Business
Janashakthi Finance delivers strong Q4 growth with improved profitability
Janashakthi Finance PLC, a subsidiary of JXG (Janashakthi Group), delivered a strong performance for the financial year ended 31 March 2026, reflecting disciplined execution, continued business expansion and sustained momentum across its core lending and deposit businesses. The Company’s performance was further supported by improving economic activity, strengthening lending demand and continued focus on operational discipline and prudent portfolio management.
Based on the unaudited interim financial statements, the Company recorded a Profit Before Tax (PBT) of Rs.564 million for the 12 months ended 31 March 2026, marking a robust 62% year-on-year increase with the restated PBT of Rs. 348 million reported recorded in the previous financial year. Net Operating Income grew significantly by 35% to Rs.3.1 billion, underpinned by strong business volumes, improved operational performance and continued expansion across key market segments.
For the year under review, Net Profit After Tax (NPAT) increased by 38% year-on-year to Rs.403 million, reflecting resilient earnings performance amidst evolving market conditions and the Company’s prudent financial management and disciplined growth strategy. The Company’s Q4 performance further reinforced its positive growth trajectory, with quarterly PBT increasing by 17% year-on-year to Rs.175 million, while quarterly NPAT rose by 39% year-on-year to Rs.163 million. Net Operating Income for the quarter recorded a strong 31% year-on-year increase to Rs.883 million compared with the corresponding quarter of the previous year.
Demonstrating strong business expansion and growing market confidence, Janashakthi Finance’s Loans and Receivables Portfolio grew by 48% year-on-year to Rs.32.96 billion as of 31 March 2026. The growth was supported by expansion across the Company’s core lending segments, continued portfolio diversification and a disciplined approach to credit growth. Deposits increased by 14% to Rs.18.2 billion, reflecting sustained customer trust and an expanding financial footprint across the country.
The fourth quarter also showed continued sequential improvement over the preceding quarter, with PBT increasing by 18%, NPAT by 66% and Net Operating Income by 12%, highlighting the Company’s accelerating operational momentum and strengthened earnings capacity heading into the new financial year.
Commenting on the performance, Rajendra Theagarajah, Chairman of Janashakthi Finance PLC stated, “This year’s performance reflects the resilience of our business model and the disciplined execution of our long-term strategy. As the economy continues to regain momentum, Janashakthi Finance is well positioned to strengthen its role as a trusted and progressive non-banking financial institution creating sustainable value for all stakeholders.”
Commenting on the Company’s operational performance, Sithambaram Sri Ganendran, Chief Executive Officer of Janashakthi Finance PLC said, “Our strong Q4 performance was driven by healthy portfolio expansion, improved operational momentum and growing customer confidence across our markets. As we move forward, we remain focused on scaling quality growth, strengthening accessibility enhancing operational agility and delivering innovative, customer-centric financial solutions that are relevant to the evolving needs of customers across Sri Lanka.”
Backed by strong quarterly momentum, a rapidly expanding lending portfolio, an expanding deposit base, Janashakthi Finance enters the new financial year with a strengthened foundation for sustainable growth. The Company remains focused on deepening its market presence, improving operational efficiencies and advancing innovative financial solutions that contribute meaningfully to Sri Lanka’s evolving economic landscape while creating long-term value for shareholders and stakeholders alike.
Business
Cost-effective clearance of goods across borders to determine worth of Customs Paperless Declaration
By Ifham Nizam
The introduction of the Customs Paperless Declaration from October 1 could mark an important step in Sri Lanka’s efforts to modernise trade, but its real value will depend on whether it reduces the time and cost of moving goods through the country’s borders, Customs House Agents & Traders Association President Mohamed Niyas said.
Niyas warned that digitising Customs declarations alone would not necessarily translate into faster cargo clearance or lower costs for businesses.
‘Expecting a dramatic improvement in clearance speed under the present conditions is like expecting Ferrari performance from a Morris Minor configuration, he said.
For importers and exporters, the issue extends well beyond paperwork. Every additional hour or day that cargo remains in the clearance chain can have wider consequences for businesses, including increased port and storage-related costs, additional working-capital requirements, uncertainty over delivery schedules and disruptions to production and distribution.
Niyas said the competitiveness of Sri Lanka’s trading sector ultimately depended on how efficiently goods could move through the country’s border-clearance system.
‘The real bottleneck is not merely the absence of paper. It is the entire clearance ecosystem—the limitations of the existing ASYCUDA World system, excessive regulatory interventions by Other
Government Agencies, multiple approvals, physical examinations, manual interventions, fragmented processes and institutional constraints, he said.
He cautioned that unless these bottlenecks were addressed, there was a risk that the paperless initiative would merely digitise existing bureaucracy.
‘If these underlying constraints remain unchanged, there is a real risk that the new paperless system could become another “copy-and-paste road show”—where an old, complex clearance process is simply transferred onto a digital screen without fundamentally changing the process itself, Niyas said.
For businesses dependent on imported raw materials, machinery, components and other inputs, clearance efficiency can directly affect the wider supply chain.
Delays at the border can create uncertainty for manufacturers, distributors and retailers, while exporters can face difficulties meeting delivery schedules when imported inputs or export consignments are held up.
Niyas therefore argued that the success of the October 1 initiative should be judged by its impact on trade flows rather than by the number of declarations processed electronically.
‘Paperless does not automatically mean faster, he said. ‘Digitising a slow process does not make the process fast. It only makes the slow process digital.’
He said Sri Lanka needed to move towards what he described as “process-less Customs”—a system in which unnecessary procedures are eliminated rather than simply converted into electronic procedures.
Among the reforms he called for are simplification of Customs declarations and approval workflows, improvements to the functionality of ASYCUDA World, greater use of risk-based inspections and better integration of Other Government Agency approvals.
Niyas also called for the elimination of repetitive document submissions and physical endorsements, greater use of pre-arrival processing, sufficient capacity for digital document uploads and clearly defined service-level timelines for Customs and OGAs.
Business
China backs Sri Lanka’s Non-aligned stance to counter regional pressures
By Sanath Nanayakkare
As global attention has fixed on the high-level diplomatic choreography at the United Nations General Assembly in New York, a subtler, yet profound geopolitical signal was sent from Colombo, yesterday.
In a major address marking the founding anniversary of the People’s Republic of China, newly appointed Chinese Ambassador Wei Huaxiang chose to anchor bilateral relations not just in modern trade or infrastructure, but in a shared respect for Sri Lanka’s legacy of non-aligned independence.
By explicitly invoking Sri Lanka’s foundational role in the 1976 Non-Aligned Summit, Beijing was doing something unexpected in an era defined by fierce great-power rivalry: it was officially validating a small island nation’s right to maintain an independent foreign policy stance.
The Strategic Value of Independence
For decades, nations caught in the crosshairs of major-power competition have faced intense pressure to pick sides. Yet, Ambassador Wei’s embrace of Colombo’s non-aligned tradition signaled a different diplomatic playbook. Instead of demanding alignment, Beijing was framing its partnership as a reliable counterbalance to regional pressures. By honouring Sri Lanka’s diplomatic autonomy, China was effectively reassuring smaller economies that sovereign independence and robust economic cooperation can coexist.
Beyond Ports and Industrial Zones
This diplomatic framing reframed the narrative surrounding major collaborative ventures like the Colombo Port City and Hambantota Port. While foreign analysts often view these projects exclusively through the lens of strategic rivalry, Beijing’s diplomatic messaging tied them back to a historical ethos of solidarity—evoking memories of the 1952 Rubber-Rice Pact.
By marrying economic projects with a stated respect for non-alignment, China is positioning itself as a steadfast stakeholder that respects Sri Lanka’s internal agency during difficult economic and political seasons.
As both nations look toward major milestones in 2027—including the 70th anniversary of diplomatic ties—this nuanced diplomatic move revealed how historic traditions are being leveraged to navigate modern multipolar realities.
For global observers, the takeaway was clear: in the shifting architecture of Asian geopolitics, respecting a nation’s historical neutrality may just be the most effective way to secure a lasting partnership, a diplomatic masterclass that Ambassador Wei Huaxiang executed in style.
Business
Sri Lanka Insurance Life appoints Dr. Sameera Dharmasena Chief Executive Officer
Sri Lanka Insurance Life (SLIC Life), the nation’s largest and strongest Life Insurer, is pleased to announce the appointment of Dr. Sameera Dharmasena as its new Chief Executive Officer, effective 22nd September 2026.
Dr. Dharmasena is a distinguished insurance professional with over 21 years of experience in the Sri Lankan insurance industry, having held senior leadership positions across several leading insurance companies affiliated with some of Sri Lanka’s largest business conglomerates. His extensive career spans both local and multinational insurance environments, bringing together broad industry expertise, strategic leadership and a strong commitment to the advancement of the insurance profession.
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