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
Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market
By Sanath Nanayakkare
Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.
Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.
He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.
“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.
Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.
Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.
Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.
Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.
Business
SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline
SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.
Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.
Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”
Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.
Business
JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50
JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.
As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.
JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.
Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.
Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”
JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.
As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.
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