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Abans Finance profit surges 130% in 1st half of FY 2021

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Abans Finance PLC, a member of the Abans Group, has recorded yet another solid performance during the 1H of FY 20 / 21 amid the challenging economic landscape. The Company registered a net profit after tax of Rs. 63.6 million for the 1H of FY 20 / 21 period ended 31st September 2020, compared to Rs. 27.7 million recorded in the corresponding year, achieving a YoY growth of 130%.

The aforesaid performance is attributable to the company’s technology driven recovery and lending practices, which were more resilient during the COVID-19 period, and improved cost efficiencies implemented across the organization. Having a diversified lending portfolio as well as a robust liquidity position aided the performance. Abans Finance PLC had a Risk Weighted Capital Adequacy Ratio above the Central Bank of Sri Lanka requirement, which reflects the stability of the Company. Furthermore, Fitch Rating reaffirmed Abans Finance PLC’s National Long-Term Rating at ‘BB+ (lka)’.

Backing of the parent company further supplements the stability of Abans Finance PLC. Abans Group – as a leading Sri Lankan conglomerate – has an annual net revenue of over Rs. 35Bn. Since 1968, Abans Group’s sphere of influence has been growing and far-reaching, extending to every corner of Sri Lanka. More recently, Fitch Rating reaffirmed Abans Group’s National Long-Term Rating at ‘BBB+ (lka)’ reflecting the stability and the stature the Group has earned in the market.

Abans Finance PLC granted debt moratoriums to customers for the period commencing from April 2020 to 30 September 2020 to meet the recommended debt relief scheme of the Central Bank of Sri Lanka in a bid to support the recovery of the economy. While the threat of COVID-19 remains at large in Sri Lanka, the company has taken steps to strengthen its resilience through strategic diversification of the lending portfolio and maintaining a healthy liquidity position. Despite the economic turbulence and the COVID-19 pandemic, the company has re-strategized its activities to be in line to record a higher net profit in 20 / 21 compared to the previous financial year. (Abans Financ)



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Rootcode wins Startup of the Year and People’s Choice Award at SAARC Startup Awards 2022

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Rootcode, one of Sri Lanka’s leading tech companies, recently took home the “People’s Choice Award” in addition to being bestowed with the “Startup of the Year” title at the SAARC Startup Awards 2022. This regional recognition marks a significant milestone for the Sri Lankan tech space and workforce. Rootcode’s mission to build great tech is well underway, and it is gaining traction faster than ever.

This is the first time a Sri Lankan tech company has made a name for itself in the regional competition, and it is a watershed moment that has focused the global spotlight on Rootcode’s distinct approach to fostering innovation in Sri Lanka. This is also the first time that a Sri Lankan company was able to take home two awards of those presented at the SAARC Startup Awards.

Global Startup Awards SAARC celebrates the spirit of entrepreneurship and promotes bridging boundaries through innovation in its regions, which include Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka, by recognizing them with its most prestigious awards program, attended by top-notch entrepreneurs, corporates, investors, and ecosystem builders from Nordic, Central Europe, SAARC, and ASEAN regions.

Every year, the SAARC Startup Awards bring together hundreds of South Asian startups, entrepreneurs, investors, co-working spaces, and accelerators to provide a platform to highlight trailblazers in the region’s startup world. Rootcode was chosen ahead of dozens of other regional tech startups in the competition.

Sri Lanka is a relative newcomer to the South Asian startup fraternity, and Rootcode’s ability to represent the country on the global stage not long after its inception is remarkable.

“We are extremely humbled and honored by the support shown to us at the SAARC Startup Awards 2022, and being recognized under two categories is a huge milestone for us,” said the CEO and Founder of Rootcode Labs, Alagan Mahalingam. “We have always been driven forward by excellence, collaboration, and integrity, which I believe is the reason why we have come so far and why Rootcode continues to grow every day.”

Rootcode is driven by its focus on helping businesses build great tech not just locally but globally, and its achievement at the SAARC awards stands as a testament to that. Despite the challenging times, this is a win for Sri Lanka.

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INSEE Cement felicitates Sri Lanka’s youngest Commonwealth medallist

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INSEE Cement awarded aspiring wrestler, Nethmi Ahimsa Fernando, who won a Bronze Medal for Sri Lanka at the recently concluded Commonwealth Games in Birmingham, LKR 1 million cash reward, to support her to pursue her passion. Suranga Kumara, her coach, also received LKR 250,000 cash reward, in appreciation of his contribution towards Nethmi’s recent achievements. INSEE Cement has also pledged to support Nethmi’s aspiration to represent Sri Lanka at the 2024 Olympic games, while also providing the entire cement requirement for the completion of her new house, which is presently under construction, in collaboration with the Manusath Derana initiative.

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Textile maker Teejay knits strong start to 2022-23

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Q1 revenue more than doubles to Rs 23.9 billion

Teejay Lanka PLC has made a positive start to 2022-23 posting Group revenue of Rs 23.9 billion for the three months ending 30th June 2022. The Group achieved nearly half its full-year revenue of 2021-22 in just the first quarter of the new financial year as a result of the low base of the previous financial year due to the impacts of COVID, the depreciation of the Rupee and the passing on of yarn price increases during the last quarter.

In a filing with the Colombo Stock Exchange (CSE), Sri Lanka’s largest textile manufacturer said it had also recorded significant growth in pre-tax and net profit at both Group and Company level in the quarter reviewed.According to interim financial statements, Group profit before tax for the three months grew by more than Rs 1 billion or 291% to Rs 1.5 billion, while Group net profit for the period was up 301% to Rs 1.2 billion.

At Company level, revenue improved by 108% in the quarter under review to Rs 12.9 billion, while profit before tax grew by 323% to Rs 1.5 billion, and net profit increased by 311% to Rs 1.3 billion.

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