Business
Hemas Holdings delivers stable FY25 Q1 performance amidst market challenges
Hemas Holdings PLC announced its financial results for the first quarter ended June 30, 2024, demonstrating resilience in a challenging economic environment.The Group’s consolidated revenue was Rs. 25.5 billion alongside operating profits of Rs. 1.9 billion and earnings of Rs. 0.9 billion. The revenue decrease compared to the previous year was largely due to downward price adjustments and subdued consumer spending, exacerbated by extended holidays in the first two months of the quarter. Despite the revenue dip, the Group’s profitability margins benefited from efficiency improvement initiatives and reduced finance costs.
The Consumer Brands sector reported revenue of Rs. 8.9 billion, with operating profits of Rs. 0.8 billion and earnings of Rs. 0.6 billion. Despite lower revenue, margins improved due to supply chain efficiencies and productivity initiatives.
The quarter saw a successful emphasis on personal care, with notable market presence in Baby and Feminine Hygiene segments. Innovations included the launch of Baby Cheramy Liquid Soap and new variants of Goya Soap. ‘Atlas’ maintained its market leadership, expanding its share in both the premium and value-for-money segments. ‘Kumarika’ increased its market share in the VAHO market, driven by new value-for-money and pure coconut oil products, while ‘Actisef’ continued to be an essential part of the portfolio.
The Healthcare Sector performance delivered revenue of Rs. 16.0 billion, with operating profit of Rs. 1.3 billion and earnings of Rs. 0.8 billion. Profitability increased due to overhead optimization, improved working capital management, and lower interest rates.
In addition, the sector sustained its market-leading position despite market contraction and regulatory price reductions. Focused efforts on cost optimization, efficiency improvements, and effective working capital management enhanced profitability. The Healthcare segment also witnessed increased inpatient and outpatient volumes due to more surgeries and medical screenings.
The Mobility Sector’s revenue grew 14% to Rs. 475.9 million, driven by maritime volume growth. Operating profit and earnings both more than doubled, reaching Rs. 455.3 million and Rs. 269.7 million respectively.
The segment’s performance improved with higher freight rates and volume growth, while the Aviation vertical benefited from improved yield and higher cargo volumes, despite intense competition affecting the passenger segment.
Hemas continued its commitment to the environmental, social and governance agenda, focusing on plastic waste offset, water usage reduction, and increased renewable energy use. Partnerships, such as with Eco Spindles, have been pivotal, with over 720,000 kg of plastic collected to date. The Group’s social initiatives positively impacted over 56,800 families, including professional training for educators and the opening of the 66th Piyawara preschool, supporting underserved communities.
Looking ahead, Hemas is committed to expanding its footprint domestically and globally, executing strategic priorities from its Long-Range Plan, and maintaining strong liquidity and efficient resource allocation. The Group continues to drive operational transformation across all business segments, aiming for sustained growth amidst ongoing market challenges.
Business
GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy
Western Province maintains its dominant position, accounting for 42.4% of nominal GDP
The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.
The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.
In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.
The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.
The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.
by Sanath Nanayakkare
Business
Sri Lanka Insurance supports 1,000 families in flood-affected areas
Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.
Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.
Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”
In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.
Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.
Business
Jaffna Hindu College wins regional AIA Healthiest Schools award
Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.
The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.
The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.
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