Business

E. B. Creasy posts resilient 1st half with Rs. 1.3Bn Group PBT, a 203% increase for FY2022/23

Published

4 years ago

2022/11/25

Despite numerous macroeconomic challenges, the E. B. Creasy Group, once again, was resilient and posted a record performance in the first half of the current financial year, driven by outstanding results in its core segments of Homecare, Personal and Healthcare, and in industrial sales to the Foods sector. Group profitability, however, came under considerable pressure due to the high cost of working capital financing, and increased revenue-based taxes, as the Group did not pass on rising indirect taxes to consumers.

Cumulative Group Revenue and PBT (Profit Before Tax) stood at LKR 11.37 billion and LKR 1.3 billion, respectively, both reporting an increase of 48% and 203%, respectively, over same period in the year prior. The performances were positively impacted by new businesses, particularly in the industrial sector, whilst exchange losses and high finance costs negatively impacted profitability.

Commenting on the Group’s 1st Half Performance, a company spokesperson said, “We are encouraged by the progress we have made in the first half of the financial year, with numerous strategies put into execution to achieve working capital efficiencies in our core business segments, whilst harnessing extra returns from investments in new business opportunities. The present business climate has presented a set of unprecedented challenges to our management teams, and demands innovation, agility and a sense of urgency, to respond and adapt swiftly to a highly dynamic economic environment. Still, even in this unprecedented business climate, the Group remains determined to fulfil its objective of seeking sustainable and profitable growth, and maintaining acceptable levels of return on capital employed, whilst constantly delivering on our commitments to our valued stakeholders.”

In keeping with its commitment to stakeholders, the Group paid an Interim Dividend of Rs. 1/- per share at the end of September 2022, distributing LKR 253.5 million to shareholders. The Group also paid out a total dividend of LKR 380.3 million in the previous financial year, in line with the Group’s Dividend Policy.

Discussing future expectations, a company spokesperson added, “While we observe a contraction in consumer spending due to tighter fiscal and monetary policies, we also observe that the policy framework being adopted is guiding the economy towards a stable new norm, which we will have to operate in. In these difficult times, we remain confident that the Group will return acceptable results in the current year, and we look forward to continuing to deliver exceptional value to all stakeholders.”

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

17 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

17 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

17 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.