Business
From import to export – Finch Foods expands international retail presence to Australia
Finch Foods – pioneering Sri Lankan FMCG brand – is furthering its international expansion with the launch of its retail presence in Australia. The move marks yet another turning point for the homegrown company, following four international market launches under the Finch Foods brand within the space of just three years, a company news release said on Wednesday.
This milestone entry includes a dedicated e-commerce site, a listing on Amazon AU, and ongoing discussions with major supermarket chains, specialty stores, and distributors. Australian consumers can now access Finch Foods’ extensive portfolio of high-quality signature spices and seasonings, coconut products, gluten-free flours, ayurvedic and herbal products, and natural food colourings that showcase the rich variety and distinctiveness of Sri Lankan ingredients, it said.
“Australia has always been a key market for Finch Foods – one with immense potential to enter, develop, and scale,” says Fawaz Fassi, Founder & Managing Director of Finch Foods. “This expansion reflects the growing global demand for authentic Sri Lankan heritage ingredients, and we are excited to bring our unique offerings to Australian consumers.”
Founded in 2015 as a 100 per cent import-driven company, Finch Foods entered the food industry by becoming the exclusive agent for renowned international brands such as Bragg Live Foods (USA), The Berry Company (UK), Kewpie (Japan/Malaysia), Cornish (UK), Pokka (Singapore), and Nando’s Grocery; bringing superior flavours and ingredients from around the world to Sri Lankan consumers.
However, the global pandemic followed by local economic instability severely tested this business model, and in just a few years since inception, it was time for the company to rethink its operations. In 2022 Finch Foods set its sights outwards by looking inwards; having discovered that there was a wealth of incredible spices, herbs, and ingredients to be found right here in Sri Lanka – robust and nuanced flavours that would surely intrigue culinary tastebuds from around the world.
“As a pioneer in culinary innovation, our vision is to harness the rich and diverse culinary tradition of Sri Lanka while also bridging the growing disconnect between food and its heritage,” Fassi adds. “At Finch Foods, we recognized the need to add unique value to our products—offering new and exciting options for consumers while distinguishing ourselves from more traditional exporters in the market.”
In 2023, Finch Foods celebrated the opening of its first independent store in Havelock City Mall, Colombo, and expanded its international footprint; establishing a retail presence in Hong Kong, the Czech Republic, and Canada, becoming a key supplier to Japan, and securing a partnership with global retail giant Lulu Group in the UAE. This shift to exports has allowed the company to adapt to different market requirements, leveraging its wide product range to remain flexible in catering to diverse consumer needs.
“As Finch Foods continues to expand its distribution network and strengthen its presence in Australia, the company is also poised to to focus on accelerating its global expansion, breaking into new markets, while also further diversifying its product portfolio,” the release concluded.
Janashakthi Life, one of the fastest growing Life insurers in Sri Lanka has recorded a massive LKR 5.7 Billion Profit Before Tax for the period under review. This is the second consecutive year the company has surpassed the LKR 5 billion mark in PBT.
Reflecting on the company’s achievements, Ravi Liyanage, Director / CEO of Janashakthi Insurance PLC, said, “Our strong financial performance in 2024 is a testament to our strategic focus, operational excellence, and steadfast commitment to serving our policyholders. Despite market uncertainties, we have continued to grow, delivering exceptional value to our policyholders and all the stakeholders. Our exponential growth trajectory was double the size of the industry growth to reach 44% in revenue growth surpassing over LKR 6.6 Billion premium income whilst not compromising the value creation to our investors and shareholders recording over LKR 5.7 Billion PBT.
“Looking ahead, the company is well-poised to maintain its momentum as the fastest-growing insurance provider in 2025. The company has already deployed well focused strategies for market and distribution expansion in keeping with product / market as a matrix for growth. Some of the innovative products are being developed for emerging segments of the life insurance market in 2025. Further, plans are already in place to deliver best-in-class service through focused customer lifecycle management. The company is also executing robust digitalization initiatives to strengthen its position as a pioneer in digital innovation. Janashakthi Life’s total assets amount to LKR 38 billion at the close of 2024, reflecting robust growth. This underscores the financial strength and stability of the company, ensuring long-term security and sustainability for its stakeholders. Further, A key financial indicator, the Capital Adequacy Ratio of over 277%, highlights the company’s prudent financial management and reinforces confidence among all stakeholders”, added Liyanage.
Annika Senanayake, Chairperson of Janashakthi Insurance PLC, commented on the performance, “At Janashakthi Life, our resolute focus is on creating sustainable value for all stakeholders. Our performance in 2024 reflects not only our financial strength but also our deep commitment to supporting our policyholders when it matters most. The significant increase in claims paid denotes our dedication to being a reliable partner in our customers’ lives, providing them with financial security and peace of mind. As we look to the future, we are committed to invest in our human resource, technology, and product innovation to continue delivering customer-centric solutions, strengthening our market position, and driving long-term growth in Sri Lanka’s life insurance sector”.
“In 2024, we provided over LKR 4.2 billion in benefits to our policyholders through claims and maturities. The company’s prudent financial management and planning paved the way during this period to stay strong and tall irrespective of economic challenges”, Senanayake added.
The year under review saw many outstanding achievements in the company’s operations, including the highest growth in lives protected, new business premium growth of over 63%, which reflects the success of our business acquisition efforts. Additionally, we received numerous industry recognitions, such as Asia’s Best Insurance Company for Innovations at the Fifth Asia’s Best and Emerging Insurance Company Awards, the International Finance Awards, the Business Pinnacle Awards, the Business Tabloid Awards, the Global Banking Finance Awards 2024, the SLITAD People Development Awards, and the TAGS Awards, all of which highlight our commitment to employee development and industry leadership, to name just a few.
Founded in 1994 as a Life Insurance company, Janashakthi Insurance PLC (Janashakthi Life) made its mark in the industry as an innovator and household name over a span of over 30 years. Janashakthi Life has a strong presence across the island, with an expanding network of over 75 branches and a dedicated call centre that covers every corner of Sri Lanka. In line with its purpose of ‘Uplifting Lives and Empowering Dreams’, Janashakthi Life remains committed to becoming a leader in the Life Insurance industry by delivering a service beyond Insurance to its customers and stakeholders. Janashakthi Insurance PLC is a member of the JXG (Janashakthi Group), Sri Lanka’s emerging financial conglomerate that operates in the Insurance, Finance, and Investment sectors.
CSE trading was of a negative orientation and a low turnover level was recorded yesterday. A drop in the price of HNB shares contributed to this development in considerable measure.
HNB’s initial share price was Rs 314.75 but subsequently it dropped to Rs 305. HNB thus contributed 24 negative points to both indices.
The All Share Price Index went down by 67 points, while the S and P SL20 declined by 19.4 points. Turnover stood at Rs 1.66 billion with six crossings.
Those crossings were reported in Lankem Ceylon where 1 million shares crossed to the tune of Rs 85 million; its shares traded at Rs 85, Commercial Bank 500,000 shares crossed to the tune of Rs 74 million; its shares sold at Rs 148, Richard Peiris 2.6 million shares crossed for Rs 68.9 million; its shares traded at Rs 26, Agarapathana Plantations 4 million shares crossed to the tune of Rs 52.4 million; its shares traded at Rs 13.10, Hemas Holdings 200,000 shares crossed for Rs 24 million; its shares traded at Rs 120 and JKH 1 million shares crossed to the tune of Rs 20.3 million; its shares traded at Rs 20.3.
In the retail market top six companies that mainly contributed to the turnover were; Sampath Bank Rs 183 million (1.5 million shares traded), JKH Rs 172 million (8.5 million shares traded), Commercial Bank Rs 138 million (931,000 shares traded), HNB Rs 122 million (403,000 shares traded), TJ Lanka Rs 57.4 million (1.1 million shares traded) and Commercial Credit Rs 33.3 million (593,000 shares traded). During the day 52.9 million share volumes changed hands in 11112 transactions.
It is said that the banking sector counter was the main contributor to the turnover followed by the manufacturing sector, especially JKH. The plantations sector counters were also a bit active especially with Agarapathana Plantations featuring.
The rupee was quoted at Rs 296.30/40 to the US dollar in the spot market, stronger from 296.35/45 on the previous day, dealers said, while bond yields were up steeply.
A bond maturing on 15.09.2027 was quoted at 9.55/65 percent, up from 9.47/50 percent. A bond maturing on 15.03.2028 was quoted at 9.97/10.05 percent. A bond maturing on 15.12.2028 was quoted at 10.20/30 percent. A bond maturing on 15.09.2029 was quoted at 10.35/45 percent, up from 10.30/35 percent. A bond maturing on 15.12.2032 was quoted at 10.75/85 percent, down from 10.75/90 percent.
The Central Bank was quoting a rate of Rs 292.0669 for buying and Rs 300.5806 for selling for US dollar telegraphic transfers; a rate of Rs 313.3986 for buying and Rs 326.1557 for selling for Euro; Rs 376.5107 buying and Rs 390.7131 selling for the British pound and Rs 1.9269 buying and Rs 2.0037 selling for the Japanese yen.
By Hiran H.Senewiratne
Business
British Council Sri Lanka marks Commonwealth Day by hosting latest cohort of returning Commonwealth and Chevening Scholars from Sri Lanka
The British Council in Sri Lanka hosted its annual networking event to welcome home the latest batch of Sri Lanka’s Commonwealth and Chevening Scholars returning from the UK on completion of their studies.
This year’s event, organized together with the British High Commission Colombo, was also the 65th anniversary of the Commonwealth Scholarships, and took place on Commonwealth Day—the first-ever “Welcome Home” event that celebrated both Commonwealth and Chevening Scholars. The scholarships enable outstanding emerging leaders from all over the world to pursue advance studies in the UK.
HE Andrew Patrick, British High Commissioner, Orlando Edwards, Country Director of British Council Sri Lanka, and Philip Everest, Policy Lead from the Foreign, Commonwealth & Development (FCDO) Commonwealth & Marshall Scholarship Unit, together with Commonwealth and Chevening Scholarship alumni attended.
Commonwealth Day was celebrated across 56 Commonwealth member countries on 10March under this year’s theme ‘Together We Thrive’, demonstrating how working together can build a future defined by opportunity and resilience. During his Commonwealth Day Message, His Majesty The King, Head of the Commonwealth stated, “The Commonwealth’s ability to bring together people from all over the world has stood the test of time and remains as ever-important today.
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