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Aitken Spence companies recognised at CA Sri Lanka Annual Report Awards

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The annual report of Aitken Spence PLC presented under the theme ‘Conquering Chaos’ won the Bronze award under the diversified category and was recognised in the top 10 companies’ annual reports at the 56th Annual Report Awards, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). Contributing towards benchmarking the public disclosures produced by companies in Sri Lanka, these awards recognise the best corporate reports produced in the country.

The annual report of Aitken Spence Hotel Holdings PLC presented under the theme ‘Manoeuvring Through Mayhem’ bagged the Gold award under the hotel sector category while the annual report themed ‘Making Inimitable History’ of Elpitiya Plantations PLC managed by Aitken Spence Plantation Managements PLC won the Silver award under the plantation companies’ sector category. These awards reaffirm Aitken Spence companies’ consistency in financial reporting excellence. Moreover, the organisation benchmarks its annual reports to international best reporting practices such as GRI and the IR Guidelines issued by the International Integrated Reporting Council.

This is yet another award platform that has provided constructive feedback which has helped Aitken Spence in producing transformational reports whilst helping investors and other stakeholders gain better insight into the organisation’s operations, governance and sustainability.

With an indisputable repute as one of Sri Lanka’s pioneering corporates, Aitken Spence is a blue-chip conglomerate anchored to a heritage of excellence spanning over 150 years. Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a responsible enterprise driven by a team of more than 12,000 employees across 16 industries in 8 countries in hotels, travels, maritime, freight and logistics solutions, plantations, power generation, insurance, printing, apparel, and other services.



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Business

Seven factors of concern at upcoming Monetary Policy Review

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by Sanath Nanayakkare

The Central Bank of Sri Lanka (CBSL) is scheduled to announce its latest monetary policy review on 20th January 2022, with all eyes on dwindling foreign reserves and foreign currency exchange in the country.

In this context, First Capital Research has named 7 factors of concern that could be taken into account at the upcoming monetary policy review. They are as follows.

* Foreign Reserves USD 3.1 billion – Dec 2021

* Inflation CCPI 12.1% – Dec 2021

* GDP Growth -1.5% – 3Q2021

* Private Credit LKR 60.5 billion – Nov 2021

* 03M T-Bill rate 8.38% as at 12.01.22

Liquidity and CBSL Holdings LKR -364.0 billion and LKR 1.42 trillion

Balance of Trade (BOT) and Balance of Payment (BOP) USD -6.5 billion and USD -3.3 billion for Jan-Oct 21

First Capital Research’s Policy Rate Forecast – Jan 2022-Apr 2022 notes that they believe the CBSL may highly consider tightening the monetary policy rates in this policy review but given the concerns over economic growth, there is a probability of 40% for CBSL to maintain its policy stance at current levels.

“With high frequent indicators improving in line with expectations, we have eliminated any probability of a rate cut. We expect a continued increase in probability for a rate hike in order to prevent overheating of the economy amidst the given fiscal and monetary stimulus,” they said.

As per First Capital’s view, CBSL either can choose to hike policy rates by 50bps or 100bps or hold policy rates steady, while a rate cut is off the table due to the high debt repayment and the high domestic borrowing requirement.

First Capital believes that there is a 60% probability for a rate hike due to the remedial actions required in achieving external stability.

However, there is also a 40% probability to maintain the policy rates at its current level in order to further improve the high frequency indicators.30%, they noted.

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Sri Lanka’s dash brand enters international markets

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Multichemi International Ltd, which manufactures and distributes a wide range of products under dash, one of Sri Lanka’s leading detergent and household care brands, has begun exporting its products to several international markets in Asia and Oceania, with plans also to enter Africa. The dash brand includes a wide range of products in car care, household care, home fragrances and laundry care sectors. Multichemi International Ltd, which has been awarded ISO 9001:2015 certification, is a Sri Lankan pioneer in environment-friendly cleaning products, having launched the country’s first biodegradable, safe cleaning products over 28 years ago.

Amila Wijesinghe, General Manager of the Company said,”Having conquered the domestic market, we are now ready to capture the international market. We are confident that our products which are of high quality will receive a good demand overseas as well. The feedback we have received so far from our overseas customers is extremely encouraging. We are dedicated to taking our products to the international market, to bring in foreign currency to the country and help uplift the economy”,

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Janaka Abeysinghe appointed SLT CEO

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Sri Lanka Telecom PLC has announced the appointment of Janaka Abeysinghe as its Chief Executive Officer (CEO) with effect from February 1, 2022.

The incumbent CEO Kiththi Perera will be overseas on leave for a period of two years to pursue higher studies, according to a stock market filing by the company.

Abeysinghe joined SLT in 1991. In his present role, he leads the enterprise and wholesale business of SLT that provides integrated voice and data solutions to enterprises, government institutions, domestic telco operators and global wholesale carriers.

In his career at SLT spanning 29 years, he has held a number of senior positions, including general manager Enterprise and International Sales and has extensive experience in the areas of Enterprise Digital Services, Enterprise Communications Solutions, Data Communications, Business Development, Domestic and International Switching Operations and Global Wholesale Voice & Data Business.

He holds a Master’s Degree in Electrical and Computer Engineering from the University of Kansas, USA and a BSc degree in Electronics and Telecommunications Engineering with a First Class Honours from the University of Moratuwa.

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