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Major private companies call for immediate solution to economic crisis

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The head table at the press conference

By Steve A. Morrell

Some of the country’s major private sector companies yesterday called for an immediate solution to the country’s current economic crisis.

Some 23 companies, representing numerous sectors, stressed this need yesterday at a press conference held at the Jaic Hilton Colombo Residences. They account for approximately 50 per cent of the working population of the country, besides producing goods and services to the tune of USD 16.8 billion yearly.

At the head table were, Rohan Masakorale, Yohan Lawrence, Jayantha Karunaratne, Sandra De Zoysa, Russel Juriansz and Talet Sharma.

The consensus which emerged from discussions among these companies was that, rather than dwell on negatives, the task of reviving the economy has to be gone ahead with as a priority.

The companies said the support of the media too was essential to solve the crisis. It was imperative that the private sector and the media unite their resources to get over the economic debacle faced by the country.

Sections of the press expressed the view that the new Central Bank Governor was better equipped to handle the economic debacle rather than the previous Governor who resorted to printing money wihich had no relevance to production.

The press posed the question whether the President had read the contents of a letter that was submitted by the companies to him on the economic situation of the country. Replying to this question Rohan Masakorale said the companies present could not say if he had read the letter or not, but it was now of importance to note that no comment on the letter was forthcoming from neither the President nor his advisors.

Views were also expressed that Sri Lanka’s request to the IMF for financial assistance and advice should have been made long before the current serious situation emerged.

Jayantha Karunaratne, representing the Tea Exporters Association, said the tea industry, now over 150 years in existence, was faced with a crisis which affected in the main the smallholders of the sector who were responsible for about 75 per cent of tea production. He said Sri Lanka was responsible for 5 per cent of global tea production. Unless the government takes positive action, we would lose the global tea market.

Russel Juriansz said the IMF and the World Bank were of importance to Sri Lanka, based on their effective financial management some years ago. Yohan Lawrence representing the Joint Apparel Association Forum and Talet Sharma along with Sandra de Zoysa also spoke.



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The eternal pilgrimage of Hajj: A journey through faith, sacrifice and humanity

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Hajj pilgrims

Every year, the spiritual compass of the Muslim world turns towards the holy city of Makkah, where millions of pilgrims gather for Hajj — one of humanity’s oldest and most profound journeys of faith.

This year, too, the sacred valleys of Saudi Arabia are filled with the echoes of “Labbaik Allahumma Labbaik” — “Here I am, O Allah, here I am” — as Muslims from every continent respond to a divine call that dates back thousands of years to Prophet Ibrahim (Abraham).

Among them are thousands of Sri Lankan pilgrims, dressed in simple white garments, leaving behind worldly status, wealth and identity in pursuit of spiritual purification and closeness to God.

According to Muslim Affairs authorities, the Kingdom of Saudi Arabia has allocated a Hajj quota of 3,500 pilgrims for Sri Lanka for Hajj 2026, enabling devotees from across the island to undertake the sacred pilgrimage. The annual allocation is determined through agreements between Saudi Arabia and Muslim-majority and minority nations worldwide.

Since early this month at the Bandaranaike International Airport in Katunayake, emotional scenes unfolded as families bade farewell to departing pilgrims with tears, embraces and prayers.

Elderly parents clutched prayer beads, children waved anxiously, while relatives sought blessings from loved ones embarking on the once-in-a-lifetime spiritual journey.

For many Sri Lankan Muslims, performing Hajj is not simply travel — it is the fulfilment of a lifelong dream nurtured through years of prayer, sacrifice and savings.

In villages, towns and cities across Sri Lanka, preparations for Hajj often begin months or even years in advance. Some families save gradually over decades, while elderly pilgrims regard the journey as the culmination of a lifetime of devotion.

Hajj is the fifth pillar of Islam and is obligatory for every financially and physically able Muslim at least once in a lifetime.

Yet the pilgrimage is far more than a religious obligation.

It is a journey deeply rooted in the story of Prophet Ibrahim, known as Abraham in Christianity and Judaism, and revered across the Abrahamic faiths as a towering symbol of faith, obedience and sacrifice.

Islamic tradition recounts how Prophet Ibrahim was commanded by Allah to leave his wife Hajjar and infant son Ismail in the barren desert valley of Makkah. With unwavering faith in God’s wisdom, Ibrahim obeyed.

Left in the scorching desert with little water or food, Hajjar desperately searched for water for her thirsty child, running seven times between the hills of Safa and Marwa.

Her determination, courage and trust in God are immortalised in the rituals of Hajj today.

Pilgrims reenact Hajjar’s desperate search by walking between Safa and Marwa, symbolising perseverance, faith and hope even in moments of despair.

According to Islamic belief, Allah answered Hajjar’s prayers by causing the miraculous Zamzam well to spring forth beneath baby Ismail’s feet — a well that continues to provide water to millions of pilgrims centuries later.

Another defining moment in Ibrahim’s story is commemorated during Hajj and Eid-ul-Adha — the willingness of the Prophet to sacrifice his beloved son in obedience to God’s command.

As Ibrahim prepared to carry out the sacrifice, Allah replaced Ismail with a ram, signifying that faith, sincerity and submission were greater than the act itself.

The symbolic stoning of the devil during Hajj recalls Ibrahim’s rejection of Satan’s temptations that sought to discourage him from obeying God.

Thus, every ritual of Hajj carries profound historical and spiritual meaning.

The pilgrimage is not simply movement through sacred spaces; it is a reenactment of timeless lessons in obedience, sacrifice, patience and devotion.

One of the most remarkable aspects of Hajj is the extraordinary equality it represents.

Pilgrims, regardless of nationality, race, language or social class, wear the same simple white attire, known as Ihram.

Presidents, businessmen, labourers and farmers stand side by side in prayer, under the blazing Arabian sun, erasing worldly distinctions and affirming the Islamic belief that all human beings are equal before God.

Religious scholars often describe Hajj as the world’s greatest annual demonstration of unity and humility.

The spiritual climax of the pilgrimage occurs at the plains of Arafat, where pilgrims spend hours in prayer and repentance seeking divine forgiveness.

Many Muslims believe that a sincerely accepted Hajj cleanses a believer of past sins and marks the beginning of a spiritually renewed life.

Upon returning home, pilgrims are honoured with the title “Hadji” or “Hajji,” a distinction that carries immense respect within Muslim communities, including in Sri Lanka.

Traditionally, a Hadji is viewed as someone who has fulfilled one of Islam’s most sacred obligations and returned with heightened spiritual responsibility.

However, Islamic scholars emphasise that the title is not merely ceremonial.

“The true significance of becoming a Hadji lies in personal transformation,” a Colombo-based Islamic scholar said.

“A pilgrim is expected to return with greater humility, compassion, honesty and social responsibility. Hajj is not about status; it is about becoming a better human being.”

Across Sri Lanka, mosques have been conducting special prayers for pilgrims, while families gather to seek blessings before departure.

The pilgrimage season also creates a unique emotional atmosphere within Muslim communities, where neighbours visit departing pilgrims and homes become centres of prayer and reflection.

Saudi Arabia has introduced extensive arrangements this year to facilitate the pilgrimage, including digital crowd management systems, improved transport networks, upgraded accommodation and enhanced healthcare services.

Sri Lankan diplomats and officials, stationed in Saudi Arabia, have been coordinating closely with Saudi authorities to ensure the welfare and smooth movement of Sri Lankan pilgrims throughout the pilgrimage period.

Sri Lanka’s Ambassador to Saudi Arabia, Ameer Ajwad, recently inspected facilities in Mina, prepared for Sri Lankan pilgrims, and reaffirmed efforts to provide a safe and spiritually fulfilling Hajj experience.

As millions circle the Holy Kaaba in prayer, Hajj continues to stand as one of the most extraordinary gatherings on Earth — a timeless spiritual movement connecting humanity across borders, cultures and generations.

For Sri Lanka’s pilgrims, the sacred journey is not merely a passage to Makkah.

It is a journey into the soul — a return to the eternal lessons of Prophet Ibrahim, Hajjar and Ismail — lessons of sacrifice, endurance, obedience and unwavering faith that continue to inspire humanity centuries later.

By Ifham Nizam

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‘Green Chilies’ returns after seven years to reignite Sri Lanka’s advertising industry spirit

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After a seven-year hiatus, one of Sri Lanka’s most loved advertising industry gatherings is making a much-anticipated return. Green Chilies 2026, the iconic festival that once defined the fun, camaraderie and creative spirit of Sri Lanka’s advertising fraternity, returns on 4th June 2026 at Rise Up, Colombo 03, bringing together professionals from across agencies, media, digital, production and marketing for an evening of celebration, entertainment, and industry camaraderie.

Originally launched in 2011, Green Chilies was conceived as a platform to celebrate Sri Lanka’s Young Lions winners as they embarked on their journey to represent the country at the prestigious Cannes Lions International Festival of Creativity, while also creating a unique opportunity for the industry to come together outside boardrooms and deadlines.

This year’s revival comes at an especially meaningful time, as an entire new generation of industry professionals have entered the business without ever experiencing the culture and energy that made Green Chilies such a defining event. Some key highlights will be the recognition of the winners of the young Lions competition and the much-loved return of The Agency Idol, the wildly entertaining competition where agencies battle it out on stage in a spirited showcase of talent, humour, and creativity, bringing back one of the event’s most iconic traditions.

Speaking about the return of the festival, Ranil de Silva, Founder of Green Chilies and of Metal Factor, said: “When we first launched Green Chilies, the idea was simple. It was to celebrate our Young Lions and create something that brought the industry together as one community. Over the years it became far more than an event, it became part of our industry culture. Seeing it return after seven years is very special, particularly because so many young professionals will now get to experience the spirit that made this industry such a fun and inspiring place to be.”

Green Chilies 2026 is organized by Metal Factor and supported by the 4A’s Sri Lanka.

Event Details:

Venue: Rise Up, Alwis Place, Colombo 03

Date: Thursday, 4th June 2026

Time: From 6.30 PM onwards

Contact : Shelley +94 77 342 3123

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JKH posts 75% EBITDA growth to Rs.80.01 billion as recent investments begin to contribute

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Krishan Balendra, Chairperson and CEO

John Keells Holdings PLC (JKH) reported a strong financial performance for FY2025/26, with Group EBITDA increasing 75% to Rs.80.01 billion, reflecting the contribution of investments made over the past several years and the continued performance of the Group’s established businesses.

Group recurring EBITDA increased 71% to Rs.78.05 billion, compared to Rs.45.69 billion in the previous year, driven primarily by Retail, Transportation and Leisure. Recurring profit before tax rose 143% to Rs.35.72 billion, while recurring profit attributable to equity holders of the parent increased 155% to Rs.13.24 billion.

The year also marked the culmination of the largest investment phase in the Group’s history, with the operationalisation of key investments signalling a shift in the capital cycle from development to contribution. Overall funding requirements reduced materially in line with expectations, while net debt to EBITDA stood at approximately 2 times and net debt to equity at approximately 31%.

City of Dreams Sri Lanka recorded positive EBITDA for the full year, following the completion and launch of the remaining components of the integrated resort. Cinnamon Life’s conference and event spaces attracted interest from local and international organisers, while casino operations showed an encouraging pick-up from the fourth quarter onwards.

Colombo West International Terminal, the project company of WCT-1, recorded strong throughput growth during the year, supported by an improving volume mix. The business delivered a positive profit after tax ahead of expectations, despite recognising depreciation relating to phase 1, and has reached full utilisation of phase 1 capacity based on its latest monthly run-rate.

John Keells CG Auto recorded an exceptional year, supported in part by pent-up demand and the brand positioning and vehicle range of BYD.

The Supermarket business recorded approximately 14% growth in same store sales, driven primarily by a 14.3% increase in footfall. The Beverages and Confectionery businesses recorded strong volume growth, with Beverages benefiting from higher margins, while Confectionery margins were impacted by higher raw material costs and expenses linked to new product introductions.

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