Business
Hemas posts another strong quarter with Group operating profit at Rs.1.3 billion
Hemas Holdings PLC (HHL) placed on record a resilient performance by delivering another strong quarter. Home and Personal Care (HPC) and Learning segment represented by Atlas along with Healthcare were the significant contributors to the robust performance.
HHL recorded a Group revenue of Rs.16.6 billion for the quarter ended March 31, 2021, an increase of 18.3 per cent over corresponding period last year. Group operating profit for the quarter under review at Rs.1.3 billion is a growth of 58.8 per cent over Rs.829.7 million recorded last year whilst the Group earnings of Rs.859.8 million is an increase of 79.2 per cent over last year.
Despite the challenges encountered in the macro economic environment and the intensity of the competitive landscape, the Group recorded a cumulative underlying revenue of Rs.64.5 billion for the FY 2020/21, a 11.3 per cent growth against FY 2019/20, after adjusting for the disposal of Serendib Hotels PLC, Travel and Aviation segment and N*able. Similarly, the cumulative underlying Group operating profit of Rs.6.0 billion for the year was a year-on-year increase of 56.2 per cent over Rs.3.8 billion recorded last year. As the Group rationalised its portfolio and focused on re-energising the core, the Group stepped up and delivered a cumulative underlying performance for the year surpassed results of FY 2018/19, the most recent year in which normalcy prevailed.
Following are some key takeaways from an announcement made by –————-
“Our efforts on working capital management and cost rationalisation measures were proven effective in strengthening the Group’s liquidity position, which was also endorsed by Fitch ratings with the reaffirmation of “AAA (lka)- Outlook Stable” rating criteria for the Group.”
” The Consumer Brands sector revenue for the quarter was Rs.5.8 billion, an increase of 43.1 per cent over corresponding quarter last year.”
“Healthcare sector recorded a revenue of Rs.10.0 billion during the quarter against Rs.8.9 billion over the corresponding period last year, an increase of 12.3 per cent. The growth in the sector was collectively driven by Pharmaceutical Distribution and Manufacturing businesses.”
“Pharmaceutical Manufacturing business, Morison and Pharmaceutical Distribution business delivered a healthy financial performance during the quarter leading to a cumulative double-digit year-on-year earnings growth of 40.6 per cent.”
“Hospitals business witnessed a positive quarter on quarter momentum in patient footfall. Additional revenue streams such as mobile lab services, home care services and Kaya Intermediary care centre supported revenues for the quarter.”
“Mobility sector reported a revenue for the quarter of Rs.734.1 million, a growth of 27.1% per cent over the corresponding quarter last year, and the operating profit for the quarter of Rs.255.1 million was an increase of 12.0 per cent against the previous year.”
“During the year under review, the Port of Colombo handled 6.8 million Twenty-foot Equivalent Units (TEUs) with a year-on-year decline of 6.1 per cent. Similarly, transhipment volumes also witnessed a year-on-year decline of 4.8 per cent. In this backdrop, the Maritime Business continued to face challenges in the quarter, with global ports being congested and vessels opting to bypass the port of Colombo to recover the schedules, resulting in a drop-in throughput,” she said.
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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