Business
Carson’s ensure no job losses or pay cuts despite crippling blows to business

Carson Cumberbatch PLC, the 107-year old Colombo incorporated conglomerate had suffered a group loss of Rs. 2.65 billion in the year ended Mar. 31, 2020, down 349% from a profit of Rs. 1.07 billion a year earlier. according to the company’s just released annual report.
Despite possibly the worst challenges faced during its long history, Carson’s Chairman Tilak de Zoysa said he was proud to report that none of their group employees lost their jobs or had to take pay cuts on account of the Covid impact – something they considered a key corporate social responsibility.
Carson’s are among the world’s major players in palm oil with extensive plantations in Indonesia and Malaysia and substantial processing capability. The business had been impacted in the year under review by two consecutive years of low prices for crude palm oil (CPO), de Zoysa reported.
“(Prices) started recovering during the third quarter, and were yet again pushed down by the demand downturn following the spread of the pandemic,” he said. “In addition global crude petroleum prices were not incentivising vegetable oil during the year.”
These remained range-bound at the USD 50-60 level, subsequently crashing since Jan. 2020 despite the emergence of an industry benevolent bio-diesel programs in Indonesia. Also adverse weather hurt crops impacting the fresh fruit bunch production.
In addition to growing and processing palm oil, Carson’s are into the ancillary oils and fats industry, beverages (being the dominant stakeholder in the Lion Brewery), portfolio and asset management, controlling the wealthiest investment company quoted on the Colombo Stock Exchange, leisure (Pegasus Reef and Giritale Hotels) and real estate owning prime commercial properties in Colombo.
The chairman said their three main areas of activity were oil palm plantations, beverages and portfolio and asset management with a value of Rs. 7.2 billion.
Despite the negative results resulting from a variety of factors including the Easter bomb and the pandemic, de Zoysa said that as a “resilient conglomerate, the group remained focused and positive by looking ahead despite the immediate economic and operational strain created by the pandemic on markets and businesses.”
He vowed to move forward achieving a balance of utmost health and safety of their operations and the optimum level of business and customer satisfaction.
Carson’s has a strong balance sheet with total assets totaling Rs. 172.9 billion and total liabilities Rs. 117.7 billion. A revenue reserve of Rs. 23.1 billion is also carried in the books. An interim dividend of 75 cents per share was paid during the year under review, down from one rupee a share a year earlier.
Bukit Darah PLC, a member of the Carson’s group, is the single largest shareholder of the company where there is a total if 1,997 shareholders in the register including the EPF (2.85%) and several non-resident investment funds. The Selvanathan family, founders of the Sri Krishna Corporation, is the ultimate controlling shareholder.
The directors of the company are: Messrs. T. de Zoyza (chairman). H. Selvanathan (Deputy Chairman), M. Selvanathan, DCR Gunawardena, SK Shah, VP Malasekera, F. Mohideen, R. Theagarajah, Ravi Dias, AS Amaratunga and Ms. Sharada Selvanathan. Mr. K. Selvanathan is alternated for Mr. M. Selvanathan and Mr. S. Selvanathan for Mr. DCR Gunawardena.
Business
UN Global Compact Network Sri Lanka amplifies industry leadership

UN Global Compact Network Sri Lanka is introducing a transformative patron structure for its Working Groups, set to take effect in 2025. This initiative strengthens the Network’s commitment to advancing corporate sustainability by amplifying the leadership of select companies within their respective issue areas. The Memoranda of Understanding (MoUs) were signed on March 20, 2025, at the 80 Club, in the presence of the Network’s Board Members.
Network Sri Lanka’s Working Groups have long provided a platform for businesses to exchange knowledge and drive industry-wide progress on sustainability. With this new structure, leading companies will take on an enhanced role in guiding participants within their Working Groups, offering mentorship, strategic insights, and best practices to drive collective action.
As Patrons, these companies will host events, provide guidance, and shape the direction of their respective Working Groups, ensuring that discussions translate into tangible, scalable solutions aligned with national and global sustainability priorities.
Meet the Patrons and Their Areas of Leadership
MAS Holdings (Pvt) Ltd – Gender & Diversity
MAS Holdings will lead the Gender & Diversity Working Group, championing inclusive business practices, gender equality, and women’s leadership in corporate Sri Lanka.
A. Baur & Co (Pvt) Ltd – Business & Human Rights
A. Baur & Co will lead efforts within the Business & Human Rights Working Group, championing ethical business practices, human rights protections, and responsible corporate conduct.
Talawakelle Tea Estates PLC – Climate Emergency Task Force
Talawakelle Tea Estates will drive action within the Climate Emergency Task Force, supporting businesses in climate change mitigation, adaptation and resilience strategies.
Kelani Valley Plantations PLC – Water & Ocean Stewardship
Kelani Valley Plantations will support the Water & Ocean Stewardship Working Group, focusing on sustainable water management and conservation practices.
Dilmah Ceylon Tea Company PLC – Water & Ocean Stewardship & Sustainable Supply Chain & SME
Dilmah will take on a dual Patron role, sharing its expertise in sustainable supply chains and water stewardship, particularly in global supply chain sustainability and marine biodiversity conservation efforts.
Teejay Lanka PLC – Sustainable Supply Chain & SME
Teejay Lanka will support the Sustainable Supply Chain Working Group, bringing its expertise in ethical sourcing, circularity, and sustainable manufacturing.
“As a steward of A. Baur & Co. (Pvt.) Ltd.’s 127-year legacy, built on ethical governance and the unwavering dedication of our people. Ensuring a living wage is not just a moral imperative, it’s also a smart business strategy. When the employees have the financial security they need, they’re more productive, engaged, and loyal. We recognize that this transformative change cannot be achieved in isolation. By working together with other stakeholders, we can create a ripple effect that benefits everyone. Through our commitment to advocating for a living wage, we aim to inspire broader private sector participation, facilitate the exchange of best practices, and strengthen the ecosystem for equitable economic growth in Sri Lanka.” – Rolf Blaser, Managing Director / CEO, A. Baur & Co. (Pvt.) Ltd.
Network Sri Lanka is the Country Network of the UN Global Compact, mobilizing businesses to integrate sustainability into their core strategies. Through its Working Groups, the Network facilitates peer learning, collaboration, and collective action to drive meaningful change across industries.
Business
Assetline Finance entity credit rating upgrade highlights strategic growth and stability

Assetline Finance Limited (AFL), the flagship company of the Financial Services Cluster of David Pieris Holdings, has received an upgraded entity credit rating from Lanka Rating Agency (LRA) to A with a Positive Outlook, up from its previous rating of A- with a Stable Outlook. This upgrade, along with the improved outlook, reflects AFL’s strong financial fundamentals, sustainable growth trajectory, and the increasing confidence of the market in its long-term stability and performance.
This new rating reflects the Company’s unwavering commitment to prudent financial stewardship, a strong focus on sound risk management practices, and a strategic approach to value creation. During the year, the Company demonstrated steady growth in its asset base, surpassing LKR 50 billion and reinforcing its strong position within the industry. This growth was driven by strategic investments and a disciplined approach to capital management, which has consistently reinforced the Company’s liquidity and financial position. It clearly demonstrates AFL’s operational efficiency and its ability to generate long-term shareholder value.
Commenting on the upgraded rating, Ashan Nissanka, Director & CEO of AFL, stated: “Our favourable rating further positions us to unlock greater opportunities, drive progress, and strengthen stakeholder trust. It is not just a reflection of where we stand today but symbolises our path ahead towards a stronger future.”
Furthermore, the Company maintained a strong and well-managed capital structure, with a capital adequacy ratio significantly above the minimum regulatory requirement. It also successfully secured international funding from the Japan-based ASEAN Women Empowerment Fund (JAWEF), managed by BlueOrchard Finance Ltd., a globally recognized impact investment manager. Securing this funding affirms the Company’s financial resilience and its ongoing commitment to empowering women entrepreneurs. Through its Liyadiriya initiative, the Company continues to improve financial accessibility for rural women, contributing to inclusive economic development.
The Company also expanded its geographical footprint by opening four new branches, increasing its total branch network to 59 and establishing a nationwide presence. This expansion was aimed at broadening the customer base, particularly in underserved areas, to promote financial inclusivity. It aligns with the Company’s strategic intent to support women entrepreneurs across Sri Lanka. Additionally, the Company’s lending focus remains aligned with national priorities, particularly in the renewable energy and SME sectors, which are seen as key drivers of long-term development.
Business
Sampath Bank partners with COYLE to champion SME growth and entrepreneurship

Sampath Bank recently formalised a strategic partnership with the Chamber of Young Lankan Entrepreneurs (COYLE) by signing a Memorandum of Understanding (MOU) at its Head Office. This partnership highlights Sampath Bank’s ongoing commitment to promoting innovation, driving business growth, and empowering Sri Lanka’s entrepreneurial ecosystem.
Through this collaboration, Sampath Bank will serve as the official banking partner for the COYLE Awards and the Young Lankan Program, two flagship initiatives that recognise business excellence and nurture emerging leaders. Supporting these initiatives allows the Bank to create a strong pipeline for SME engagement, provide access to tailored financial solutions, and build meaningful relationships with the country’s leading entrepreneurs.
Tharaka Ranwala, Senior Deputy General Manager – Marketing, Customer Care, and Card Centre, Sampath Bank (2nd from L), exchanged the MOU with Suren Chandraratna, Senior Vice Chairman, COYLE (2nd from R), in the presence of Anjali Goonetilake, Senior Manager – Marketing, Sampath Bank (1st from L), and Jayamal Gunaratne, Project Chairman, COYLE (1st from R).
The partnership further positions Sampath Bank at the forefront of SME development in Sri Lanka, distinguishing it as a long-term enabler of entrepreneurial success and a key driver of sustainable economic progress.
-
Business7 days ago
Members’ Night of the Sri Lanka – Russia Business Council of The Ceylon Chamber of Commerce
-
Features7 days ago
Liberation Day tariffs chaos could cause permanent damage to US economy, amid global tensions
-
Features7 days ago
Minds and Memories picturing 65 years of Sri Lankan Politics and Society
-
Sports7 days ago
Lankan legends, Modi and the Jaffna dream
-
Business21 hours ago
DIMO pioneers major fleet expansion with Tata SIGNA Prime Movers for ILM
-
Opinion7 days ago
End of an Era: Passing away of Raja Uncle (Mr. Rajapaksha)
-
Features7 days ago
Repentance Leads to Passion
-
Features7 days ago
Recollections of two past Aprils