Business
AMF posts impressive financial performance in FY 2021/22
One of Sri Lanka’s oldest finance companies, founded in 1962, Associated Motor Finance Company PLC (AMF) has delivered a resilient financial performance during FY 2021/22, despite an uncertain economic environment. Supported by the merged Company’s committed workforce and prudent management strategies, the Company’s Profit Before Tax (PBT) rose to LKR 492 million in FY 2021/2022. The Liquid Asset to Deposit Ratio stands at a significant 37.65%, indicating the company’s healthy financial standing highlighting their ability to pay off obligations through liquid assets.
Achieving another strategic milestone in its transformational journey, AMF’s rights issue in 2021 to raise Rs. 500 million in equity was oversubscribed further strengthening its core capital requirements to be fully compliant with CBSL requirements. The rights issue oversubscription points towards the improving financial stability and trust of AMF and the Company’s ability to move steadily forward with its five-year strategic plan. Accordingly, the Company’s Core Capital grew up to LKR 2.624 billion during the period under review. Both Tier I and Tier II Capital Ratios too witnessed a growth, rising to 14.9% and 15.8%, respectively well above the statutory minimums
Discussing the financial performance, AMF’s CEO, T.M.A Sallay said, “We are pleased to inform our investors and other stakeholders that we have achieved and exceeded the targets we had set for the financial year 2021/22. Through delivering exceptional value to all stakeholders, we were able to end the year on a high note”.
‘‘Throughout the pandemic, and other past and present challenges, we have consistently made timely interest payments to our valued depositors. We have ensured our shareholders’ interests are taken care of and always looked-after our employees. Thus, we take this opportunity to reassure all stakeholders that AMF will continue this momentum to deliver exceptional value to all its stakeholders” Sallay further added.
AMF marked a major milestone in its journey last year when the company merged with Arpico Finance Company PLC to become a single entity and one of the strongest in the industry. AMF has leveraged its new position of strength to steer through tough times with resilience and further consolidated its position as a result.
Business
Indo-Sri Lanka Chambers forge alliance to drive infrastructure and real estate investment
By Sanath Nanayakkare
In a major boost to bilateral economic ties, the Chamber of Construction Industry of Sri Lanka (CCISL) and the Indo–Sri Lanka Chamber of Commerce & Industry (ISCCI) have signed a strategic Memorandum of Understanding (MoU) to deepen cooperation in real estate, infrastructure, and urban development.
The agreement establishes a formal framework for both institutions to drive collaborative initiatives, including business delegations, high-level conferences, workshops, B2B matchmaking sessions, and technical site visits. Designed to bridge businesses, government institutions, and project stakeholders across the Palk Strait, the partnership aims to unlock new avenues for cross-border joint ventures and technology transfers.
A focal point of this newly minted partnership is the facilitation of an upcoming trade delegation from the National Real Estate Development Council (NAREDCO) of India. Comprising major Indian players in the real estate and infrastructure sectors, the visiting delegation will engage in targeted business meetings, workshops, and inspection tours of prominent construction projects in Sri Lanka.
Under the terms of the MoU, CCISL will serve as the principal host coordinator in Sri Lanka. In close consultation with ISCCI, the apex construction body will curate itineraries, identify viable projects for engagement, and facilitate high-level dialogues with key government agencies, regulatory bodies, and industry leaders.
With both nations prioritizing sustainable urban growth, modern construction technologies, and infrastructure expansion, industry leaders view the partnership as a timely catalyst for economic rejuvenation. The collaboration is anticipated to accelerate market access, knowledge exchange, and foreign direct investment into Sri Lanka’s burgeoning property and development sectors.
To ensure the success of the upcoming NAREDCO delegation, CCISL has issued an urgent appeal to statutory authorities and relevant project owners to come forward with viable investment proposals. Stakeholders holding projects seeking foreign investment or technical partnerships are invited to submit comprehensive details to the Secretary General and CEO of CCISL via email at secyces@gmail.com.
Both chambers emphasize that translating this foundational agreement into tangible partnerships and robust capital flows will significantly strengthen bilateral connectivity between the construction and real estate sectors of India and Sri Lanka.
Business
Hettich celebrates a decade in Sri Lanka with partner meet in Colombo
Hettich, the globally renowned German manufacturer of furniture fittings and architectural hardware known for its state-of-the-art manufacturing plants and magical interior solutions across the world celebrated a significant milestone in Sri Lanka, marking 10 years of presence in the country with its inaugural Partner Meet in Colombo.
The landmark event brought together Hettich’s key partners, stakeholders and industry leaders to celebrate a decade of growth, collaboration and shared success, while reaffirming the company’s long-term commitment to the Sri Lankan market.
Over the past decade, Hettich has strengthened its presence in Sri Lanka through its focus on German engineering, innovation, quality and functionality, contributing to the creation of contemporary and intelligently designed living and working spaces across the country.
The gala evening was graced by a distinguished delegation of senior leaders, including Dr. Andreas Hettich, Chairman, Hettich Group Advisory Board; S. K. Poddar, Chairman, Hettich India & Adventz Group; Mr. Akshay Poddar, Director, Hettich India; Andre Eckholt, Managing Director, Hettich India, SAARC, Middle East & Africa; Rahul Thakkar, Director – Sales, Hettich India & SAARC; and Dinusha Bhaskaran, Managing Director, Vallibel One PLC.
Business
GS Evo Motors launches all-new JMEV EWIND
GS Evo Motors Limited, the authorized distributor of JMEV electric vehicles in Sri Lanka, has officially launched the JMEV EWIND, a next-generation compact electric SUV. The vehicle is designed to offer strong performance, intelligent technology, premium comfort, and high safety standards, marking another milestone in Sri Lanka’s growing electric mobility sector.
The EWIND features a sleek, aerodynamic exterior with penetrating LED daytime running lights, trapezoidal chain-inspired LED tail lamps, 19-inch alloy wheels, and a bold silhouette. Inside, it offers a spacious cabin with a panoramic moonroof and retractable curtain, an ultra-thin suspended instrument panel, a D-shaped multifunction steering wheel, multi-colour ambient lighting, premium finishes, and electrically adjustable front seats.
The SUV is available in single-motor front-wheel drive configurations, producing up to 108 kW and 210 Nm, with 0–100 km/h acceleration in 8.9 seconds.
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