The Ceylon Chamber of Commerce with a view to support companies to promote exports from Sri Lanka, entered into a partnership agreement to integrate an “Online Market Place”, developed by Epic Lanka Technologies (Pvt) Ltd. The platform will be integrated to Chamber’s e-commerce portal https://bizinfosrilanka.lk
During the signing ceremony held on August 7, Manjula de Silva, Chief Executive Officer of the Ceylon Chamber of Commerce, emphasised that with the introduction of this initiative, priority will be given to promote organisations manufacturing sustainable products that would in return provide environmental, social and economic benefits. “As our global economy grows, it is critical that local businesses can compete in this marketplace. The Ceylon Chamber of Commerce is looking forward to bring solutions forward that expand opportunities for businesses to participate in the global economy,” said Manjula de Silva, CCC / CEO.
“By choosing Doxpro Shopex online marketplace model, the Ceylon Chamber of Commerce is truly distinguishing itself and Epic Lanka Technologies is honoured to be working alongside them on this journey,” said Thareendra Kalpage, CEO, Epic Lanka Technologies. “By fully utilizing the capabilities of the Doxpro Shopex Marketplace Platform, CCC is set up for marketplace success.”
According to figures collected by the International Trade Centre (ITC) – Geneva from EU countries such as France, Germany, Italy, Netherlands and Spain, it was found that sustainable product sourcing has become a top priority for retailers in these key European Union markets. The emphasis on environmentally-friendly products, fair and ethical trade, and decent jobs in supplier companies have strong consumer support and it is expected that such businesses will increase significantly in the next five years.
In addition, Small and Medium Enterprises (SMEs) and women entrepreneurs in Sri Lanka will also be encouraged to register with the Online Market Place to promote their products to Exporters as partners of the value chain. The Ceylon Chamber of Commerce recently established a Centre for SMEs in a bid to play a more active role in building this dynamic sector of the economy.
Local exporters will be able to source products required through the proposed online system and the Chamber will work closely with the Regional Chambers of Commerce and Product Trade Associations to attract suppliers from various parts of the country. The platform is expected to be launched in October 2020.
Product details uploaded to the Online Market Place will be promoted via social media in addition to the Sri Lankan Diplomatic Missions based overseas, Foreign Diplomatic Missions in Sri Lanka and across 130 Overseas Trade Promotion Organisations.
SLT Group posts stable revenue growth amidst adverse socioeconomic environment in first half 2022
-Showcases resilience in business model-
Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider, posted stable growth for the first half of 2022, with revenues increasing by 6% to Rs 52.9 Bn and a 19.8% increase in profit before tax (PBT) at Rs. 7.2 Bn against the same period last year, showcasing resilience in its business model amidst complex socioeconomic challenges facing the country.
Demonstrating operational efficiency, SLT Group’s EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) went up to Rs. 20.9 Bn for the first half of 2022, recording a growth of 7.8% compared to the corresponding period of the previous year. The EBITDA Margin stood at 39.7% for the period under review.
Building on the success of the previous quarter, the SLT Group was able to maintain a positive momentum for Q2 2022 recording gains of 4% in operating profit when compared to the previous quarter. The Group recorded a foreign exchange gain of Rs. 135 Mn during the quarter due to the prudent foreign exchange strategies of the Group. However, profit after tax (PAT) declined by 26.5% in Q2 compared to the previous quarter, mainly owing to the increase in income tax expenses during the period.
The SLT Group continued its strategic plan implemented at the beginning of the year, consolidating its performance throughout Q2 as well. However, during the period from April to June, the Group faced several business growth challenges including an unprecedented economic crisis, import restrictions, inflationary pressures etc. Furthermore, ongoing investments were affected; new projects were also impacted due to the increase of operational costs and the energy and fuel crisis resulted in operational challenges. Overcoming uncertainties, the Group with resilience made headway in strategic investments, undertaking appropriate management controls, in addition to managing the revenue portfolio in multiple segments.
The Operating Cash Flows of the Group grew to Rs. 23.5 Bn, up by 21.2% year-on-year. The Group recorded a favourable cash and cash equivalents position of Rs. 27 Bn as at the end of the reporting period. SLT Group’s contribution to the Government of Sri Lanka during the first half of 2022 amounted to Rs. 14 Bn. in direct and indirect taxes including levies and dividends.
SLT Group Chairman, Rohan Fernando said, “The period under review has been one of the most challenging periods that SLT-MOBITEL has faced in recent times exacerbated by a tough operating environment. However, due to the agility in our business model to deliver growth and a motivated team effort, we have been able to successfully generate positive results.”
Chevron Lubricants, Aitken Spence and Lanka IOC drive share market; turnover exceeds Rs. 5 billion
By Hiran H.Senewiratne
The CSE gained over 1 per cent in mid-day trade yesterday pushed by Chevron Lubricants, Aitken Spence and Lanka IOC. The market remained extremely bullish yesterday too with mixed reactions in indices while the turnover exceeded the Rs 5 billion level. However, profit- takings were noted in certain blue-chip companies due to witnessing some down trend in certain companies, market analysts said.
Investors continue to focus on Lanka IOC stocks; which company dominated the country’s energy sector over the last two months. Consequently, its profitability also increased in leaps and bounds due to the heavy demand for fuel. Lanka IOC is to set up 50 filling stations and the approval has been granted by the Energy Ministry, which is also one of the reasons for the company’s share market to move up, stock market analysts said.
However, there was selling in most of the main counters of the CSE due to fears of unprecedented tax increases in the interim budget, a top market analyst said.
Further, Chevron Lubricants’ share prices also appreciated due to market speculation that the company is planning to enter the energy/fuel business with a Chinese company.
Amid those developments stock market indices reflected mixed reactions. The All- Share Price Index reached the 8500 points mark. It gained 77.03 points (0.91 per cent) to end at 8500 and S and P SL20 declined marginally by 9.49 points (0.34 per cent) to end the day at 2784.66.
Turnover stood at Rs 5.3 billion with four crossings. Those crossings were reported in Watawala Plantations, which crossed 4.6 million shares to the tune of Rs 403 million; its shares traded at Rs 87, Citizens Development Business Finance 1.1 million shares crossed for Rs 217 million, its shares traded at Rs 200, Commercial Bank 2.6 million shares crossed to the tune of Rs 145 million and its shares fetched Rs 54 and Hunas Falls 625,000 shares crossed to the tune of Rs 25 million; its shares traded at Rs 40.
In the retail market, top seven companies that mainly contributed to the turnover were, Lanka IOC Rs 1.9 million (14 million shares traded), Expolanka Holdings Rs 449 million (2.3 million shares traded), JKH Rs 252 million (2.1 million shares traded), LOLC Holdings Rs 135 million (226,000 shares traded), Browns Investments Rs 131 million (16.9 million shares traded), Chevron Lubricants Rs 130 million (one million shares traded) and LOLC Holdings Rs 88.5 million (9.8 million shares traded).
It is said that high net worth and institutional investor participation was noted in Melstacorp and Bairaha Farms. Mixed interest was observed in Lanka IOC, Expolanka Holdings and JKH, while retail interest was noted in Browns Investments, LOLC Finance and Agstar.
Energy sector was the top contributor to market turnover (due to Lanka IOC), while the sector index gained 15.15 per cent. Food, Beverage and Tobacco sector was the second highest contributor to the market turnover (due to Melstacorp).
Expolanka Holdings, JKH and LOLC Holdings were also included among the top turnover contributors. The share price of Expolanka Holdings lost Rs. 1.50 (0.73 per cent) to close at Rs. 203. The share price of JKH closed flat at Rs. 119.
Yesterday the Central Bank- announced US dollar buying rate was Rs 357.29 and its selling rate Rs 368.61.
Unilever launches all new Surf Excel 2-in-1 laundry detergent with added fragrance of Comfort
Standing as a testament to its commitment to innovation, to meet the changing needs of Sri Lankan consumers, Unilever Sri Lanka’s leading laundry detergent brand, Surf Excel, recently launched its latest 2-in-1 laundry detergent product, fused with the premium fragrance of Comfort Fabric Conditioner.
For the first time in Sri Lanka, consumers can experience Surf Excel’s all-inclusive superior stain removal with the premium fragrance of Comfort Fabric Conditioner, which gets rid of tough stains from deep within fabrics. Comfort’s premium floral fragrance will leave washed laundry smelling fresh and fragrant after every wash. The new formulation is also gentle on hands, making every handwash a pleasant experience.
Speaking on the launch, Sharmila Bandara, Marketing Director – Homecare and Nutrition, Unilever Sri Lanka said, “When children go out and play, they don’t just get their clothes dirty or stained, but experience life, observe, make friends, or learn to share. This helps them get stronger, develop well rounded personalities and brave the world outside.” She further added “For generations, Surf Excel has been taking care of tough stains for mothers around the country. Now, with the addition of the premium fragrance of Comfort, washing and wearing clothes will become a much more memorable experience for all.”
Surf Excel 2-in-1 with the added premium fragrance of Comfort Fabric Conditioner comes in a pink and blue pack and consumers may purchase the product in seven different sizes at retail outlets and supermarkets island wide.
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