Business

BOC new chairman vows to have important, difficult discussions with management staff and trade unions

Published

3 years ago

2023/01/23

By Sanath Nanayakkare

President’s Counsel Ronald C. Perera, who assumed duties as Chairman of Bank of Ceylon for the third time last Friday said that he would be having important yet difficult discussions with the Bank’s GM/CEO, the director board, the institutional management staff and trade union representatives.

He said that based on these discussions, he would see how best the Bank can resolve existing issues and continue to engage in the task of reviving SMEs and providing substantial support to strengthen the country’s economy.

“The biggest asset BOC has is its staff; not its buildings or its cash reserves. I appeal to you to collaborate with me in harnessing your talent and commitment to its fullest potential in order to take our Bank forward and enhance its contribution to the national economy at this crucial time,” he noted.

Further speaking the Chairman said, “In 2020, the whole world changed due to the pandemic and the lockdowns. And our country changed not only because of the consequences of the pandemic but also due to its rash decisions such as on chemical fertilizer. The Galle Face Green and the Presidential Secretariat became the site of a new political movement in April 2022 and the rest is history. President Ranil Wickremesinghe who was elected by parliament in terms of the constitution had to bite the bullet and take very unpopular decisions. If you think back to July 2022, you’ll recall how tough life was due to various scarcities. Today, the lives of the people are back into some semblance of order, but we still have a lot of things to criticize. I can tell you one thing; whoever becomes the President of Sri Lanka, whoever forms a government, there is no alternative route to take other than deal with the issues as they are now being dealt with. There is no other way. We have to get out of our debt crisis. And the government is planning to privatize certain state owned enterprises such as SLT, SLI, Sri Lankan Airlines for one sole reason; that is to sell these assets and get a substantial amount of US dollars to ease the pressure on the Sri Lanka rupee. At the moment, the USD is selling at over Rs. 370. If we get USD 3-4 billion in cash from the sale of such enterprises, it will have an immediate positive impact on the exchange rate of the USD. The USD will drop by at least Rs.100. That will lead to the lowering of the cost of living. The President has emphasized that the government should get out of all commercial sectors except for the financial sector. He has said that the financial sector and the State Banks especially would be strengthened to face the new challenges.”

“Very high interest rates have to be charged when giving out new loans today. For this reason, many people are unwilling to take out loans. Some of our existing borrowers are struggling to repay their loans in the current economic conditions. There is no point in auctioning their properties or instituting legal action. We must try and see how we can revive those enterprises so that we can also join the mainstream of business and carry out expansions in our business, and help the country get out of its financial crisis. Profitability is important to keep the BOC’s banking business thriving but that shouldn’t be our core objective, so there are a lot of things to be done. I am keen to work with the board of directors, the young corporate management , all employees and trade unions to help the country and the Bank of Ceylon prosper, “he said.

Welcoming the new Chairman, Bank’s General Manager/CEO Russel Fonseka said that BOC staff and customers were happy about him being appointed as chairman of BOC.

“Honestly speaking, we know that the Chairman is a stalwart of a certain political party. But he never brought that into the Bank. That is why the staff as a whole is happy about his appointment. During his past tenure, he meted out equal treatment to all staff and employees and looked after their wellbeing without any discrimination.”

He recalled that under Ronald C. Perera’s guidance in the past, the Bank had a lot of international transactions including a successful international bond transaction.

GM/CEO said that in the recent past, a larger share of mature BOC employees in institutional management roles were replaced by talented, customer-driven young officers with about 10-15 years of experience, and the task upon the Chairman and the GM to steer the Bank through these difficult times could be spurred by the efficiency of this young talent pool. Presently, President’s Counsel Ronald C. Perera is serving as Chairman of Sri Lanka Insurance Corporation Limited and as Acting Chairman of National Lotteries Board.

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Business

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

Published

3 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

3 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

3 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