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Sunshine Holdings delivers robust performance in 1H amidst macroeconomic challenges

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Sunshine Holdings Chairman Amal Cabraal

Recording another quarter of sound financial performance in a challenging economic backdrop, diversified conglomerate Sunshine Holdings (CSE: SUN) posted consolidated revenue of Rs. 24.9 billion for the six months ending 30 September 2022 (1HFY23), an increase of 57.7% YoY compared to the corresponding period of last year.

Profit after tax (PAT) for the period in review rose to Rs. 3.2 billion, an increase of 28.2% YoY, on the back of the profit arising from the improved performance in Healthcare, Consumer Goods and Agribusiness. The gross profit improved by Rs. 1.9 billion, up 36.3% YoY compared to the previous year, in line with the Group’s revenue growth. Gross profit margin for the period in review stood at 29.4%, which is a contraction of 463 basis points against the same period last year. Profits attributable to equity shareholders (PATMI) closed at Rs. 1.9 billion for 1HFY23, an increase of 60.0% YoY.

The Group’s Healthcare business emerged as the largest contributor to Sunshine’s top-line performance, accounting for 46.6% of total revenue. In comparison, Consumer and Agribusiness sectors of the Group contributed 34.4% and 18.4% respectively of the total revenue. In April 2022, Sunshine Tea (Pvt) Ltd, which is a tea export business, was acquired by the Group and its performance is consolidated under Consumer Goods sector w.e.f. 1st April 2022.

Commenting on the performance, Sunshine Holdings Chairman Amal Cabraal said “The Group faced multiple challenges across all sectors from the fall out of the macroeconomic issues faced by the country. However, incisive sales initiatives, robust cost management and process reengineering backed by numerous digital initiatives enabled Sunshine to record a healthy performance in 1HFY23. The resilience and adaptability displayed by all the sector and center teams in delivering these results are a matter of pride and confidence. Whilst the continuing economic challenges and shrinking real disposable income will be barriers to overcome, the Group remains optimistic that the initiatives in place will enable the delivery of sound results in the forthcoming periods.”

Healthcare

Group’s Healthcare segment generated Rs. 11.6 billion in turnover during 1HFY23, representing a significant growth of 35.9% YoY on the back of improved performance in Pharmaceutical and Medical Devices segments. Lina, the Pharma manufacturing business, experienced revenue growth mainly due to price revisions together with the revenue earned from Metered Dose Inhaler (MDI) sales to the government. The first MDI sale was made in the month of July 2022 marking the commencement of commercial operations in Lina Spiro. The Healthcare sector PAT increased by 51.7% YoY.

Consumer Goods

Recording a 128.4% increase in revenue compared to the corresponding period of last year, the Consumer Goods Sector recorded a revenue close to Rs. 8.6 billion. Export business accounts for 46.9% of the sector’s revenue. Excluding the new addition of Sunshine Tea, revenue growth stood at 21.3%. The PAT of the sector increased by Rs. 383 million compared to the same period last year.

Agribusiness

The Group’s agribusiness sector, represented by Watawala Plantations PLC (WATA) and Watawala Dairy Limited (WDL), saw a revenue increase of 34.4% YoY to Rs. 4.6 billion. The EBIT margin contracted due to reduction in crop volumes YoY and increased cost of bought crop. PAT of the Agri sector closed at Rs. 1.9 billion for 1HFY23, up by Rs. 45 million compared to the same period last year.



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USD 50 mn battery storage investment expected to power SL’s renewable energy push

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Arrival of the Battery Energy Storage System

Sri Lanka has taken a major step towards modernising its power infrastructure with the arrival of the country’s first commercial-scale Battery Energy Storage System (BESS), part of a USD 50 million investment expected to transform the integration of renewable energy into the national grid.

The first shipment of battery units arrived at the Port of Colombo recently for the landmark Galle and Matara BESS projects being developed by Galilee BESS (Pvt) Ltd, a subsidiary of KHEN Energy Limited. The projects are expected to play a pivotal role in enhancing grid stability, reducing renewable energy curtailment and strengthening the country’s energy security.

The shipment comprised 25 containers, including 18 battery units weighing 42 metric tonnes each, making it one of the largest and most technically demanding renewable energy cargo movements handled in Sri Lanka to date.

Energy industry officials describe the project as a milestone investment that will help bridge one of the biggest challenges facing renewable energy development—storing electricity generated from intermittent sources such as solar and wind power for use when demand peaks.

Once operational, the BESS facilities will support the National System Operator by absorbing excess renewable energy during periods of high generation and releasing it when required, thereby improving efficiency and reliability across the power network.

The technology is being supplied by global energy storage leader Sungrow Power Supply Co., Ltd., reflecting growing international confidence in Sri Lanka’s renewable energy sector and its long-term clean energy ambitions.

Beyond its energy significance, the project also highlights the increasing scale and sophistication of infrastructure investments entering the country.

Expolanka Freight (Pvt) Ltd was entrusted with the end-to-end logistics operation, overseeing customs clearance, specialised transportation, storage, unloading and final placement of the battery units at the project sites.

Finance and Project Director Fazul Ansar said the operation required extensive engineering studies, route assessments and rigorous safety planning owing to the hazardous classification and extraordinary weight of the cargo.

Head of Project Logistics Mohamed Niyas said months of preparation had gone into route surveys, lifting studies and risk mitigation planning to ensure the successful execution of the project.

Project officials said specialised multi-axle trailers and cranes with lifting capacities ranging from 100 to 150 tonnes were deployed for the operation, while access modifications and last-mile transport solutions were implemented at both project locations.

By Ifham Nizam

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AI and Data Analytics Summit 2026 drives the nation’s digital future

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Deshan Liyanage / Ransith Fernando / Prof. Lasith Gunawardena

The AI and Data Analytics Summit 2026 organised by the Sri Lanka Section of BCS, the Chartered Institute for IT was successfully held on 22nd May 2026 at Waters Edge, Colombo. The high-impact summit themed “Next Generation AI & Data Analytics: Skills & Thoughts for the Intelligent Future” brought together senior policymakers, global technology experts, industry leaders, academics, and innovators to explore how Artificial Intelligence (AI) and Data Analytics are reshaping the nation’s digital and economic future.

The event, endorsed by the Ministry of Digital Economy, was graced by Waruna Sri Dhanapala, Secretary to the Ministry of Digital Economy, who attended as the Guest of Honour, underscoring the government’s strong commitment to advancing AI adoption, digital innovation, and data-driven governance in support of Sri Lanka’s broader public sector transformation agenda. Dr. Sadeep Jayasumana, Chief Scientist at Octave, delivered the keynote address on Generative AI, sharing insights into its transformative potential.

Speaking on the significance of the summit, Prof. Lasith Gunawardena, Chairman the Sri Lanka Section of BCS, the Chartered Institute for IT noted that Artificial Intelligence and Data Analytics have become present-day enablers of innovation, economic growth, and societal progress. He emphasized that the summit was guided by BCS’s purpose of Making IT Good for Society and by the national need to bring together thought leaders, practitioners, policymakers, and industry experts to foster collaboration, knowledge sharing, and the responsible adoption of transformative technologies, thereby strengthening Sri Lanka’s digital readiness and supporting a resilient, inclusive, and globally competitive digital economy.

Ransith Fernando, Chair of the summit mentioned ” This year’s summit brought together 21 speakers who shared valuable insights, ideas, and experiences. We heard inspiring success stories, gained practical knowledge from industry practitioners, and explored strategic perspectives from business leaders. These conversations highlighted both the opportunity and the responsibility before us. While innovation is accelerating globally, Sri Lanka must align policy, talent, and industry readiness to truly operationalize AI at scale and ensure an inclusive and sustainable digital transformation.”

Deshan Liyanage, Co-Chair of the AI and Data Analytics Summit 2026 commented that this year’s summit was a fully sold-out event, reflecting the growing national momentum around Artificial Intelligence and Data Analytics in Sri Lanka. He extended heartfelt gratitude to all participants who joined and contributed to the success of the summit, as well as to the sponsors whose support made the event possible. Special appreciation was conveyed to Sysco LABS as the Strategic Partner, Linear Six as the Bronze Partner, InTalent Asia as the Resource Partner, and Motivista as the Event Partner. He also acknowledged the valuable collaboration of industry associations including SLASSCOM, FITIS, and CSSL, whose partnership helped strengthen and elevate the initiative.

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Eswaran Brothers empowers women through a transformative leadership journey

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Participants of Eswaran Brothers Exports’ She Transforms leadership development programme

As part of its commitment to advancing women’s empowerment and building a stronger leadership pipeline, Eswaran Brothers Exports (EB), a leading tea manufacturer in Sri Lanka, launched its flagship women’s leadership initiative, She Transforms, a customized six-month leadership development journey. Developed with award-winning leadership expert Senela Jayasuriya and supported by Value for Women, the programme forms a key pillar of the Company’s wider gender agenda focused on leadership capacity building, inclusion and long-term institutional change.

Women make up 44% of Eswaran Brothers’ workforce, yet only 23% held senior roles at the time of an initial gender diagnostic conducted with Value for Women and supported by FMO, the Dutch Development Finance Bank. The assessment found that despite their potential, many women faced unclear career pathways and limited structural support at critical life stages.

In response, Eswaran Brothers introduced strategic mindset and policy interventions designed to remove barriers and create a more enabling environment for women to grow and lead. These efforts included mentorship opportunities, enhanced support for employees returning from maternity leave, coaching for managers, and initiatives aimed at strengthening inclusion and career progression across the organization.

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