Business
‘Galle Concerto 2024’ to put Sri Lanka back on world stage; four years on from crises exit
By Sanath Nanayakkare
The Presidential Secretariat, the Sri Lanka Tourism Promotion Bureau and the Sri Lanka Tourism Development Authority together with sponsors announced the launch of Galle Concerto 2024 at the Kingsbury Hotel Colombo on Wednesday.
They emphasized that the series of events of the programme would convey to the world that Sri Lanka is not only recovering but re-emerging as a strategically managed top tourist destination, consistent with its social, environmental and macroeconomic goals.
The Concerto, which comprises six segments, held its inaugurating ‘Rhythms of Paradise’ drum festival in Koggala from 12th – 14th January. The ‘Gourmet Galle Food Festival’ is taking place from 12th January – 30th March. The Classical Music Event will take place in Tangalle through 19th-21st January. Meanwhile, the Southern Book Fair will be held in Galle from 19th – 28th January, while the Galle Literary Festival will take place from January 25-28, followed by the Matara Festival from February 1-4.
“It will be the largest promotion of Sri Lanka’s music, culture, art and food ever undertaken, reaching out to a global audience, marketed throughout South Asia and the world. Galle Concerto will help make the southern belt of Sri Lanka to become one of the most visited destination in the world with the right audience”, Chalaka Gajabahu – chairman, Sri Lanka Tourism Promotion Bureau said.
The handbook launched along with the official announcement is set against the backdrop of the rich heritage of the country’s tourism ecosystem and vibrant coastal charm in the Southern Province.
Notably, the event will bring together a diverse array of writers, poets, intellectuals, literary enthusiasts, musicians, artists and celebrity chefs from around the world, who have the power to influence more travellers to visit Sri Lanka.
The Galle Concerto 2024 is launched under the auspices of President Ranil Wickremesinghe with the support of the office of the Presidential Envoy, Niranjan Deva Aditya.
Delivering the keynote speech at the event, Niranjan Deva Aditya said,” Four years ago, this country was shut down due to Covid 19 travel restrictions and people were forced to stay home unable to interact face-to-face for meaningful work like this. And two years ago, we had Aragalaya, riots, power-cuts and various shortages. I don’t need to remind you of the trials and tribulations the country of my birth endured over the past four years.
However, in the two ensuing years, we have all come together to work in unison to create an extraordinary celebration of Sri Lanka’s ancient history, culture, music, food, art and so on which are unique in the world with the objective of putting Sri Lanka back on the world tourism map in a much more dynamic way. I personally know the uniqueness of Sri Lanka. I have legislated for a number of countries over the past 20 years, and therefore, I can tell you Sri Lanka is the best.”
“Having gone through the two crises, we have been able to resurrect and revive our global identity and stand within a short span of two years and showcase our cultural diversity to the world. Today we are working together under the auspices of a man who inspired us for progressive possibilities. Nine months ago, he said we should call the largest event Sri Lanka ever had to show that we are back on the world stage.
Everybody right around him bought into his vision and many unsung heroes have worked thousands of hours to put together this extraordinary event without being paid, without any salaries because they believe in the great potential of this country. If we continue to nurture this progressive and collaborative attitude, I can assure you that Sri Lanka will have a great and secure future,” he said.
Tracy Holisnger -Galle Literary Festival- Gourmet Galle said,” Gourmet Galle will be a 12 week-long gourmet festival up and down the southern coast of Sri Lanka. A partner to the incredibly successful Galle Literary Festival, Gourmet Galle will feature dinners, afternoon tea and master classes with thirteen amazing celebrity and world-renowned chefs along the southern coast of Sri Lanka. The dinners will take place in exquisite homes and the finest boutique hotels, carefully curated to make each weekend its own unique and incredible event.”
Edward Robinson – Southern Book Fair, Chanchala Gunewardena – Matara Festival for the Arts, Nilupul Gunawardena – Rhythms of Paradise, Champika De Silva – Opera at the Anantara , and Damitha Nikapota – Gourmet Galle, spoke of their respective segments.
The literary sessions will be held at the Martin Wickramasinghe Folk Museum. The flagship event will conclude with a concert by internationally acclaimed Sri Lankan artistes.
Sri Lanka’s Tourism earnings for 2023 exceeded $ 2 billion mark with 1.48 million tourist arrivals. The following are some official statistics on tourist arrivals to Sri Lanka in 2023 in alphabetical order.
Armenia 2,490, Australia 67,436, Austria 10,594, Bangladesh 17,846, Belarus 10,969, Belgium 10,667, Canada 43,944, China 68,789, Czech Republic 12,056, Denmark 10,346, France 56,251, Germany 102,539, India 302,844, Israel 19,517, Italy 22,242, Japan 19,583, Malaysia 10,940, Maldives 37,328,Netherlands 29,056,Pakistan 10,744, Poland 17,946, Russia 197,498, Spain 23,905, Switzerland 23,556, U.K. 130,088, U.S.A 46,344.
Business
Constituent Change in the S&P Sri Lanka 20 Index
The Colombo Stock Exchange (CSE) announces the following change in S&P Sri Lanka 20 index constituents made by S&P Dow Jones Indices at the 2026 Mid-Year rebalance.
The exclusion and inclusion as announced by S&P Dow Jones Indices, effective from 22nd June 2026 (after the market close of 19th June 2026) are presented below.
The S&P SL 20 index includes the 20 largest companies, by total market capitalization, listed on the CSE that meet minimum size, liquidity and financial viability thresholds. The constituents are weighted by float-adjusted market capitalization, subject to a single stock cap of 15%, which is employed to reduce single stock concentration.
The S&P SL 20 index has been designed in accordance with international practices and standards. All stocks are classified according to the Global Industry Classification Standard (GICS®), which was co-developed by S&P Dow Jones Indices and MCSI and is widely used by market participants throughout the world.
To be eligible for inclusion, a stock must have a minimum float-adjusted market capitalization of 500 million Sri Lankan rupees (Rs), a six-month median daily value traded of Rs 0.25 million and have positive net income over the 12 months prior to the rebalancing reference date. For information, including the complete methodology, please visit: www.spindices.com
Effective from 22nd June 2026 the stocks in the S&P Sri Lanka 20 in alphabetical order are as above.
Business
Teejay Group navigates industry headwinds with financial strength and strategic focus
The Teejay Group recorded revenue of LKR 60.04 billion during the period, reflecting a 10% year-on-year decline, primarily due to continued softness in global textile demand. This performance was largely impacted by reciprocal tariffs imposed by the United States, intensified pricing pressures across key markets, and the resulting decline in volumes, all of which collectively weighed on topline growth.
Group Gross Profit declined by 36% year-on-year to LKR 5.02 billion, mainly attributable to lower production volumes, underutilization of plant capacity, sustained pricing pressures, and an unfavorable product mix. Together, these factors adversely affected margin performance amid a challenging operating environment.
The Group reported a Profit After Tax (PAT) of LKR 54.7 million, representing a 98% year-on-year decline. This was primarily driven by higher rupee-denominated costs and non-recurring items, provision for doubtful debts, and restructuring costs associated with right-sizing initiatives.
Ajit Gunewardene, Chairman of the Teejay Group said, “The year was marked by persistent global demand softness and pricing pressures, which impacted results. Despite this, we focused on operational efficiency, cost discipline, and strengthening our financial resilience. These actions position the Group to navigate ongoing uncertainty while remaining committed to long-term value creation for our shareholders.”
Despite these near-term challenges, the Teejay Group continues to maintain a strong financial position, supported by disciplined working capital management and a robust liquidity base. As at 31 March 2026, cash and cash equivalents stood at LKR 8.3 billion, while the Group’s net asset base increased by 3% year-on-year to LKR 32.4 billion, reinforcing the resilience of its balance sheet.
Business
Fairfirst celebrates 7 years of supporting the Sri Lanka Police K9 Unit
Fairfirst Insurance has once again partnered with the Sri Lanka Police K9 Unit, continuing its support for the seventh consecutive year. This partnership reflects the company’s long-standing commitment to giving back to the community.
Through this initiative, Fairfirst will provide comprehensive insurance coverage for the highly trained canines attached to the Sri Lanka Police K9 Unit. These dogs play a critical role in supporting police operations across the country, assisting with crime detection, narcotics investigations, search and rescue missions, and public safety efforts.
As a company that believes business should create a meaningful impact beyond insurance, Fairfirst remains committed to initiatives that support communities and recognise the vital contributions of those who help keep society safe. This shared commitment to protection and responsibility continues to drive the company’s long-standing partnership with the Sri Lanka Police K9 Unit.
Commenting on the continued partnership, Ravishankar Wickneswaran, CEO of Fairfirst Insurance, said, “It is a privilege for us to continue supporting the Sri Lanka Police K9 Unit for the seventh consecutive year. These dogs serve the country with incredible discipline and loyalty, often in challenging situations. Supporting their wellbeing is one small way for us to give back, and it reflects the FairfirstWay of standing by those who protect and serve our communities every day.”
Fairfirst looks forward to continuing this partnership and contributing to the wellbeing of the Sri Lanka Police K9 Unit in the years ahead.
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