Business
Vallibel Finance profits soared in June quarter on new loans
Vallibel Finance PLC reported higher top and bottom line performances for the three months ended in June (1Q22), aided by higher loans, margin improvement and lower credit costs from the same period in 2020, showing that the company was able to successfully manage the challenges stemming from the pandemic.
Vallibel Finance reported earnings of Rs.38.70 a share or Rs.569.5 million for the quarter under review, compared to earnings of Rs.11.75 a share or Rs.172.9 million in the corresponding period in 2020, when the virus-induced lockdowns had a deeper bearing on the company.
The company reported a net interest income of Rs.1.28 billion for the three months, up by a robust 56.8 percent from the same period in 2020, reflecting that the company had its loan book ticking, despite the economic restrictions, while the repricing of its deposits under low interest rates stretched its margins as seen from the 22.5 percent drop in interest expense.
This is despite the company mobilising fresh deposits worth of Rs.2.09 billion to Rs.34.26 billion.
Meanwhile, the company, with assets of Rs.57.39 billion, gave loans worth of Rs.1.79 billion, logging a robust 5.3 percent growth for the quarter while its leases grew by Rs.200 billion, translating into a 1.5 percent growth.
Further, the company largely maintained its asset quality at much better levels than the industry average, with a gross non-performing loans ration at 4.74 percent by June-end, whereas the industry ratio was at 11.30 percent as of March 2021, according to the latest industry data available.
Meanwhile, the company provided Rs.119.27 million for possible loan defaults and other losses, significantly down from Rs.203.28 million in the year earlier period, in a reflection that the economic hardships confronted by its borrowers weren’t as worse as at the beginning of the pandemic in 2020.
The company also provides a proxy for how the medium to large-scale licensed finance company sector fared amid the third wave of the pandemic.
The stronger earnings propelled the company’s return on equity, the widely watched gauge for industry attractiveness for its shareholders to an annualised 27.46 percent by June-end, compared to 23.57 percent three months ago.
The company’s capitalisation levels and the liquidity level remain above regulatory minimums and adequate enough to sustain the growth momentum.
Vallibel Investments Private Limited, the investment vehicle of billionaire businessman Dhammika Perera, together with him held a 73 percent stake in Vallibel Finance by June-end.
Business
Mattala Wildlife Unit to boost revenue, tourism and investor confidence
The launch of a dedicated wildlife unit at Mattala Rajapaksa International Airport is expected to deliver significant economic benefits by improving aviation safety, strengthening eco-tourism and enhancing Sri Lanka’s investment appeal, Wildlife Conservation Department Director General Ranjan Marasinghe said.
Speaking at the signing of a Memorandum of Understanding between the Department of Wildlife Conservation and Airport and Aviation Services (Sri Lanka) Limited, Marasinghe said the initiative links conservation directly with national development and revenue generation.
“This is more than an administrative step—it is a forward-looking initiative that aligns conservation, aviation safety and national development in a single strategic effort,” he said.
He noted that wildlife management at airports is globally recognised as essential for reducing bird strikes and wildlife-related disruptions, which can lead to costly repairs, delays and operational losses.
By proactively managing such risks, the Mattala Wildlife Unit is expected to lower potential costs for airlines and airport operators while improving efficiency and confidence among carriers considering future operations.
Marasinghe said the airport’s proximity to premier tourism destinations such as Yala National Park and Udawalawe National Park, together with marine tourism opportunities including Blue Whale watching, gives Mattala a strong commercial advantage.
“This convergence of aviation and wildlife tourism creates an extraordinary opportunity,” he said, adding that the airport has the potential to become a major gateway for high-value eco-tourism.
Industry observers note that wildlife tourists generally spend more on guided safaris, hotels, transport and local experiences, generating stronger foreign exchange earnings and employment opportunities for surrounding communities.
Marasinghe said integrating environmental standards into airport operations would also improve Sri Lanka’s global image at a time when investors and international travellers increasingly value sustainability.
“By integrating environmental considerations into airport operations, we position Sri Lanka more favourably on the global stage, demonstrating that we are a nation committed to sustainability, responsibility and innovation,” he said.
He expressed hope that the Mattala model would be replicated at other international airports, creating long-term savings, stronger environmental governance and wider economic returns.
The Director General said the Department of Wildlife Conservation remains committed to supporting the national economy through new and meaningful avenues while protecting Sri Lanka’s natural assets.
“Conservation must also contribute to development,” he said, stressing that protecting biodiversity and generating growth can go hand in hand.
By Ifham Nizam
Business
Aitken Spence Elevators and CINEC usher in a new era for Sri Lanka’s elevator industry
Aitken Spence Elevators, in collaboration with CINEC Campus, recently held the Certificate Awarding Ceremony for the latest batch of trainees of the Elevator Serviceman Course at the Elevator Training Centre (ETC). The graduates were awarded their NVQ Level 3 certifications, marking a significant milestone in their professional journey within Sri Lanka’s vertical transportation industry.
The certification programme was developed in partnership with the National Apprentice and Industrial Training Authority (NAITA) and the Ministry of Vocational Training & Skills Development, ensuring trainees received industry-recognised qualifications, alongside strong practical competencies. The ceremony was attended by directors of both Aitken Spence and CINEC Campus, as well as staff members, lecturers, and invited guests of the graduating students
Anuka Prashan Pieris was recognised as the Most Outstanding Student of the batch in appreciation of his exceptional performance and commitment throughout the programme. The Elevator Training Centre plays a vital role in addressing the growing demand for skilled elevator service technicians through structured training and hands-on learning. The facility features Sri Lanka’s first Elevator Training Tower, offering trainees practical exposure aligned with both local and international standards.
All graduates of the current batch have already commenced their careers as technicians and supervisors at Aitken Spence Elevators. Their seamless transition into the workforce reflects the programme’s strong emphasis on developing job-ready professionals capable of contributing effectively from day one.
Business
Sterling Steels wins Merit Award at SLIA Annual Product Awards 2026
COLOMBO, SRI LANKA– Sterling Steels (Pvt) Ltd, a premier manufacturer of high-quality globally renowned steel roofing & cladding, announced it has been honored with a prestigious Merit Award at the Sri Lanka Institute of Architects (SLIA) Annual Product Awards 2026. The national recognition was awarded in the highly competitive Zinc-Aluminium Coated Profile Steel Sheet category, underscoring the company’s dedication to excellence, innovation, and superior quality in the Sri Lankan construction industry.
The award was presented during a grand ceremony held at the esteemed Nelum Pokuna Theatre, a key event in the nation’s architectural and construction calendar. The SLIA Annual Product Awards are widely regarded as a benchmark for quality and design excellence, with products rigorously evaluated by a panel of distinguished architects and industry experts. Receiving this Merit Award positions Sterling Steels among the top-tier suppliers of building materials in the country.
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