Gas World (Pvt) Ltd, a wholly owned subsidiary of Industrial Gases Pvt Ltd, recently announced their plans to add yet another ASU Plant to increase their Medical and Industrial Oxygen production capacity.It was only in the 3rd week of April 2021 that they commissioned their third plant boosting production capacity to almost 38 tons per day. The commissioning of this plant was long delayed due to the outbreak of COVID-19 pandemic in China from November 2019 till end 2020. As announced by Sumith Guruge, Chairman of Industrial Gases (Pvt) Ltd and Gas World (Pvt) Ltd “this was a part of our normal capacity expansion based on pre Covid-19 economic conditions. Fortunately, this plant was commissioned in April 2021 enabling local production capacity to meet the bulk of the Sri Lanka’s health sector needs during the early days of the third wave of Covid-19. This enabled the company to increase its supply of Oxygen to the health and industrial sectors from around 10 to 40 tons per day”.Guruge is confident in having the new plant up and running within a few months as opposed to the usual time taken to commission such a plant. He also stated that ” we have maintained our prices to the health sector stable throughout the pandemic and with the commissioning of the fourth plant, Gas World will double its Oxygen and Nitrogen output. With a vibrant vaccination program and other health safety measures in place, we are confident that the pandemic would fade away sooner than expected enabling the local industries such as construction, production related, Port City development etc. to experience a considerable boost”.
As a responsible and a reliable partner in progress, our goal is to be prepared for such an exponential growth to ensure an uninterrupted supply of gases without any adverse impact on national development. When asked about over capacity in a post pandemic environment Chairman Guruge stated “We are looking at the broader goals of our industry. We must provide uninterrupted supply to all our customers, not only the health sector but all of the industries we supply, from ship building to food processing and even our neighborhood welding plants. Any investor will be able to access our industrial gas without an interruption. Hopefully we will be able to provide more in-plant Oxygen supply to more hospitals” a laudable vision, indeed.
Global CEO Forum fetes one of most influential SL entrepreneurs
In tribute to the late Merril J. Fernando, the esteemed Founder of Dilmah Tea, the Global Brand Creator 2023 Award was bestowed at the Global CEO Forum held recently in Sri Lanka. This prestigious accolade was presented to Kirmali Fernando (the daughter-in-law of late Merril J. Fernando) by the Governor of the Central Bank Dr. Nandalal Weerasinghe, Kataro Katsuki, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Janaka Abeysinghe, CEO -SLT MOBITEL, Dr. DMA Kulasuriya, Director General-NIBM, Ahamed Ikram, Director-Emerald International , Dilanga Karunaratna- Director Otto Bathware and Anura Siriwardena, Chairman-Global CEO Forum.
Coca-Cola Sri Lanka extends its ‘Adopt A Beach’ program for a third year
Coca-Cola Sri Lanka Ltd. proudly continues its mission to safeguard Sri Lanka’s shorelines by extending the ‘Adopt A Beach’ initiative for a triumphant third year. This exciting announcement aligns with the celebration of International Coastal Cleanup Day on September 16, 2023, emphasizing the paramount significance of coastal preservation.
Commemorating the partnership with an exclusive beach cleanup and an enlightening session at Crow Island Beach, the day’s proceedings were honored by the presence of the Governor of the Western Province and Marshal of the Sri Lanka Air Force, Roshan Goonetileke and key government stakeholders representing the Ministry of Local Government, Colombo Municipal Council, Environmental Police Division, Coastal Conservation Department, Waste Management Authority and the Crow Island Beach Management Society.
Additionally, underlining the vital role that the youth of our nation play in forging cleaner and safer coastal regions, particularly through the realms of media and volunteerism, the occasion also brought together young talents from the media sector and a dedicated team of volunteers from the Clean Ocean Force, Clean Ocean Force Youth Club of the Ocean’s University, Clean Ocean Force Youth Club in Negombo, Rotaract Club Colombo Regent, Shri Vimukthi Youth Association, youth from International Schools and Adfactors Public Relations Lanka.
PLC’s profits surge 80.9% in Q1, amidst challenging environment
People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.
PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.
Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.
Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.
In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.
Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.
US National Security Agency unveils artificial intelligence security centre
At least 50 killed, dozens injured in blast in Pakistan
Department of Irrigation extends flood warnings issued to the basin areas of the Nilwala, Kalu and Gin rivers
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
News6 days ago
Business focus shifting in a more favorable direction
Features6 days ago
PAMANKADE -THE TOWN THAT VANISHED !
Business6 days ago
SLT-DIGITAL Services and Surge Global forge strategic partnership to propel growth marketing and develop enterprise software solutions
News6 days ago
No new date yet for AL exam, postponement to have knock on effect
News5 days ago
US delaying visa for Security Oversight Committee head
Business6 days ago
Nirmal Saverimuttu Chief Executive Officer Virgin Voyages
News6 days ago
Expect more Easter Sunday type attacks: minister
News7 days ago
Sajith tells Parliament about ‘undeniable evidence linking Zahran group to Army intelligence’