Business
Cargills delivers in teeth of Easter and Covid challenges
Despite the daunting challenges presented by the Easter bomb at the beginning of the financial year and the Covid situation at year-end, Cargills (Ceylon) PLC, the country’s leading food company with 411 Food City outlets countrywide now in business, has delivered what its chairman, Mr. Louis Page, has called a commendable result in the year ended Mar. 31, 2020.
Group revenue was up over 13% to Rs. 107.05 billion, operating profit over 50.8% to Rs. 7.06 billion, and the after-tax profit over 35.7% to Rs. 2.76 billion.
The Cargills Group comprises three key operating segments – retail, food manufacturing and restaurant industries with the retaiul operations performed by Cargills Food Company (Private) Ltd. In which the International Finance Corporation, World Bank affiliate, holds an 8% equity stake.
Page reported “robust growth” in the group’s FMCG (fast moving consumer goods) segment primarily driven by the dairy sub-sector now sourcing approx. 150,000 litres of milk per day as the country’s leading milk collector.
While the retail and food manufacturing sectors had done well, restaurant performance had lagged during the period under review although consumption was favourable. The sector had been severely affected by both the Easter Sunday and Covid pandemic.
Page revealed that the listing date for the Cargills Bank which the group had launched has now been deferred for June 2021 and capital raising to meet enhanced regulatlry requirements to Dec. 2022. Thew management of the bank is now being further strengthened by external consultants to fast track the business model which will allow the bank to operate as intended, he said.
“Pushing ahead, I’m cautiously optimistic about the Bank’s future prospects,” he added.
The company has announced a final dividend of Rs. 3.20 a share on top of an interim 1.90 per share underling its capital commitment towards long-term investment which maintaining a consistent divided policy.
“The group has performed ably this past financial year even though it had been one of the more challenging ones in recent times…,” he said adding that the ongoing financial year was expected to post a “heavily skewed” first quarter (due to the pandemic) with grqadual recovery in the second quarter.
CT Holdings PLC with 68.87% is the controlling shreholder followed by Mr. VR Page (6.83%), the EPF (3.27%) and Ms. MM Page (2.23%). Other members of the Page family and related companies are among the top 20 shareholders.
The Cargills directors are: Messrs. Louis Page (Chairman), Ranjit Page (Deputy Chairman/CEO) Imtiaz Wahid (MD/Deputy CEO) Priya Edirisinghe, Sanjeev Gardiner, Sunil Mendis, Joseph Page, Errol Perera, Deva Rodrigo (retired), Y. Kanagasabai, Asoka Pieris and Indira Malwatte ( from Feb. 1,2020).
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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