Business
‘Gal Oya – critical pillar of social upliftment in Ampara’
‘Although the factory had been abandoned for over a decade, the Browns Group evinced an interest in reviving the erstwhile Hingurana Sugar Factory. Now known as Gal Oya Plantations, it was revived 15 years ago in 2007 as a joint venture between the Government and a consortium of private sector investors, comprising Brown and Company PLC and LOLC Holdings PLC in a unique Public-Private Partnership. Apart from the mammoth investment that went into resuscitating the factory, a key challenge for Gal Oya Plantations was to convince local farmers to revert to sugarcane cultivation, not an easy task considering their previous negative experience, an LOLC press release said.
‘However, encouraged by the trustworthy LOLC brand and the viable plan from the management to revive the factory, many farmers came onboard. Even though finding skilled labour in the area was a challenge, LOLC managed to hire skilled labourers and restart the factory. Making steady progress year after year, the resumption of the sugar factory has ushered in unimaginable prosperity into the lives of these farmers who took a leap of faith with Gal Oya Plantations. Apart from providing farmers with a means of income, the company has constructed better infrastructure around the factory premises by building irrigation, roads and drainage, thereby uplifting the surrounding community, the release added.
Extracts from the release; ‘The thriving sugar plantation today employs about 1,300 direct employees across 8,500 Ha of agri land. About 8,000 farmers are engaged in sugarcane cultivation and over 30,000 people gain indirect employment from this project. Gal Oya Plantations has successfully become one of the largest employers in the area. Under its solid leadership, Gal Oya Plantations has provided tremendous support and welfare for farmers. Its farmer community was able to overcome the fertilizer shortage, since Gal Oya recycles 100% of its sugarcane waste into organic fertilizer, which is then sold to farmers at concessionary rates. In 2022/23, farmers will receive a portion of the highest-ever profits earned by Gal Oya for the first time in its history.
‘Gal Oya has provided support to all local temples, churches and mosques over the last decade. During the power shortage period, generators were provided for 30 religious places to sustain operations. In addition, 1,000kg of sugar is provided free for functions organized by local religious and social institutions. More than 45 water bowsers are provided annually for occasions hosted by army camps, police stations, schools, preschools and other societies in the area.’
‘As a key employer in the area and integral to the lives and livelihoods of the local community, Gal Oya considers it its duty to help the community by fulfilling countless requests. Focusing on the welfare of children, Gal Oya organizes a School Children Nutrition programme for nearly 2,000 students at a value of Rs. 400,000 per week. The company also constructed a children’s park at Deegawapi Dutugemunu Vidyalaya. It sponsors the cleaning of playgrounds, police stations, schools, preschools and other organizations as and when requested. A dwelling for ailing monks is scheduled for construction in Aranthalawa by the company at a cost of Rs. 7.5 million. Moreover, blood donation camps are held annually with the participation of Gal Oya employees.
‘Venerable Poddiwela Saddharma Keerthi Sri Chandananda Nayaka Thero of the Viharadhipathi – Deeghavapi Pariwara Chaitya Rajamaha Vihara noted, “The Hingurana area became like a grave when the earlier sugar factory closed down. It was a very sad situation. But since Gal Oya was established, the Hingurana town has flourished. Gal Oya dutifully donates to various public religious and national missions. By helping ‘Viharas’ and temples in the area, the company provides a great service for the welfare of the farmers. And we cannot forget its noble mission of uplifting the school system and building future generations. We can clearly see that Gal Oya’s journey is on the correct path.”
‘Engaged in sugarcane cultivation, Mallika says, “I have been growing sugarcane for about
10 years now and am making a tidy profit. Gal Oya does everything for us – even providing fertilizer and fuel, and helping in land preparation. The company even helps in the cutting and transport of the sugarcane crop. Once the sugarcane is harvested, the money is given to us within 10-15 days. Thanks to Gal Oya, we can sustain our families and even save money.”
Business
Affairs of Sri Lankan Airlines could be turned around using local expertise – former CAA chair
The financial affairs of national carrier Sri Lankan Airlines could be turned around along with the fortunes of Mattala Airport, using local management expertise without divesting these assets, former chairman CAA and veteran travel and tourism expert Upul Dharmadasa said.
“Sri Lanka has experts and knowledgeable persons to develop Sri Lankan Airlines into a viable entity. But when it comes to the debt restructuring process the government should absorb the losses to salvage our national carrier, former chairman Civil Aviation Authority Upul Dharmadasa told The Island Financial Review.
Speaking on Mattala Airport Dharmadasa said that during the Covid 19 pandemic he spearhead the airlines’ operations to bring more than 138,000 Sri Lankans back into the country. “At that time Mattala Airport functioned as a second international airport and it assisted the government in managing Covid patients in a more systematic way, he said.
Dharmadasa added: ‘Further, Mattala Airport’s 12 anniversary falls today. It falls on the government to develop it as the second international airport. It could attract large aircraft.
“We need to deploy proper and qualified persons to streamline the entire process.
“I have been in the airline industry for more than four decades. The number of airline arrivals in the country and departures from it have come down considerably after Covid 19 pandemic.
“In this scenario, Sri Lankan Airlines should focus on launching new flights to US and Canada. Together they account for more than 1.4 million Sri Lankan diaspora members who fly to Sri Lanka.
“Sri Lankan Airlines should resume Rome flights as well, which is a lucrative market. Apart from that Sri Lankan Airlines should focus on new destinations, wherein they could sell tickets and attract huge revenue to the airline.
“The airline should have 25 aircraft to offer uninterrupted services to air travelers but at present it has only 23 aircraft.”
By Hiran H Senewiratne
LOLC Al-Falaah, Sri Lanka’s leading provider of alternate financial solutions, proudly announces the launch of ‘Al-Falaah Wakalah Future-Cash’, a pioneering Shariah-compliant alternative for Factoring, Invoice & Cheques discounting facility, designed to transform business financing. This ground-breaking financial solution empowers businesses to elevate and realize future cash flows in real-time, while maintaining adherence to ethical financial principles. Setting a new benchmark in Sri Lanka’s Islamic financial services sector, this initiative strengthens LOLC Al-Falaah’s commitment to innovation and excellence in the alternate finance arena.
Unlike conventional Factoring, which relies on interest-based returns against receivables, LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product is structured under the ‘Wakalah-Bil-Istithmar’ concept, ensuring full compliance with Islamic economic jurisprudence. Through this model, LOLC Al-Falaah provides capital infusion into business operations in exchange for a pre-determined Anticipated Profit Return (APR), eliminating interest-based transactions. Businesses are appointed as agents to deploy these funds within their operations, with surplus earnings allocated as a performance incentive. This structure enhances financial discipline, promotes transparency, and encourages ethical business practices.
The introduction of this pioneering facility is particularly timely as Sri Lanka transitions towards economic recovery and long-term stability. Shiraz Refai, Head of Alternate Financial Services at LOLC Al-Falaah, emphasized the significance of this initiative: “As Sri Lanka embarks on a path of economic resurgence, businesses require the right financial instruments to capitalize on emerging opportunities. As a trailblazer in the alternate financial services sector, LOLC Al-Falaah has identified a critical gap in the bills-discounting and factoring industry. The launch of LOLC Al-Falaah’s ‘Wakalah Future-Cash Today’ product presents a strategic solution that enhances liquidity and working capital efficiencies while adhering to Islamic financial principles.
City Cycle Industries Manufacturing (Pvt) Ltd, a leading provider of sustainable mobility solutions and renowned for its household brand Lumala, has been honored with the Best National Industry Brand award under the Large-Scale Other Industry Sector at the recent National Industry Brand Excellence Awards 2024.
Organized by the Sri Lanka Technical Development Board under the Ministry of Industry and Entrepreneurship Development, the award ceremony was held on 21 February at Eagle Lakeside and saw the participation of distinguished leaders from diverse industry sectors. The vent was graced by Prime Minister Harini Amarasuriya as the Chief Guest.
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