Business

Elpitiya Plantations among the Top 10 Best Corporate Citizens at the Best Corporate Citizen Sustainability Awards 2022

Published

3 years ago

2023/01/28

Elpitiya Plantations PLC (EPP), the leading plantation company in Sri Lanka, for the first time was recognized among the Ten Best Corporate Citizens award and competing among other larger corporate giants. Competing among other larger corporate giants, the company secured o5 awards at the Best Corporate Citizen Sustainability Award 2022. Its leadership and commitment towards sustainability, good governance, and corporate excellence have paved their journey to receive these multiple awards.

The other awards include – Winner Triple bottom line award – Environment, 2nd Runner up sustainability award in Category B (below LKR 15 Bn) and 02 awards for Best sustainability project winners for Project- ‘Living Green Soil’ for the holistic approach toward environmental sustainability reducing GHG emission by reducing using of chemical fertilizers and agrochemicals and improving of soil carbon % with the application of organic compost. The other project award ‘Ready to be Ready’ on the social sustainability for the plantation community supporting their livelihoods during pandemic and current economic crisis ensuring their food security and facilitating to maintain good health condition.

Commenting on this achievement, Dr. Rohan Fernando – Managing Director of Elpitiya Plantations, said “We are extremely grateful to be recognized at this prestigious awarding platform as it emphasizes our conscious efforts in sustainability.’

We are committed to reach higher benchmarks in our sustainability journey and this is only just the beginning”. Mr. Bhathiya Bulumulla – Director/ CEO of Elpitiya Plantations PLC also commented, “Elpitiya Plantations has been continually adapting and improving sustainable business practices in our daily operations where all aspects of environmental health, economic sustainability and social responsibility are given equal importance”.

Sustainability has been a core element of the company’s business strategy and even during the recent challenging pandemic and economic environment, EPP has shown its resilience recording its highest-ever profit in the company’s history. Furthermore, EPP celebrated their silver jubilee in 2022 and theses awards marks another milestone in the company’s sustainability journey.

These accolades are a further testimony to the company’s sustainable journey making it one of the most sustainable plantation companies in Sri Lanka with its holistic sustainable strategy. This focuses on achievement of six long term environmental, social, and economic aspirations that are aligned with the UN Sustainable Development Goals namely SDG-06- Clean water and sanitation, SDG-07 Renewable energy generation and consumption, SDG-08- Economic growth and Youth empowerment, SDG-09- Industry Innovation and Infrastructure development, SDG-15- Life on land andSDG-17 Partnership for Goals.

EPP has invested in emission controls specially with their efforts in renewable energy generation with hydro and solar recording over 141% above their annual electricity consumption, sourcing sustainable thermal energy with biomass by planting bamboo to be self-sufficient in thermal energy demand and incorporating organic compost over 04 million kgs annually to improve soil organic matter while systematically bring down chemical fertilizer which is the highest GHG emitter in the industry and the carbon footprint.

Also, EPP is researching on adopting mitigating climate impact of rainfall on their efforts in rainwater harvesting over 254 million liters annually to recharge the soil to retain the moisture during the dry periods.

The visionary leadership of the top management of EPP, guidance on sustainability strategy from the expert in the field Dr. Ravi Fernando and well executed by the sustainability team has made EPP a trailblazer in the plantation industry with the continuing wining trend.EPP also recorded its highest profits in the last season and celebrated 25th anniversary in this year while improving the living standard of its community, employees and all stakeholders.

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Business

SriLankan Airlines Resumes Flights to Riyadh and Dubai

Published

15 hours ago

2026/03/9

Thilina Walpola

09 March 2026; Colombo – SriLankan Airlines would like to inform passengers that it is resuming daily services to Riyadh tonight and Dubai tomorrow, while continuing to closely monitor the situation in the Middle East and prioritising the safety and wellbeing of its passengers and crew.

The following flights are scheduled to operate:

For more information please contact: 1979 (within Sri Lanka); +94 11 777 1979 (international); WhatsApp +94 74 444 1979 (chat only); your travel agent; visit www.srilankan.com; or follow us on social media.

Business

Oil prices jump above $100 for first time in four years

Published

21 hours ago

2026/03/9

Priyan

Oil facilities in Tehran were hit by airstrikes at the weekend

Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022 as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.

Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.

The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.

Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.

Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.

Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.

Many in the markets predicted that oil would hit the $100 a barrel mark this week.

In the event it took about a minute to jump 10%, and then another 15 minutes to rise a further 10% in early Asian trading.

Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.

But the escalations over the weekend, alongside scenes of destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.

The question now is where does this go? Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel.

The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.

The physical supplies from the Gulf are mainly consumed in Asia.

Already however there are signs that Asian consumers are bidding up prices for US gas, with some tankers originally heading for Europe turning around in the mid-Atlantic.

US President Donald Trump responded to the jump in prices by saying that short term rises were a “small price to pay” for removing Iran’s nuclear threat.

His energy secretary told US broadcasters on Sunday that Israel, not the US, was targeting Iran’s energy infrastructure, amid some concern about rising domestic pump prices caused by the war.

(BBC)

Business

CMTA warns buyers of long-term costs hidden in reconditioned vehicle imports

Published

22 hours ago

2026/03/9

Thilina Walpola

The Ceylon Motor Traders’ Association (CMTA) has issued a stark cautionary note to prospective vehicle buyers, warning that the initial price advantage of reconditioned imports often masks significant long-term financial risks.

By highlighting a “structural imbalance” in the current duty valuation system – which allows near-identical vehicles to be imported under a 15% automatic depreciation bracket – the CMTA argues that the lack of manufacturer-backed warranties and tropicalised specifications in the grey market could lead to a “reconditioned trap” for unsuspecting consumers. For the savvy buyer, the association suggests that the true cost of ownership is increasingly tilting the scales in favour of brand-new vehicles from authorised agents.

If two identical 2026 models are sitting on different lots, and one is significantly cheaper because it was technically “registered and de-registered” abroad, the frugal buyer’s instinct is to take the discount. But the CMTA argues that this 15% depreciation benefit – intended for genuine used cars – is being leveraged as a loophole for zero-mileage vehicles.

For the savvy buyer, this raises a fundamental question of transparency. If the entry price of a vehicle is built on a “procedural” technicality rather than actual wear and tear, where else is the transparency lacking? Does the lower price reflect a genuine saving passed to the consumer, or does it mask a lack of manufacturer-backed after-sales support?

When a buyer chooses an authorised agent, they are essentially purchasing an insurance policy against the unknown. With a five-year manufacturer warranty, the financial burden of a faulty transmission or a software glitch stays with the global giant that built the car, not the local owner. In an era where vehicles are increasingly “computers on wheels,” the technical specialised tools and genuine parts held by authorised agents are no longer a luxury – they are a necessity for longevity.

The CMTA’s perspective also invites the buyer to look at the “Big Picture.” Every time a vehicle is imported under an under-declared value or an artificial depreciation bracket, it isn’t just a loss for the Treasury; it is a blow to the country’s foreign exchange discipline.

“A savvy buyer today is more informed than ever. They realize that a “cheap” import with no service history and no tropicalised specifications may eventually become a “minus” on the balance sheet. Frequent repairs and lower resale value can quickly evaporate the initial few lakhs saved at the point of purchase. Ultimately, the choice between brand new and used is a choice between certainty and speculation,” the Association says.

The CMTA is advocating for a level playing field where duty is based on true transaction value. Until that day comes, the burden of due diligence rests on the consumer. To be a “savvy buyer” in 2026 means looking past the showroom shine and asking: Who stands behind this car if something goes wrong tomorrow?

In conclusion, CMTA says,” For those seeking long-term peace of mind, the “brand new” path – supported by a transparent duty structure and a solid warranty – remains the gold standard for steering Sri Lanka’s complex automotive landscape.”

Before signing the papers on a reconditioned vehicle, the CMTA suggests buyers evaluate the four “minus” factors against a “brand new” purchase:

By Sanath Nanayakkare