Business
Tea prices ‘good’ in 2020 with low growns as biggest contributor to high average
By Steve A. Morrell
The cumulative average of Rs. 628.21 (US$ 3.42) was the highest average recorded on all teas sold last year, the Forbes and Walker tea market report reported.
With steady increases in net sales averages throughout 2020, culminated in prices realized at the end of the year.
The industry described prices during the year as “good”. However, interestingly, although low growns were the highest contributor to the high average, high and mid growns also recorded substantial averages described as the highest on record. Low growns averaged Rs. 666/32 per kilo.
Brokers attributed the high prices to less tea available all year round with the exception of Kenya, which recorded distinctly positive crop returns.
India’s tea production was badly hit by the Covid-19 just as much as many other South East Asian countries. The disruption in the demand and supply mechanism influenced price increases in Colombo, they said.
The Sri Lanka Tea Board also contributed in positive terms to the high prices though active promotional campaigns. The crop position, 2020 year end, as reported by Asia Siyaka Tea Market Report, was 262.6 million kilos. Comparatively, 2019 recorded 284.3 million kilos, indicating a drop in both production years.
The reasons attributed were extreme dry weather in the first quarter 2020 affected crop intakes. The weather factored cropping patterns and irrespective of some mid-year respite recouping the shortfall could not be realized to ensure crop resurgence.
Irrespective of high prices realized, apart from five Regional Plantation Companies (RPCs) which returned year end profits, there was no positive news from other RPCs.
The smallholder sector continued to record their positive trend contributing some 75 percent to the overall production result. The crop variance year-on-year was 83.6 million kilos.
Commenting on crop intakes that affected the global supply, the Asia Siyaka report further said Kenya’s increased production was 104 million kilos while India’s minus result was 142 million kilos.
A source from the Tea Factory Owners’ Association, who declined identification, said the tea factory sector also contributed to high prices by strictly maintaining manufacturing standards.
John Keells Tea Market report said the demand from Turkey, Iran, Russia, and CIS countries lent fair support. Libya and Iraq too were active in Colombo.
The report further said flowery grades were sold at prices in the range of Rs. 2,800. per kilo.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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