally compelling. As of 31st March 2025, total assets rose to Rs. 13.48 billion, up 22% from Rs. 11.01 billion from previous year. Customer deposits grew to Rs. 8.45 billion from Rs. 6.37 billion, indicating rising public trust in Abans Finance’s secure and attractive deposit products. Shareholders’ equity strengthened to Rs. 3.5 billion, compared to Rs. 3.08 billion in the prior year. The Company nearly doubled its retained earnings from Rs. 912 million to Rs. 1.74 billion, on its outstanding profit performance and on improved loan loss provisioning status of the company, enhancing the overall equity profile.
Commenting on the Company’s record-breaking year, Upul Gunasekara, Acting Chief Executive Officer of Abans Finance PLC, remarked, “We are especially proud of the significant improvement in our credit performance, as demonstrated by the reduction in our Non-Performing Loan (NPL) ratio, a clear testament to the effectiveness of our strengthened credit risk management framework and the improved quality of our growing loan portfolio.” Gunasekara further stated that this remarkable achievement would not have been possible without the continued trust and loyalty of customers and their unwavering support being the foundation of Abans Finance’s success. “Thank you for choosing Abans Finance PLC as your financial partner,” he added.
Business
SriLankan Airlines Alerts Customers to Social Media Scams
18 March 2026; Colombo – SriLankan Airlines wishes to alert customers to social media scams circulating on Facebook, WhatsApp and other platforms, often sent from both known and unknown contacts, featuring fake offers that misuse the SriLankan Airlines name, logo and brand.
SriLankan Airlines will never request payments, OTPs, credit card details, bank information or any other financial details via social media channels.
Customers are advised to always verify that any promotional offer is linked to the airline’s official website, www.srilankan.com, or shared through the verified social media accounts of SriLankan Airlines, as scammers often use fake links with unusual characters or spellings, or impersonate the airline through fake social media accounts.
Business
JSL & Fentons Joint Venture to Construct Double Circuit Transmission Line from Mannar Grid Substation to Mullikulam Collection Grid Substation
Approval has been granted at the Cabinet meeting held on 03-02-2025 to implement the formal procurement procedure to select a contractor for the construction of a 28 km long double circuit transmission line with the capacity of 220 kW, from Mannar Grid Substation to Mullikulam Collection Grid Substation under the Lot B of the Mullikulam Wind Power Transmission Project.
Bids have been invited following the International Competitive Procurement Procedure and five (5) bids have been received.
Accordingly, based on the recommendations submitted by the High-Level Standing Procurement Committee after evaluating the aforementioned bids, the Cabinet of Ministers has approved the resolution furnished by the Minister of Power and Energy to award the contract to the JSL & Fentons Joint Venture – Intend (Jyoti Structure Limited, India and Hayleys Fentons
Limited, Sri Lanka), substantially responsive minimum bidder, for an equal amount of Sri Lankan Rs. 2,269.18 million (without VAT).
Business
Fuel crunch forces midweek shutdown; courts told to show leniency
Economic pressure likely to push already-strained businesses into a liquidity crunch
By Sanath Nanayakkare
Sri Lanka is slowing to a midweek halt as a deepening fuel shortage has compelled the government to suspend most public sector operations every Wednesday, while courts have been advised to take a lenient view of attendance requirements amid transportation difficulties caused by fuel rationing.
The directive, issued by the Commissioner General of Essential Services, suspends most state functions one day a week until further notice in an attempt to conserve scarce fuel reserves. Authorities have also urged the private sector to adopt a similar arrangement.
Officials say the measure is aimed at reducing commuter traffic into major cities, particularly Colombo, where thousands of public servants travel daily from suburban areas.
Explaining the decision to select Wednesday, officials said declaring Friday a holiday could have effectively denied the public access to government services for three consecutive days when combined with the weekend.
However, the development underscores the fragility of Sri Lanka’s economic recovery as households continue to grapple with rising prices of essential goods.
The impact is already visible on the streets. Long queues have formed outside fuel stations while public buses have been seen overcrowded, with passengers clinging to footboards. Many commuters were also seen attempting to secure rides through the ride-hailing platforms Uber and PickMe, where drivers were demanding higher fares as demand surged.
Recognising these difficulties, the Judicial Service Commission (JSC) has issued a circular instructing judges to take transportation constraints caused by fuel rationing into consideration when making legal determinations.
Judges have been advised to consider the possibility that lawyers, litigants, witnesses and even suspects may be unable to attend court due to limited fuel availability.
While court proceedings are expected to continue, judicial officers have been asked to assess such situations on a case-by-case basis.
The JSC has also directed courts to make greater use of virtual platforms whenever possible. This is expected to apply particularly to proceedings such as extending remand orders, thereby avoiding the need to transport prisoners physically to court.
Authorities believe that conducting such hearings online could significantly reduce fuel consumption associated with prison transport. The temporary measures will remain in effect until further notice.
Meanwhile, officials say special fuel allocations may be considered for critical sectors including tourism, the Colombo Port, agriculture, health services, the plantation industry and public transportation in order to sustain essential services and economic activity.
However, the broader economic outlook remains uncertain. Business leaders warn that companies already burdened with higher taxes, rising operational costs and thin margins could face severe liquidity pressures if global oil prices remain elevated.
Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the conflict involving Iran continues for another month.
Public concern has also been heightened by recent comments from Iranian officials indicating that Tehran has not sought a ceasefire in the ongoing conflict.
For President Anura Kumara Dissanayake, the unfolding fuel shortage is emerging as one of the most serious challenges facing his administration. Although the government has been holding internal consultations, critics say an all-party conference has yet to be convened to formulate a unified national response to the crisis.
Within business circles and sections of the public, questions are increasingly being raised about whether the government possesses the institutional capacity and experience required to manage a prolonged energy shock.
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