Chrissworld PLC rang the opening bell to commence trading at the Colombo Stock Exchange (CSE) on the 30th August 2022 to celebrate their remarkable achievement after being listed on the Empower Board of the CSE.
Representing Chrissworld PLC, the Chairman Christopher A. M. Perera, the CEO/Managing Director, Suraj Suraweera, Executive Director Sithira Wickramasekera, and the Manager to the Issue and Sponsor, Atarah Capital Partners Managing Director, Rohan Senewiratne, were present at the event. The CSE was represented by the Chairman, Dilshan Wirasekara, the CEO, Rajeeva Bandaranaike, and its senior management.
While congratulating Chrissworld PLC for the Company’s milestone, the Chairman of the CSE, Mr. Dilshan Wirasekara stated, “Chrissworld PLC has set an example for other SMEs by showing the achievement the company gained by listing on the CSE; accessing the capital and scaling up the business and growing, which is the dire need of the economy in Sri Lanka today.”
In terms of the company’s overseas business expansion plans. Mr. Wirasekara added, “Export companies are really the backbone that keeps this economy growing today and that CSE could also play a part in that growing path and assist in the capital raising needs of the company.”
Speaking at the ceremony, Chrissworld PLC Chairman, Mr. Christopher A.M. Perera, thanked and appreciated the CSE for the opportunity given to list their company on the Empower Board of the CSE.
“Before the listing took place, we had a lot of concerns, but after much deliberation, we were convinced this is a good move.” Mr. Perera added, “The biggest challenge we had was funding; the financial cost was a huge challenge. Divesting shares to the public tremendously helped us to reduce our interest cost. Had we not gone for listing, we may have been severely impacted by the current interest rates. We have doubled our profits from 2021 to 2022 even though the economic conditions in the country are not very conducive for growth.”
“Further because of the PLC status we gained a lot of recognition and admiration, locally as well as internationally; We have got opportunities where companies want to invest with us.” He also mentioned that countries like China and India are interested in Sri Lanka’s logistics industry and that Sri Lankans must put their hand up to grab potential opportunities.
He further added that Sri Lanka needs revolutionary innovations in logistics and Chrissworld PLC is committed to be a part of that revolutionary change. He expressed his confidence in Mr. Suraj Suraweera, the Managing Director and his team to take the company on a rapid growth path.
Commenting on the company’s milestone, the Manager to the Issue of the IPO, Atarah Capital Partners Managing Director, Mr. Rohan Senewiratne, said, “Chrissworld PLC successfully outperformed our valuation forecasts that were depicted in the Research Report of the Prospectus. The topline forecast for FY 20/21 was LKR 237 million whereas Chrissworld PLC ended up with LKR 264 million turnover, whilst the net profit forecast was outperformed by 40%. This was amidst COVID-19 related lengthy lockdown in the country. In FY 21/22, yet again the topline forecast was outperformed by 80% and the net bottom line forecast was outperformed by 32%.”
While congratulating on the company’s achievement, Mr. Senewiratne also added that Chrissworld answered the critics very well; that SMEs should not be listed in the CSE and they should depend only on banks for funding. He further said “following the path of Chrissworld PLC, three more SMEs successfully listed on the “Empower Board” during FY 21/22. I believe more SMEs will take this path in the future, to raise equity capital rather than solely depend on debt capital.”
He also mentioned that it was a great privilege for Atarah Capital Partners to list the first company on the Empower Board of the CSE and also emphasized the importance of Sri Lanka recommencing State Development Banking to support the SME sector which accounts for over 60% of the GDP.
Chrissworld PlC is a member of the Chartered Institute of Logistics & Transport, Sri Lanka, managing over half a million square feet of space. The company is renowned in the industry for its dynamism and above-par warehouse management processes.
‘Expolanka Holdings steadfast in posting stabilized Q3 results’
Expolanka Holdings PLC recorded a steady 9-month performance as at December 31, 2022 amid declines in the overall global markets. Reflecting the underlying strength of its business and success in pursuing a consolidated strategy, the combined 9-month performance delivered a strong endorsement in overcoming challenges in the macro environment with Year-to-date Revenue of Rs. 491Bn, Gross Profit Rs. 85.9Bn and Net Profit Rs. 32Bn. International business continued to generate above 95% in contribution, demonstrating the robust earning potential of the company, an Expolanka Holdings press release said.
The release adds: ‘However, declines in international trade moderated Q3 FY 2022 earnings, recording a Revenue of Rs. 94.2Bn, Gross Profit of Rs. 20.6Bn and a Profit after Tax of Rs. 3.0Bn.
‘Contributing to company earnings was the logistics sector which navigated the challenging macro-economic environment and adopted longer-term strategies concentrating on business fundamentals. For Q3, the sector posted a Revenue of Rs. 92Bn, Gross Profit of Rs. 19.9Bn and Profit after Tax of Rs. 2.7Bn delivering a YTD Profit after tax of Rs. 30.1Bn.
‘Impacting revenues were a reduction in operating volumes across Air Freight and Ocean Freight products due to the overall slowdown in global trade volumes on grounds of high inventory levels, inflationary fears and the global energy crisis. The Air Freight business encountered a relatively larger impact due to challenging market conditions resulting in weakening demand and reduced volumes.
‘Focusing on increased customer penetration, developing partner networks and enhanced competencies, the company was successful in gaining cumulative progress in the Ocean Freight product.
‘The North American trade lane continues to remain the critical business driver for Expolanka, while the European and Intra-Asia companies remained resilient.
‘Reinforcing growth and sustaining improved margins was also due to the company’s focus on strengthening customer relationships, attracting selective new customers and engaging in proactive procurement strategies.
‘Key EFL origins also delivered strong results, reflecting the success of the infrastructure investments made into these markets.
‘The Group’s stabilized 9-month performance was also aided by the continued resurgence in the leisure sector. In Q3 the sector delivered a Revenue of Rs. 725Mn, Gross profit of Rs. 578Mn and Profit after tax of Rs. 202Mn by strengthening its market position focusing on efficient procurement and operational excellence.’
‘Recording a revenue of Rs. 1.6Bn and a Profit after Tax of Rs. 41Mn, the Group’s investment sector remained steady making progress across its business portfolios.
‘Despite the global macro environment remaining uncertain and challenging in the future, Expolanka aims to forge ahead, unwavering in its approach to deliver on earmarked strategic initiatives building on its strong performance. The company stands persistent towards generating accelerated growth and innovation while remaining true to its core values by reaffirming its long-term commitment and challenging the status quo to seize opportunities in the market that would predominantly secure its position as a market leader.’
Sanasa Life Introduces “Pinsaru Vandana” – A Premium Insurance Policy for Buddhist Clergy
Helping to elevate and protect the Buddha Sasana, Sanasa Life Insurance has introduced a very special and tailored insurance policy for Buddhist Monks. The “Pinsaru Vandana” insurance policy provides a specialized insurance scheme addressing the special needs of Buddhist Monks. An auspicious inauguration ceremony was held, in the presence of several senior members of the Buddhist Clergy on the 17th of January 2023, at the Sri Sambudhdhatva Jayanthi Mandiraya in Colombo. A total of 300 Buddhist Monks were in attendance at the event, and gave their blessings for this special insurance scheme. A group of dignitaries, including Wishawa Prasadini, Dr. P. A. Kirivandeniya and Piriwena Director, Venerable Watinapaha Somarathana Thero, were also present and played key roles during the event.
“Pinsaru Vandana” is an insurance scheme that provides relief and protection for junior monks, in the event of the death, serious illness or incapacitation of their patron/senior monk. In such an unfortunate event, junior monks can often become destitute and or marginalized. Thus, “Pinsaru Vandana” will help to protect these young monks as they pursue their journey and mission of elevating and sustaining the Buddha Sasana.
Technocity hosts ‘Together We Win’ training programme in Thailand
The Technocity Pvt. Ltd., the leading Sri Lankan IT Distribution Company, recently held a three-day ‘Together We Win’ training programme at the Rembrandt Hotel in Bangkok, Thailand.
The event, in partnership with HP, invited The Technocity’s top 10 Partners for training in gratitude for the continuous support they have shown towards helping the company develop its business.
The event featured esteemed speakers, including Gehan Thangappan (Business Head, The Technocity), Manish Gawri (Hp Inc., Notebook), T Natarajan (Hp Inc., Print) and M. Kalim (Sales Manager, The Technocity).
The sessions covered various pertinent topics while the invitees viewed a series of product videos during the training to further understand the complexities of the products.
Addressing the invitees, Gehan Thangappan said, “We started small, as all new businesses do, but we’ve grown beyond our borders. This is all thanks to our valued partners and customers who have helped us achieve newer and higher ground. Grateful as we are, we also look forward to providing our diverse clientele with the best products and top-notch service as always.”
The Technocity also conducted a F2F discussion with the partners, briefing them on the way forward and announcing the channel incentive schemes in place targeting Ink Tank Printers. Prior to the conclusion of the event, the attending partners partook in a quiz segment and were treated to exciting giveaways.
“We are very happy with the success of this programme. The training had a very good impact, especially as it was held out of the country and it motivated partners. It was also significant for us as it was the first event we had held overseas after Covid,” Thangappan added.
The Technocity Pvt Ltd is one of the leading distributors in Sri Lanka for IT products and services. In the nearly three decades since its establishment, The Technocity has grown to become one of the most trusted names in the industry. The company is also the first local distributor for HP in Sri Lanka and boasts a portfolio of representation for notable brands like Asus, Lenovo, MSI, Logitech and Viewsonic.
92 Octane Petrol increased by Rs 30 per liter effective midnight today
Indian guru jailed for life in second rape case
Dancing couple given 10-year jail sentence in Iran
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
U.S. Congress to probe assets fleecing by US citizens of Sri Lankan origin
Opinion7 days ago
Simple questions to Sirisena and Gotabaya
Opinion7 days ago
Nelum Kuluna poses danger to aircraft
Features3 days ago
Implementing 13A: Some thoughts
Features7 days ago
Vibrant ties with M-E, a foreign policy priority for SL
News3 days ago
Intl scientists ask UCLA to reverse Lankan origin ecologist’s suspension
News7 days ago
Treasury blamed for missing paddy stocks worth Rs 1.3 bn
News5 days ago
No show by several parties at Ranil’s reconciliation meet
Editorial6 days ago
Heed their voice