Business
Bolstering the rural economy through jobs in poultry production
For almost 50 years now, Sri Lanka’s leading and favourite poultry producer Crysbro, while enriching the nation with its highly nutritional and fresh products, has been working towards supporting and empowering its workforce in every stage to drive the eradication of poverty faced mainly by residents in rural regions.
The producer introduced the now renowned ‘Diri Saviya’ scheme, setting the foundation for lending a helping hand to 250 farmer families in the Uva, North-Central, and Central provinces of Sri Lanka, with the setting up of their own independent poultry farms.
With the support of Crysbro, local farmers are prepared to contribute to the country’s economy, given the necessary supports of expert training, high-quality chicks from Crysbro’s own hatcheries, and quality feed produced in the in-house feed mill, to guarantee that every step is carefully attended for uniformity and quality.
“Having grown exponentially over the past few decades, Crysbro has now come to a position where the economic and social contributions by the company are now a larger requirement and expectation. This increased responsibility led us to extend the company’s ethos well beyond business as usual to include the welfare of the numerous farming communities that form an integral support structure for the entire poultry industry,” noted Crysbro Senior Marketing Manager Amores Sellar.
Inevitably, this strategy has given way to identifying the most crucial aspect of this objective: Its vital support framework for the entire local farming community.
For example, a vital aspect of its efforts within this sphere includes its close cooperation with chicken farmers. These farmers, through outgrower schemes, are contracted to raise chickens for Crysbro. The way this partnership works is Crysbro provides these farmers with the necessary chickens, veterinary support, feed and technical assistance while the outgrowers oversee the daily care of the chickens.
This mutually beneficial relationship has empowered several farming families from across the country by offering them a steady and viable source of income while allowing their farms to continue functioning independently. Crysbro’s involvement with these contract growers also significantly mitigates the financial risk these farmers would typically shoulder if they raised chickens without the company’s assistance.
Another example is Crysbro constantly and consistently assisting and fostering close ties with farmers who provide the maize required to feed the chickens that the group supplies to local grocers, supermarkets and restaurants. Last year alone, Crysbro’s subsidiary bolstered the rural economy by spending over Rs.1 billion to purchase maize from over 1,200 farmers in regions such as Monaragala, Mahiyanganaya and Anuradhapura.
In addition, Crysbro’s feed mill allows farmers to engage in direct selling. This entirely erases their reliance on a mediating middleman and ensures that they are paid after the collection of stocks.
Ultimately, Crysbro’s ties to farmers enable it to deliver on its overarching commitment of creating healthy citizens within a healthy economy.
This is represented by its leading role within the poultry industry, whose short- and long-term benefits to the economy are immense. The industry is among the country’s highest agricultural revenue generators along with its most disciplined, structured and consistent taxpayer.
By Hiran H.Senewiratne
The CSE will be able to maintain its growth momentum with IMF bailout prospects brightening this week. Consequently, foreign inflows to the CSE will improve in the future, Head-Market Development, CSE, Niroshan Wijesundara said.
“To date the CSE has been able to register a 14 per cent growth and with the IMF bailout approval we could expect more foreign inflows into the market, Wijesundera told the Island Financial Review.
Amidst these developments the market ended on a positive note at the end of yesterday. Initially there were mild profit- takings but this did not negatively impact the overall performance of the market.
Accordingly, shares edged up in mid-day trade yesterday while investors adopted a wait- and -see approach as the country looked forward to IMF approval on the Extended Fund Facility towards the end of this week.
“Investors are on a wait- and- see approach as the IMF is likely to approve the US$ 2.9 billion dollar loan, market analysts said.
“Selling pressures have eased and now buying sentiments are improving, analysts said.
The ASPI went up by 29.54 points, while the most liquid S&P SL20 index rose by 15.7 points. Turnover stood at Rs 1.8 billion with three crossings. Those crossings were reported in Hemas Holdings, which crossed three million shares to the tune of Rs 199 million, its shares were quoted at Rs 65, Hayleys 738,000 shares crossed for Rs 59.8 million, its shares traded at Rs 31 and JKH 290,000 shares crossed for Rs 42 million, and its shares fetched Rs 141.
In the retail market top seven companies that mainly contributed to the turnover were; Browns Investments Rs 209 million (30.8 million shares traded), JKH Rs 84.6 million (584,000 shares traded), Access Engineering Rs 79.5 million (4.9 million shares traded), LOLC Finance Rs 75.4 million (10.9 million shares traded), Union Bank Rs 62.9 million (6.7 million shares traded), Expolanka Holdings Rs 60 million (420,000 shares traded) and SLT Rs 57.5 million (687,000 shares traded). During the day 98.7 million share volumes changed hands in 20000 transactions.
Top gainers during mid- hours were Commercial Bank, Browns Investment and Access Engineering. Access Engineering is an unusual top contributor and this is because interest had been generated in it after assurances had been given on the IMF deal and there is an assumption that multilateral projects are likely to begin with the IMF restructuring process coming to a close, market analysts said.
Sri Lanka’s growth will be contained at a negative 3 per cent in 2023 after a 12.4 per cent shrinkage in the fourth quarter of 2022 and is expected to turn positive from next year, State Minister of Finance Ranjith Siyambalapitiya said. Siyambalapitiya told reporters on March 18 that Sri Lanka can expect a “positive economy” in 2024.
Yesterday the rupee opened stronger and was quoted at around Rs 330/338 to the US dollar, stronger from Friday’s close of Rs 337/345 to the US dollar, dealers said.
EY Sri Lanka, is scheduled to host a discussion ‘Debt Restructuring Implications to the Financial Services Sector’, on March 22, from 08:45 am to 12:30 pm at The Kingsbury Colombo. The session branching under the theme, ‘Surfing through the Crisis’, is designed specifically for CEOs, CFOs, and CRO of the financial sector, as well as the chairpersons of the Audit Committee and the Board Integrated Risk Management Committee. The event hopes to create value for Sri Lanka’s financial sector amidst the prevailing economic challenges. As the largest service providers to the financial sector in terms of audits, tax, consultancy, and strategy & transaction, EY Sri Lanka feels compelled to assist the financial sector as they navigate the challenges of the economic crisis.
Despite the expected positive outcomes of debt restructuring, the process itself can be painful for the country, financial institutions, debtors and creditors. To the financial services sector specifically it could bring several challenges to capital management, financial reporting, Credit Risk and Liquidity Risk management strategies.
This session will explore these implications, under two technical segments, from Risk Management and Accounting lenses, and the mechanisms required for an effective transition. From a Risk Management perspective there will be several simulations on how it affects the financial institution’s capital and profitability whilst the accounting perspective will include discussions relating to how the debt restructuring process shall be accounted for in line with SLFRS 9 Financial Instruments.
The event will be conducted by Manil Jayesinghe, Country Managing Partner of EY Sri Lanka and Maldives, and Rajith Perera, Partner Financial Accounting Advisory Services EY Sri Lanka. To register for the session, or for further inquiries please contact Nurani Rajapaksha (Nurani.Rajapaksha@lk.ey.com)
The participants of the adventure trail ‘Raid Amazones 2023’ arrived at Bandaranaike International Airport on SriLankan Airlines’ flight UL 564 from Paris. SriLankan Airlines is the Presenting Partner of Raid Amazones and extended a warm welcome with a traditional flare to the arriving group.
The group boarded the Udarata Menike train from the Gampaha Railway Station shortly thereafter for a scenic journey to Kandy, where the trail will unfold from 22 – 28 March.
Raid Amazones is the world’s only itinerant women’s adventure race. Nearly 250 female athletes will be participating in the 21st edition of the trail in Kandy.
Cabinet nod to provide land for victims of floods and landslide
Philadelphia will pay $9.25M to protesters over police use of tear gas and rubber bullets during 2020 unrest
Showers in Sabaragamuwa, Central, Uva, North-Central and North western provinces and in Trincomalee, Vavuniya, Mullaitivu and Mannar districts
-
Sports6 days agoDickwella – a monster the selectors created
-
Features4 days ago
Earth’s Greatest Rivalry
-
Breaking News5 days ago
Credit Suisse slump renews fears of global banking crisis
-
Midweek Review6 days ago
All praise for Lanka’s saviours!
-
News2 days ago
Sri Lankan recognized as a Fellow by Society of Architectural Historians
-
Features6 days ago
A middle path for Sri Lankan agriculture: Sustainable intensification – PART I
-
News5 days ago
Underworld figures flown to Colombo from Madagascar
-
Editorial4 days ago
Smash glass ceiling
