Connect with us

Business

Ceylon Spice Company: In partnership with Sri Lankan Spice Industry

Published

on

With internationally-acclaimed Dilmah already producing what the company claims to be Ceylon’s Finest Single Origin Teas, “The Ceylon Spice Company (Pvt) Ltd” a subsidiary of MJF Group – was founded to support the spice industry in local value addition.

“CSC’s mission is to become the service provider of choice offering state of the art technologies under one roof, accredited laboratory facilities, expert raw material handling and customer care to all local spice exporters and enhance Sri Lanka’s image as a global spice sourcing destination of choice for safe and quality herbs and spices. CSC believes that the mutual benefits gained in terms of wider customer base and premium prices for exporters will create a sustainable business model going forward,” a news release said.

“CSC works closely with local spice exporters, farmers and entrepreneurs offering milling facilities with cooling to minimize volatile oil losses during grinding and European patented Steam Sterilization technology SAFESTERIL® which consist of Spirajoule® (an electrical heating system which could be used for sterilization, drying, roasting, toasting and pre-cooking), and UPX® a patented flash cooler from ETIA France, in addition to providing bulk and value packing options to their customers all under one roof.

“The process of continuous steam sterilization used at CSC is the safest internationally approved method to reduce microbe counts to safe levels, yielding consistent results using an electrically heated screw along with saturated steam, superheated dry steam, or no steam at all – depending on the degree of contamination. The Sterilization unit provides a homogenous, efficient and effective treatment via excellent product mixing mechanisms and use quick product cooling chambers ensuring minimum process & volatile oil losses with minimum organoleptic changes in products.

“The CSC handles a wide range of granular and whole forms of spices, herbs and botanicals including dried fruit and seeds, black & green teas, cereals, herbs and spices, dried vegetables, botanicals, nuts and desiccated coconut, among others,” it added.

In addition to Steam Sterilization of all the powdered, granular and whole spices & herbs listed above, CSC also provides further treatments. This includes blanching and roasting of the products, fine grinding facilities including powdering ‘super-fine’ grade products such as Green Matcha, fine Cinnamon Powder and all leaf-type spices, as well as the processing of ground Cinnamon, Black Pepper, Ginger, Turmeric, among other spices. Additionally, CSC offers pre-cutting facilities (size range 2mm – 15mm) and currently supplies 100% Dilmah’s requirements and bulk and value packing options with material supplied by the customer, the release further said.

“SAFESTERIL system offers an environmentally friendly and cost-effective decontamination solution with all equipment being externally validated by multiple external laboratories.”

The Ceylon Spice Company is backed by the accredited laboratory facilities at Dilmah and expert Food Technologists who screens all raw material and finished product’s organoleptic and microbial parameters accompanied by comprehensive reports for each batch. CSC’s highly experienced and trained team has successfully processed over 1,000 metric tons of assorted spices with the help of their state-of-the-art facilities,” the release concluded.



Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Softlogic Life’s FY22 results grows to LKR 23 Bn GWP amidst tough macroeconomic challenges

Published

on

Softlogic Life recorded a superior full year performance in a crisis-affected business landscape, posting Gross Written Premium (GWP) of Rs. 23,083 million for the year ended 31 December 2022 with an increase in top-line growth of 15% compared to the corresponding period of last year. The Company has stood firmly with its policyholders in the face of the tough macroeconomic conditions, paying claims of Rs 8,264 million for the period.

During the period in review, Softlogic Life’s market share is at 16.87%, in comparison to 16.08% as of 31 December 2021. The market share increase continues to rank Softlogic Life as the second-largest in the life insurance market, overtaking much older players to establish strong growth momentum. Compared to the estimated Industry GWP growth, which was 9.6% during 2022, Softlogic Life recorded GWP growth of 15%.

The company reported a 10-year Compound Annual Growth Rate (CAGR) of 28% of GWP, while the industry 10-year GWP CAGR growth was at 14%. Softlogic Life also notes that its contribution to increasing insurance penetration in the country has increased during the period in review with 133,872 policies issued, insuring more than 1.5 million Sri Lankan lives.

Profit after tax (PAT) for the period in review rose to Rs. 2,683 million, an increase of 27% YoY. Profit before tax (PBT) grew by 36% compared to last year at growth of Rs. 1,065 million. The company’s operating expense ratio remained at 22% irrespective of the inflation hike during 2022 as a result of prudent and efficient expense management initiatives adopted. Furthermore, Softlogic Life maintained a healthy Capital Adequacy Ratio (CAR) of 287%, well above the regulatory CAR requirement of 120%.

The company recorded impressive Return on Equity of 25% and Earning per share of LKR 7.15 after providing one off provision for impairment. Recurring Earning per share for the year 2022 increased to LKR 12.85 from LKR 5.61 per share.

Commenting on the financial performance of the Company, Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated, “Despite numerous challenges in a tough business landscape, we have performed well to maintain our position as the second-largest life insurance company in Sri Lanka, growing our market share further to 16.87% by the end of 2022. These accomplishments were facilitated by the strategies we deployed and the strong execution of those strategies that have enabled the Company to sustain momentum in spite of the prevailing macro challenges.”

Since its inception, Softlogic Life has been striving to improve the quality of life of Sri Lankans through relevant disruptive innovations and digitalization. Industry-first innovations such as one-day automated claims settlement, hospitalization claim settlement, 100% digitalized sales platform, automatic policy issuance and mobile based micro products has helped the company to deliver a superior customer experience, which has been instrumental in enhancing its competitive position.

Continue Reading

Business

Foreign investors bullish and local counterparts bearish at CSE; year-to-date net foreign inflows hit Rs. 2 billion

Published

on

By Hiran H. Senewiratne

Foreigners remained bullish on Sri Lanka’s listed equities as year-to-date net foreign inflows crossed the Rs. 2 billion mark, while local investors appeared bearish at the CSE yesterday.

JKH was the major driver for foreign inflows to reach more than Rs two billion, without any specific reason, since last week, market analysts said. However, shares fell in mid-day trade over the need for further positivity on the International Monetary Fund loan being secured, an analyst said.

Both indices moved downwards. The ASPI fell by 125.28 points, while the most liquid S&P SL20 fell 43.82 points. Turnover stood at Rs 2.2 billion with four crossings. Those crossings reported in Lanka Tiles, which crossed 1.2 million shares to the tune of Rs 54 million, its shares traded at Rs 45, JKH 300,000 shares crossed for Rs 43.65 million, its shares traded at Rs 145.50, HNB 468,000 shares crossed to the tune of Rs 43.3 million, its shares traded at Rs. 92.50 and Chevron Lubricants 200,000 shares crossed for Rs 24.1 million, its shares fetched Rs 107.

In the retail market, seven companies that mainly contributed to the turnover were, JKH Rs 721 million (4.9 million shares traded), Aitken Spence Rs 302 million (two million shares traded), Expolanka Holdings Rs 126 million (664,000 shares traded), Softlogic Capital PLC Rs 91 million (5.6 million shares traded), Browns Investments Rs 82.1 million (13.5 million shares traded), Softlogic Life Insurance Rs 63.3 million (512,000 shares traded) and Tokyo Cement (Non- Voting) Rs 49.1 million (1.45 million shares traded). During the day 56.2 million share volumes changed hands in 14000 transactions.

“The overall market was pulled down because the market ran on banking shares in the past sessions, but news on domestic debt restructuring moved the market into the red yesterday, an analyst said.

Any domestic debt restructuring will be part of a negotiation process with creditors, which will take place after a program with the International Monetary Fund is in place, Central Bank Governor Dr. Nandalal Weerasinghe said.

First, financial assurances from bi-lateral creditors have to be received to qualify for the IMF program.

It is said high net worth and institutional investor participation was noted in Expolanka Holdings, JKH and Sampath Bank. Mixed interest was observed in Aitken Spence, Sri Lanka Telecom and Lanka IOC, while retail interest was noted in Browns Investments, LOLC Finance and Ex-Pack Corrugated Cartons.

It said the Capital Goods sector was the top contributor to the market turnover (due to JKH and Aitken Spence), while the sector index gained 0.19 per cent. The share price of JKH gained 75 cents to reach Rs. 145.50. The share price of Aitken Spence closed flat at Rs. 150.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), while the sector index increased by 1.02 per cent. The share price of Expolanka Holdings increased by Rs. 2 to Rs. 194.

Yesterday, the Central Bank announced the US dollar buying rate as Rs 359.99 and selling rate as Rs 370.18.

Continue Reading

Business

Japanese State Minister of Foreign Affairs visits Port of Colombo

Published

on

SLPA Chairman Keith D. Bernard presents a token of appreciation to Japanese State Minister of Foreign Affairs - TAKEI Shunsuke. SLPA vice chairman - Gayan Algewattege, SLPA managing director - Susatha Abeysiriwardena and harbour master capt. Nirmal Silva were present.

Japanese State Minister of Foreign Affairs TAKEI Shunsuke visited the Port of Colombo to learn about the ongoing developments in the Port of Colombo. The visit took place on 03rd February 2023. During the visit the Japanese State Minister of Foreign Affairs also met with the Chairman of Sri Lanka Ports Authority (SLPA) – Keith D. Bernard and other higher officials at the main control tower of the Port.

The Chairman of SLPA explained to the Japanese state minister of foreign affairs of the progress of the developments of the East Container Terminal (ECT), the West Container Terminal and the North Port Development Project. The SLPA Chairman thanked the Japanese Government and the people of Japan for the invaluable support extended by them for development of Port sector in Sri Lanka, particularly towards the Jaya Container Terminal and the developments at the Port of Trincomalee.

The high level Japanese delegation at the Port of Colombo also comprised MIZUKOSHI Hideaki – Japanese Ambassador to Sri Lanka, TUTSUMI Tarou – Director, Southwest Asian Division, ANDO Toshiaki – Executive Assistant to the state minister of foreign affairs, TOKITA Yuji – director, second country assistance planning department, IWASE Kichiro – assistant to minister /director-general Southeast and Southwest Asian Affairs Department, MATSUYAMA Miina – third secretary, Embassy of Japan in India, KATSUKI Kotaro – Minister Embassy of Japan in Sri Lanka and OZAKI Takeshi, first secretary – Embassy of Japan in Sri Lanka.

Continue Reading

Trending