Business
Hayleys PLC retains credit rating of AAA(lka) by Fitch Ratings showcasing financial strength and resilience
Hayleys PLC retained its national long-term rating of ‘AAA(lka)’ by Fitch Ratings, attesting to the Group’s strong financial stability and resilient earnings profile. The outlook on the rating is stable, a news release from the company said.
The rating is upheld by the Group’s extensive operating scale, diversification across business verticals and geographies and globally leading market positions in several key businesses, which have enabled the Group to generate sustainable operating cash flows despite temporary headwinds.
The Group also delivered an impressive performance over the first quarter of the financial year ending 31st March 2025, recording Revenue and Profit-Before-Tax growth of 17% and 150% respectively.
Consolidated Revenue amounted to Rs.113.61 bn during the quarter with growth driven by the Consumer & Retail (+52%), Transportation & Logistics (+25%), Projects & Engineering (+125%) and Construction Materials (+47%) sectors, the release added.
“The moderate performance of the Group’s export-oriented sectors was countered by strong growth in the verticals catering to the domestic market- underscoring the diversity and resilience of the Group’s earnings. Meanwhile, the Group’s Gross Profit increased by 15%, with the Gross Profit margin maintained at 23%.
“Consolidated Earnings Before Interest and Tax (EBIT) increased by 2% to Rs. 8.49 bn, with the Consumer & Retail Sector emerging as the largest contributor with a share of 17% supported by a broader revival in consumer sentiment, and Singer (Sri Lanka) PLC’s unmatched market position in the consumer durables industry.
“Despite slight moderations in operating performance, Transportation & Logistics, Others, Textiles and Purification Sectors also provided key contributions to Group EBIT during the quarter. Overall, the Group’s Profit-After-Tax clocked in at Rs. 3.12 bn an increase of 136% compared to the corresponding quarter of the previous financial year.
“The Group’s financial position remained strong, reflecting modest leverage and improving coverage levels. The AAA(lka) credit rating also takes into account the Group’s strong market positions in defensive industries such as Hand Protection, Agriculture and Purification and the anticipated upside potential from the domestic construction, tourism and retail industries.
“Fitch Ratings also notes the Group’s geographical diversification in terms of earnings with 54% of Revenue generated via direct and indirect exports as well as manufacturing locations, particularly in the Purification and Hand Protection sectors.”
“The reaffirmation of our credit rating at the highest level reflects the Group’s steadfast commitment to pursuing its growth ambitions while maintaining the strength and stability of its financial profile”, said Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC. “The diversity of our businesses, strong market positions, unmatched human capital and relationships have aptly positioned the Hayleys Group to leverage emerging opportunities and we remain optimistic about the Group’s financial prospects in the quarters ahead”
“As one of the country’s most socio-economically impactful organizations, Hayleys continues to drive inclusive value across its extensive supply chains and communities, driving economic empowerment across Sri Lanka,” the release said.
“Total employment across the Group’s global network increased to 36,667 during the first quarter of FY 2024/25, with continued investments in nurturing talent, supporting employee well-being and building a diverse and inclusive culture.
“The Group remains deeply committed to driving its ESG aspirations as outlined in the Hayleys Lifecode, achieving a near five percent y-o-y reduction in its carbon emissions supported by increasing focus on renewable and sustainable energy sources.
“A centrepiece of the Sri Lankan economy, Hayleys, a public-listed entity, is Sri Lanka’s most diversified conglomerate, with a global footprint spanning 18 countries in five regions. Hayleys is a champion of sustainable innovation and represents one of Sri Lanka’s most prominent success stories.”
The Board of Directors of Hayleys PLC are, Mohan Pandithage (Chairman and Chief Executive), Sarath Ganegoda, Rajitha Kariyawasan, Harsha Cabraal, PC, Ruwan Waidyaratne, Hisham Jamaldeen, Aravinda Perera, Jayanthi Dharmasena, Rohan Karr, Gamini Gunaratne, Timothy Speldewinde and Yohan Perera.
Business
Lanka’s largest solar park set to transform energy landscape and local economy in Hambantota
A new era in Sri Lanka’s renewable energy is unfolding in the Gonnoruwa Division of Hambantota District, where construction has begun on the country’s largest solar power park. Spanning 450 acres and designed to generate 150 megawatts (MW) of electricity, the US$150 million private-sector-led project is poised to become a cornerstone of the nation’s sustainable energy ambitions.
Officials say the solar park, guided by the Sustainable Energy Authority and the Mahaweli Authority, will make its first contribution to the national grid by the end of this year, with full capacity expected by 2026. Once completed, the facility will rank among Sri Lanka’s largest renewable energy installations, second only to the 210 MW Victoria Dam and the 150 MW Upper Kotmale hydropower project.
The initiative is being framed as a strategic response to recurring power cuts in the Southern Province during annual drought periods. With a projected 20% contribution to the country’s daytime electricity demand, the solar park is expected to significantly stabilize the grid, reduce reliance on fossil fuels, and contribute to the country’s renewable energy targets.
Project Engineer Thilanka Bandara confirmed that preliminary land preparation and boundary works have been completed, with 50 MW already feeding into the national grid. The investment, fully funded through foreign direct investment, local bank loans, and equity capital, requires no government funding. Two private firms are sharing the development, contributing 70 MW and 80 MW respectively.
Bandara highlighted a unique feature of the project: the transmission infrastructure, estimated at US$16 million, is entirely financed by the investors, marking a departure from conventional grid-connected projects. The park will also employ state-of-the-art ground-mounted solar technology, considered the most advanced currently deployed in Sri Lanka.
In a first for Sri Lanka, the solar panels will be installed five feet above the ground, allowing partial-shade crops to be cultivated underneath. Technical Officer Sithmina Bandara explained that this setup will enable the cultivation of food plants such as mushrooms, which thrive in shaded conditions, creating a model for integrated solar-agriculture systems. Agricultural experts have already provided guidance on implementing this initiative, which combines energy production with local food security.
The project is expected to generate 750 to 1,000 direct and indirect jobs, with 400–500 already employed in the initial phase. Long-term maintenance work will provide further employment opportunities, offering a substantial economic boost to the Hambantota region. Environmental management measures are also in place to prevent elephants from entering nearby villages, ensuring harmony between development and wildlife.
All necessary approvals and permits were obtained by February 2025, aligning the project with the Ceylon Electricity Board’s national generation plan. Officials confirmed that upon completion, the total output of the Solar Energy Park will rise to 200 MW, combining existing installations with the new 150 MW facility.
Experts say the Hambantota solar park represents more than just a power generation project. Its innovative design, private-sector financing, and integrated agricultural approach position it as a template for future renewable energy projects in Sri Lanka, reflecting a new model of sustainable development that balances energy, economy, and environment.
By Sirimanta Ratnasekera
Business
ESU Kandy clinches dominant victory at ‘Battle of Esoftians’
The Battle of Esoftians, an annual cricket encounter organized by ESOFT Uni Kandy, concluded with a spectacular display of cricketing prowess as the Kandy team secured a massive 245-run victory over ESOFT Metro Campus, Kurunegala. The match was held on the 15th at the University of Peradeniya Grounds.
Winning the toss and electing to bat first, the ESOFT Uni Kandy batsmen dominated the field from the outset. They showcased an explosive batting performance, posting a formidable total of 280 runs for the loss of 5 wickets in their allotted 20 overs.
In response, the Kurunegala ESOFT Metro team struggled against a disciplined bowling attack. The Kandy bowlers dismantled the opposition’s batting lineup, bowling them all out for a mere 35 runs, sealing a historic win for the Kandy campus.
The event was graced by the presence of key officials from the ESOFT management: Amila Bandara – Chief Operating Officer (ESOFT Uni), Dimuthu Thammitage – General Manager (Central Region), Lakpriya Weerasinghe – Deputy General Manager, ?Lahiru Diyalagoda
Centre Manager-Degree Division, ESOFT Metro Campus Kurunegala and Dushantha Sandaruwan – Master in Charge (ESU Kandy Cricket Club)
Team Lineups
ESOFT Uni Kandy (Winners)
Chamath Ekanayake (Captain), Dinuka Tennakoon (Vice Captain), Dushantha Sandaruwan (MIC), Chalitha Rathnayake, Pulasthi Bandara, Isuru Dehigama, Kesara Nuragoda, Aadhil Sherif, Isuru Pannala, Achintha Medawatta, Ahamed Shukri, Gowtham Hari Dharshan, Danushka Sahan, Eranda Bandara, and Damith Dissanayake.
ESOFT Metro Campus Kurunegala (Runners-up)
Adeesha Samarasekara, Savishan Madusha, Lahiru Diyalagoda, Hirun Damayantha, Naveen Madushanka, Daham Pothuwewa, Senuda Thewnaka, M.R. Abdulla, Arunodya Dasun, Mohamad Afri, Desith Perera, Lasitha Ranawaka, Anton Dilon, Shenuka Thirantha, and Kavindu Bandara.
Text and Pix By S.K. Samaranayake
Business
HNB joins Royal–Thomian “Battle of the Blues” as official banking partner
HNB PLC, Sri Lanka’s leading private sector bank, has joined as the Official Banking Partner for the 147th edition of the historic “Battle of the Blues,” the Royal–Thomian cricket encounter between Royal College, Colombo, and S. Thomas’ College, Mt. Lavinia. Commenting on the partnership, HNB’s Managing Director/CEO Damith Pallewatte highlighted the bank’s long-standing connection with cricket, including sponsorship of Sri Lanka’s first Test match against England in 1982, and emphasized HNB’s commitment to nurturing young talent and promoting school cricket. The three-day clash for the Rt. Hon. D. S. Senanayake Memorial Shield will take place from March 12–14 at the SSC Grounds, with the Mustangs Trophy one-day match following on March 28 under lights. HNB’s inaugural involvement marks a milestone in the bank’s sports marketing journey, strengthening its role in the school cricket ecosystem. The bank will enhance the spectator experience by introducing digital and cashless banking solutions, modernizing the event while preserving its rich heritage and sporting tradition.
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