Business

Siyapatha Finance records LKR 1 Bn PAT for Fy 2021, an impressive increase of 167%

Published

5 years ago

2022/03/24

Siyapatha Finance records LKR 1 Bn PAT for Fy 2021, an impressive increase of 167%

Siyapatha Finance has continued on its robust performance, despite the pandemic-induced economic challenges, ending the 2021 financial year with the highest ever profitability through its Profit Before Tax reaching LKR 1.53 Bn. Profit after tax increased by 167% from LKR 409.5 Mn in 2020 to LKR 1,094.5 Mn in 2021. Income growth coupled with prudent management of operating expenses resulted in the substantial improvement of the cost to income ratio to 33.56% from 39.28% the previous year. The Company continued to systematically focus on its well performing segments, whilst maintaining its risk management strategies, credit quality and improving the recovery efforts.

Another noteworthy achievement was the management of Non-Performing Advances (NPA). During the year, the Company managed to reduce its gross NPA ratio to 16% from 18% in 2020. Despite the moratoria and drastic decline in economic activities, the Company was able to contain the NPA of the leasing portfolio within the industry benchmark of 12%. This reflects its commitment to driving recoveries and maintaining credit quality despite the downturn in business activities.

The Company held a strong asset base of LKR 42.75 Bn as at 31 December 2021, recording a growth of LKR 1,198.59 Million during the year. Total liabilities of the Company increased marginally to LKR 36.52 Bn as at 31 December 2021 compared to LKR 36.43 Bn as at 31 December 2020. The Company’s Return on Average Assets grew by 163 bps to 2.59% during the financial year 2021, derived by enhanced earnings.

The deposit base of the Company was maintained at a steady level of LKR 17.11 Bn. This reflects the trust and confidence attained by the Company among fund managers and the corporate sector that continued to place substantial fixed deposits.

The Tier I Core Capital Ratio and the Total Capital Ratio stood at 14.74% and 21.36% as at 31 December 2021, well above the respective regulatory capital adequacy requirements of 7% and 11%.

Commenting on the strong performance the Company has demonstrated in 2021, Sumith Cumaranatunga, Chairman, Siyapatha Finance PLC said “We are proud of the financial performance that Siyapatha Finance has delivered despite the challenges posed by the pandemic. This is a testament to the ability of our remarkable workforce, our strength, our dedication and our constant need to improve ourselves through the implementation of our high performing strategies. I am confident that the organization will continue building upwards, leveraging on opportunities that will help deliver positive results in the future.”

“Siyapatha Finance continues to display remarkable resilience and growth even amidst the prevailing challenges in the external environment. Our financial performance has spoken volumes about the Company’s strength and stability. We are cognizant of the challenging path ahead of us and yet we are confident of delivering consistent growth with much optimism and enthusiasm,” stated Ananda Seneviratne Managing Director, Siyapatha Finance.

All News Advertisement

Business

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

Published

2 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

2 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

2 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.