Business
Commercial Leasing and Finance together with tile sector keeps CSE ticking
By Hiran H. Senewiratne
CSE trading activities early yesterday showed a downward trend but later noticed a price appreciation in Commercial Leasing and Finance shares. During the second half of the day, buying interest in the tile sector group showed a significant improvement, resulting in the positive momentum in the bourse continuing, stock market analysts said.
For the first time in the history of the CSE, though, the ASPI surpassed 9,500 points, closing at 9,542.30 points at the day’s end.
The stock market yesterday saw an end to the bull-run, akin to taking a breather, and closed negative with the Central Bank’s short-term Road Map failing to keep recent investor sentiment intact. However, Commercial Leasing and Finance and tile sector counters drove the market to positive territory, market analysts added.
Commercial Leasing and Finance was the highest contributor to the All Share Price Index, contributing 67.2 points. Its shares appreciated by 18 percent or Rs. 4.70. Consequently, its share price shot up to Rs. 31.30 from Rs. 26.60.
Amid those developments both indices moved upwards. The All Share Price Index went up by 100 points and S and P SL20 rose by 7.75 points. Turnover stood at Rs. 3.62 billion with a single crossing. The crossing was reported in Royal Ceramic, which crossed two million shares to the tune of Rs. 94.6 million, its shares traded at Rs. 47.60.
In the retail market, top five companies that mainly contributed to the turnover were, Expolanka Holdings Rs. 568 million (2.9 million shares traded), Browns Investments Rs. 498 million (47.3 million shares traded), RIL Properties Rs. 367 million (39 million shares traded), Royal Ceramic Rs. 279 million (5.9 million shares traded) and Dipped Products Rs. 189 million (3.4 million shares traded). During the day 228.3 million share volumes changed hands in 33000 transactions.
The Sri Lanka rupee rate as against the US dollar rate quoted yesterday was Rs. 199.782, which was the controlled rate set by the Central Bank of Sri Lanka to artificially stabilize the price increase of essential food items.
Business
Kahawatte Plantations – A New Era of Growth and Sustainability
Kahawatte Plantations PLC (KWPL) is entering an exciting phase of transformation, aligning its vision with modern, sustainable and innovative practices. As a leading Regional Plantation Company in Sri Lanka, KWPL stands poised to redefine plantation management by combining traditional stewardship with forward-thinking strategies, reinforcing its role as an influential and adaptable player in Sri Lanka’s agricultural sector, a company news release said.
With a commitment to Environmental, Social and Governance (ESG) principles, KWPL is making strides toward a more sustainable future. Emphasising eco-friendly practices, KWPL has prioritised carbon footprint reduction across its diverse crop range, which includes tea, cinnamon, rubber, and coffee. Each crop is cultivated with precision to ensure both quality and sustainability, meeting global standards that resonate with today’s conscious consumers, the release said.
“The past year has been marked by noteworthy achievements that reflect KWPL’s dedication to operational excellence. Key milestones include a successful turnaround in profitability, improved cash flow, and optimised production margins, supported by a cohesive, motivated team. Automation and digitisation have been focal points, allowing KWPL to streamline processes and ensure product consistency. Regular monitoring of key performance indicators (KPIs) has also bolstered efficiency, ensuring that the company stays aligned with its business objectives.
“KWPL’s renewed emphasis on diversification extends beyond traditional crops. Innovations in speciality tea, direct-to-consumer products, and ventures into cinnamon and coffee processing are expanding KWPL’s portfolio, making it a major player in high-value, niche markets. These efforts are complemented by investments in tourism, where KWPL’s scenic bungalows serve as gateways to Sri Lanka’s natural beauty, enhancing the appeal of its estates as destinations for eco-tourism.”
Speaking at the recent group event, Chairman Dilhan C. Fernando said, “Kahawatte Plantations is embracing a new era of innovation, sustainability, and community-driven growth. We are deeply committed to enhancing value for our stakeholders while honouring our responsibility to the environment and society. Our path forward is one of resilience, focused on creating lasting impact in every aspect of our business.”
Community empowerment and employee welfare lie at the heart of KWPL’s approach. By fostering inclusivity and promoting skills development, KWPL is building a resilient, motivated workforce while strengthening ties with local communities. Initiatives in renewable energy further underscore KWPL’s commitment to sustainable growth, with recent projects aimed at expanding hydroelectric power generation to support energy self-sufficiency.
“Our transformation at Kahawatte Plantations is fuelled by a commitment to sustainable growth and operational excellence. By investing in innovation and empowering our people, we are building a resilient foundation for the future and redefining what it means to be a modern, responsible plantation company,” said Binesh Pananwala, Director / CEO of Kahawatte Plantations.
In its journey toward an innovative future, KWPL is cultivating shareholder prosperity by maintaining profitability, enhancing product quality, and exploring new revenue streams. With a balanced focus on economic growth, social responsibility, and environmental stewardship, Kahawatte Plantations PLC is not only revitalising its legacy but also setting a new standard for regional plantation companies in Sri Lanka and beyond.
Business
Fox Kandy Celebrates 5th Anniversary with Community-Centric Initiatives
Fox Kandy by Fox Resorts, part of the Capital Maharaja Group, celebrated its fifth anniversary on November 1 with multi-religious blessings, a staff celebration, and a community outreach effort.
Marking the occasion, Fox Kandy provided dry rations and an evening snack to Daya Nivasa, a care home in Mulgampola supporting over 90 differently-abled children.
Chris Quyn, CEO of Fox Resorts, shared, “We’re thrilled to have reached this milestone, and it’s truly meaningful to commemorate it alongside our dedicated staff and through community initiatives that make a difference.”
Business
LOLC Finance PLC has announced outstanding financial results for the six months ending
LOLC FINANCE REPORTS LKR 8.1 BILLION PAT IN 1H 2024
30th September 2024, marking a strong first half of profitability and growth. The company achieved a Profit After Tax (PAT) of Rs. 8.1 billion, a significant 46% increase compared to the Rs. 5.6 billion reported during the same period in 2023. This robust performance emphasises LOLC Finance’s strength and resilience within a dynamic financial landscape.
Key financial highlights for the period reflect LOLC Finance’s commitment to sustainable growth. Net Interest Income rose by 15%, moving from Rs. 18 billion to Rs. 21 billion. Additionally, LOLC Finance’s asset base saw a 7% increase, growing from Rs. 366 billion to Rs. 393 billion as of 30th September 2024. The company’s total equity also surged, standing at Rs. 130 billion compared to Rs. 106 billion in 2023, demonstrating robust shareholder value and capital strength. Furthermore, with more than 20% of the industry’s asset portfolio, liability portfolio, and equity under its control, LOLC Finance has solidified its position among the country’s financial powerhouses, standing par with leading banks.
The company’s impairment charges were notably reduced by 50%, reflecting LOLC Finance’s disciplined approach to managing risk and enhancing portfolio quality. The company’s customer-focused strategies have also driven an increase in the deposit base reaching 200 billion, reinforcing its standing as a trusted financial partner across Sri Lanka. With 212 branches nationwide, LOLC Finance remains committed to bridging financial gaps and providing Sri Lankans with flexible savings, deposit schemes, and secure Visa debit card access through an extensive ATM network.
Commenting on the strong financial results, the CEO of LOLC Finance, Mr. Krishan Thilakaratne, stated, “Our recent accomplishments highlight the strength of our customer-centric approach, especially within the SME and micro sectors that are vital to Sri Lanka’s economic landscape. By improving our customers’ quality of life, we not only promote individual growth but also make a meaningful contribution to the nation’s economic development. At LOLC Finance, we have positioned ourselves as the largest financier in microfinance and factoring while also leading the way in SME, agricultural, Islamic, and working capital financing. Our impressive financial performance is a testimony to our strategic vision and sound risk management practices, further reinforced by (SL) A positive rating from the Lanka Rating Agency (LRA).”
The Chairman of LOLC Finance, Mr. Conrad Dias, added, “As an institution, LOLC Finance PLC has successfully bridged the divide between the banking and non-banking financial sectors, positioning itself alongside the largest banks in the country. This achievement is further fuelled by our ambitious digital roadmap, which aims to empower the bottom-of-the-pyramid population by putting digital technology directly in their hands, enabling them to uplift their own livelihoods. The foundation of our success lies in our unique business model that emphasizes customer protection and empowerment. Looking to the future, we are committed to prioritizing our digital transformation initiatives, aiming to foster a paperless economy and enhance accessibility through AI-driven solutions, solidifying our status as a blue-chip stock on the Colombo Stock Exchange.”
As the trusted financial partner, LOLC Finance remains committed to upholding its reputation for excellence, backed by licensing from the Monetary Board of the Central Bank of Sri Lanka, which ensures compliance with stringent regulatory standards. As Sri Lanka’s largest Non-Banking Financial Institution (NBFI), LOLC Finance is strategically positioned for continued growth and expansion. Explore the rates and diverse services offered by visiting www.lolcfinance.com.
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