Business

‘JCT concludes exemplary performance over 2022 financial year’

Published

4 years ago

2023/03/20

Jaya Container Terminals Limited (JCT Limited), is a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA). Since 2008, its primary business has been to store marine fuel, including Low Sulphur Fuel (LSF) and Marine Gas Oil (MGO) for seagoing vessels. The facility spans over 9 acres and initially consisted of 13 fuel tanks with the capability to store a capacity of 35,000 MT of marine fuel.

JCT has seen phenomenal growth and turnover in the recent past, despite the fuel crisis that prevailed in Sri Lanka. This is largely due to the fact that JCT was able to provide Marine Gas Oil to various segments of the private sector that required fuel for their daily operations. This included the garment industry, the tourism industry and much more. The provision of MGO to these sectors was an additional service provided by JCT, that resulted in an exponential increase in revenue and profit.

Another significant contributor to the company’s forward march was its ability to transform from High Sulphur Fuel to Low Sulphur Fuel. This occurred in 2020, due to a requirement from the International Maritime Organization (IMO), to accommodate only LSFO. However, JCT was able to accommodate High Sulphur Fuel also if required. This also added significantly to the income that was reflected in the year 2022.

Lakmal Ratnayake, Chairman of Jaya Container Terminals shared his thoughts “It is fantastic to see the JCT reach such phenomenal heights in terms of revenue and profit. However, it is only right to acknowledge those who supported us throughout this journey. I would like to thank the Honourable Nimal Siripala de Silva, Minister of Ports, Shipping & Aviation, Mr. K.D.S Ruwanchandra, the Secretary to the Ministry of Ports, Shipping & Aviation, Mr. Keith D. Bernard, Chairman of the Sri Lanka Ports Authority, and the other SLPA officials for their support.”

He added, “I would also like to thank all our partners, stakeholders, and staff, as it is because of them, and their invaluable support and contributions, that JCT has become the success that it is today. I hope the future holds even more success for us all”.

JCT’s reached unprecedented heights as it accumulated a 275% increase in profits in 2022. This was due to an unprecedented earning of Rs. 608 million in revenue for 2022, which is a 104% increase from the year 2021 and a 180% increase from 2020. The fluctuating currency exchange rates also played a role in the increase of the profits, adding 40% to it. This revenue has a significant impact on the country’s economy, as the Colombo Port plays a direct and integral role in it. A plethora of JCT’s clientele also play a significant role in the provision of fuel for the ships that visit the port, which is in turn a vital service for the Colombo Port.

Ranjith Maligaspe, Managing Director of Jaya Container Terminals, also shared his comments “It is great to see the company reach these incredible heights, especially in the midst of these most challenging of circumstances. I would like to thank each, and every entity involved in generating this success, and hope that it sets a foundation for greater success in the future.”

The company is now in the process of enhancing its storage capacity in order to facilitate larger volumes of fuel at a lower cost. This will also allow JCT’s customers to distribute fuel at a lower cost, which in turn is an advantage to the Port of Colombo as it can provide competitive prices for those who require marine fuel. By the end of 2021, the JCT had constructed an additional 3200 MT capacity tank, which was opened in 2022. There are plans that have been set in motion to install even more tanks in the future. Additionally, a brand-new fire safety system was also introduced as a safety measure.

The JCT is currently conducting comprehensive studies of the markets in the region to gain an understanding of how they can improve their services in the future. Globally, it has been observed that there is a transition from Liquid Petroleum Gas to Liquid Natural Gas and studies are conducted to assess the feasibility of such transition in the future at the Colombo port. These developments could lead to the storage and distribution of even larger volumes of marine fuel.

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Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

10 hours ago

2026/10/2

Thilina Walpola

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

10 hours ago

2026/10/2

Thilina Walpola

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

10 hours ago

2026/10/2

Thilina Walpola

By Hiran H Senewiratne

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well. In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.