Business
Sunshine Holdings delivers robust performance in 1HFY25
Continuing its resilience in robust growth, diversified conglomerate Sunshine Holdings PLC (CSE: SUN) posted consolidated revenue of Rs. 30.1 billion for the six months ending 30 September 2024 (1HFY25), an increase of 6.8% YoY.
Gross profit for the period in review increased by 6.2% YoY to Rs. 9.1 billion, with the gross profit margin holding steady at 30.4%. This margin stability reflects successful margin expansion in the Healthcare sector positively impacted the group’s overall profitability, despite margin contraction in Consumer Brands and Agribusiness sectors. The group reported profit after tax (PAT) for the period of LKR 2.9 billion, a 19.6% YoY decrease, primarily impacted by the higher taxation in the agribusiness sector.
The Group’s Healthcare business emerged as the largest contributor to Sunshine’s top-line performance, accounting for 53.7% of total revenue. In comparison, Consumer and Agribusiness sectors of the group contributed 32.2% and 14.2% respectively of the total revenue.
In October, the Group completed the equity infusion from the International Finance Corporation (IFC) into Sunshine Healthcare Lanka Limited (SHL). The company has already started utilizing this investment to significantly scale up SHL’s operations, including expanding local manufacturing, enhancing diagnostic capabilities, and strengthening our distribution network and retail presence.
Commenting on the results, Group CEO Shyam Sathasivam said, “Our performance this period reflects both our agility and our vision, achieving consistent growth as we steer through a challenging macroeconomic landscape. This resilience underscores our focus on value creation for our stakeholders and our commitment to delivering results as a nation-building company. With our expected investments in healthcare manufacturing and diagnostics, backed by the International Finance Corporation, Sunshine Holdings is well-positioned to meet Sri Lanka’s evolving needs while strengthening local supply chains.”
Group’s healthcare segment generated Rs. 16.1 billion in turnover during 1HFY25, representing a growth of 16.6% YoY. This growth was mainly driven by robust topline expansion in both the pharmaceutical agency and pharmaceutical manufacturing businesses.
The Consumer Brands sector, which includes both export and domestic businesses, reported revenue of Rs. 9.7 billion in 1HFY25, representing a slight decline of 0.3% YoY. However, 2QFY25 revenue saw a sequential improvement of 1.2% compared to the trailing quarter.
The Group’s agribusiness sector, represented by Watawala Plantations PLC (CSE: WATA) and Watawala Dairy Limited (WDL), reported a 7.4% YoY decline in revenue to Rs. 4.3 billion, primarily due to a 6.9% drop in the palm oil business. The dairy business recorded revenue of LKR 617 million in 1HFY25, a decline compared to the same period last year, due to a drop in production volumes. PAT for the Agri sector closed at Rs. 984 million for 1HFY25, down 39.6% compared to the same period last year, primarily due to higher taxation in the sector.
Business
Charting a worker-centered AI future: Colombo hosts landmark ITF conference
By Sanath Nanayakkare
Artificial intelligence and automation present serious challenges for workers – such as job consequences seen in docks and rail systems – and emphasises that workers cannot simply stop technological progress. By gathering young trade unionists in Sri Lanka, the ITF aims to establish key principles for engaging with technology, ensuring workers have a strong voice at the bargaining table, and encouraging constructive social dialogue with corporations and governments.
These compelling words from ITF General Secretary Stephen Cotton underscored the urgent reality facing modern labor as rapid technological advancements sweep across global industries.
Confronting this shifting landscape head-on, the International Transport Workers’ Federation (ITF), in partnership with the National Union of Seafarers of Sri Lanka (NUSS), convened a ground-breaking conference on artificial intelligence in Colombo from September 15–17.
As the ITF’s first-ever AI-focused global conference and the first of its kind hosted in Sri Lanka, the landmark event marked a critical milestone in balancing technological innovation with worker-centered safeguards.
Representing over 16.6 million transport workers worldwide, the ITF designed the gathering to tackle the multifaceted impacts of AI on safety, operations, workforce development, and governance. Rather than resisting progress, the conference focused on proactive engagement, establishing guiding principles to protect workers’ rights and privacy both at sea and on land.
Key discussions centred on sharing best practices for upskilling and reskilling transport personnel, ensuring that human oversight remains central to AI-driven logistics, routing, and maintenance.
Reflecting on the historic nature of the event, Boa Athu, CEO of National Union of Seafarers Asia Pacific, noted that the conference represented a monumental moment as AI emerges as a permanent fixture of contemporary life.
Highlighting NUSS’s pride in hosting the event in Colombo, Athu emphasised that AI offers transformative potential when guided by strong social dialogue, equitable access to training, and robust governance safeguards.
Ultimately, the Colombo conference demonstrated that the future of transport must be shaped by those who keep the world moving. By uniting international labour leaders, affiliates, port operators, and regulators, the event laid a vital foundation for inclusive policy frameworks that champion fair labour standards, securing a powerful voice for workers in an automated tomorrow.
Business
Bridging the digital divide: Sri Lanka’s airport licence challenge
By Sanath Nanayakkare
As Sri Lanka experiences a surge in visitors from its largest tourist market, India, a modern administrative hurdle has emerged at Bandaranaike International Airport (BIA).
While nations like India and Pakistan have successfully transitioned to fully digital driving licences and cashless ecosystems, Sri Lanka’s Department of Motor Traffic counter still requires a physical card to issue temporary local permits, The Island Financial Review learns.
This mismatch creates significant friction for independent travelers who rely entirely on smartphones and cloud-stored credentials. Tourists turned away at the airport – and sometimes redirected to the Werahera office in vain – find themselves unable to legally rent and drive vehicles. Consequently, this policy gap harms local car rental operators, causes tourist frustration, and deprives the government of valuable permit revenue.
The situation highlights a distinct irony: Sri Lankan motorists easily travel abroad using International Driving Permits that are readily accepted in India and Pakistan, yet local infrastructure cannot reciprocate due to outdated verification systems.
Recognizing the problem, Department of Motor Traffic officials have noted that upgrades and new equipment are currently in the works to integrate foreign digital platforms.
For a nation aggressively pursuing a national digitalisation drive, rapidly modernising these transport protocols is essential to keeping pace with global travelers and unlocking the full potential of its tourism economy.
Business
International Afro-Latin Dance Festival in Colombo to grow into a larger regional tourism draw
ALIF-SL, Sri Lanka’s first-ever international Afro-Latin dance festival, returns for its 4th edition from 25 to 27 September 2026 at the Galle Face Hotel, Colombo. The festival will bring together over 30 international and national artists and 175–200 participants from more than 20 countries, reaffirming its place as the region’s leading platform for Salsa, Bachata and Kizomba.
This year’s edition is headlined by Tropical Gem, the world’s No. 1 salsa team, travelling from Italy to perform and teach alongside a stellar international line-up. Attendees can also look forward to the ALIF Cup Sri Lanka Open, a keenly contested competition judged by an international panel, giving local dancers a rare opportunity to compete and connect with world-class talent.
“Every year, ALIF connects Sri Lanka to the world. With this year’s artist line-up and the ALIF Cup competition, we’re not just hosting a festival, we’re putting Sri Lanka on the map as a top destination for dance,” said JD Ruban, Founder and Director of ALIF-SL
Beyond the dance floor, ALIF-SL continues to support Sri Lanka’s tourism sector, drawing dancers, judges and enthusiasts from across the globe to Colombo and positioning the capital as an emerging regional hub for social dance. Organizers plan to grow the festival into a larger regional tourism draw, introduce new competition categories, and bring in even bigger headline acts in future editions.
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