One of Sri Lanka’s oldest finance companies, founded in 1962, Associated Motor Finance Company PLC (AMF) has delivered a resilient financial performance during FY 2021/22, despite an uncertain economic environment. Supported by the merged Company’s committed workforce and prudent management strategies, the Company’s Profit Before Tax (PBT) rose to LKR 492 million in FY 2021/2022. The Liquid Asset to Deposit Ratio stands at a significant 37.65%, indicating the company’s healthy financial standing highlighting their ability to pay off obligations through liquid assets.
Achieving another strategic milestone in its transformational journey, AMF’s rights issue in 2021 to raise Rs. 500 million in equity was oversubscribed further strengthening its core capital requirements to be fully compliant with CBSL requirements. The rights issue oversubscription points towards the improving financial stability and trust of AMF and the Company’s ability to move steadily forward with its five-year strategic plan. Accordingly, the Company’s Core Capital grew up to LKR 2.624 billion during the period under review. Both Tier I and Tier II Capital Ratios too witnessed a growth, rising to 14.9% and 15.8%, respectively well above the statutory minimums
Discussing the financial performance, AMF’s CEO, T.M.A Sallay said, “We are pleased to inform our investors and other stakeholders that we have achieved and exceeded the targets we had set for the financial year 2021/22. Through delivering exceptional value to all stakeholders, we were able to end the year on a high note”.
‘‘Throughout the pandemic, and other past and present challenges, we have consistently made timely interest payments to our valued depositors. We have ensured our shareholders’ interests are taken care of and always looked-after our employees. Thus, we take this opportunity to reassure all stakeholders that AMF will continue this momentum to deliver exceptional value to all its stakeholders” Sallay further added.
AMF marked a major milestone in its journey last year when the company merged with Arpico Finance Company PLC to become a single entity and one of the strongest in the industry. AMF has leveraged its new position of strength to steer through tough times with resilience and further consolidated its position as a result.
SLIIT Business School hosts first International Conference on Sustainable and Digital Business 2022
SLIIT Business School conducted the first-ever International Conference on Sustainable and Digital Business 2022 (ICSDB) on 1st and 2nd December. The Conference presented ICSDB Excellence Awards to selected winners, recognizing distinct sustainable and digital business initiatives.
Keynote speakers at the event included Professor John Bessant, Emeritus Professor of Exeter University, Professor Jaideep Prabhu of the Judge Business School of the University of Cambridge and Professor Muthu De Silva of Birkbeck, University of London. The main address on the second day of the conference was delivered by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka.
The ICSDB Excellence Awards 2022, recognized Sri Lankan enterprises who had initiated digital business initiatives, and were established as beneficial to various stakeholders under the ICSDB Index criteria of Ingenuity, Continuity, Scope, Deployment and Benefits. The ICSD Excellence Awards presented accolades under Gold, Silver and Bronze categories. An eminent group of judges including practicing managers from industries, representatives of industry bodies, and academics comprised the panel to select the winners.
USAID launch Island Plastic Challenge to help consumer goods companies address plastic waste
Island Climate Initiative
In support of the Ministry of Environment’s policy on plastic waste reduction, the United States Agency for International Development’s (USAID) partner, Island Climate Initiative (ICI) under USAID’s global Clean Cities Blue Ocean Program, is calling on innovators around the world to design solutions to help Sri Lanka’s leading consumer goods companies reduce their plastic footprint.
Successful applicants whose solutions best address consumer goods companies’ top single-use plastic challenges will get the opportunity to pitch their technology to leading companies at a solution showcase that will be held in early 2023. Winners’ solutions may be implemented contributing to global efforts to reduce the more than eleven million tons of plastic that enter the ocean each year. The online challenge platform is now publicly open for applications at www.islandplasticchallenge.com. Innovators and start-ups, both local and overseas, are all invited to apply.
“USAID strongly believes that successful development initiatives are achieved through partnerships and collaboration. We look forward to working with Island Climate Initiative as they identify and facilitate the piloting of viable and scalable solutions to change the way we produce, consume, and manage plastic packaging waste to stem the tide of ocean plastic pollution.,” said USAID Sri Lanka and Maldives Economic Growth Advisor Mark Peters.
Cinnamon Hotels inks MoU with Skills for inclusive growth
Cinnamon Hotel Management Ltd. (CHML) has entered into a Memorandum of Understanding (MoU) with the Australian Government-funded Skills for Inclusive Growth Program (S4IG), managed by Palladium International Group, to achieve several strategic results through cooperation recently signed at the Cinnamon Grand Hotel in Colombo. S4IG is a program of the Department of Foreign Affairs and Trade (DFAT) in accordance with the terms of a subsidiary agreement signed on March 31, 2022, between DFAT and the Sri Lankan State Ministry of Skills Development, Vocational Training, Research, and Innovation.
The MoU sets out the terms on which S4IG will plan and implement specified activities to support the reality TV show Supreme Chef Season 03. It is an exciting collaboration between the Australian Government’s aid program and the Sri Lankan Ministry of Skills Development and Vocational Training. The intervention’s goal is to promote the hospitality industry, specifically cooking, as a viable career option for Sri Lankans. Following the success of seasons 1 and 2, this season is being delivered on a national scale. Through food experiences and culinary art challenges, the season brings together government agencies and private training institutes to support industry and highlight tourism in the country and specifically to address chronic skills shortage in kitchen.
By signing the MoU, CHML acts as the hospitality partner in providing a location for filming related to the show and assisting with the wider goals of the show, mainly to promote the local destinations and regional food specialties as well as provide internship and employment opportunities to the public. CHML will provide six-month internship opportunities for on-the-job training for the top 20 contestants of Supreme Chef Season 3, with the possibility of long-term employment at the end of the internship, and also one year of guaranteed employment for the top three female contestants of Supreme Chef Season 3. The future of the hospitality industry and, indeed, the economy depends on the quality of its human capital, and this partnership aims to elevate the skills and knowledge of the youth. Cinnamon Hotels & Resorts, as a hospitality trendsetter, intends to remain at the forefront of improving and upskilling the industry where possible, and this partnership with S4IG is one such shining example.
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