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Hameedia commemorates Women’s Day with dual events

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Hameedia, Sri Lanka’s leading total men’s wear solution provider commemorated International Women’s Day recently with a wave of educative and interesting events.

Celebrated cricketing personality Roshan Mahanama, Attorneys-at-Law, Naushalya Rajapaksha and Chamathka Rathnayaka from The Yeheliya Foundation and Dr. Lanka Jayasuriya Dissanayake, Chairperson/Trustee of the Indira Cancer Trust (ICT) Foundation together with the management and staff at Hameedia (Pvt) Ltd joined hands to celebrate all the impressive women who are an integral and invaluable part of the fashion entity.

Guest speaker from the Yeheliya Foundation made an informative speech related to cyber bullying in modern society, as many fall prey to the diabolical dilemma that wrecks the lives of many, with a majority of the victims being women, children and youth.

The speakers advised the staff of Hameedia on how important it is for women to be mentally strong in order to fight against injustices they face in today’s society where a person or anyone’s character can be destroyed by the mere click of a button.

Moving on, in keeping with an environment friendly concept that is additionally beneficial to women, Hameedia gifted a fruit plant each, to all 375 female members of their staff, to be grown in their home gardens.

Going a step further in ensuring the health and vitality of the staff meant taking the initiative to create awareness about breast cancer. Organised in collaboration with the Indira Cancer Trust, this event was instrumental in increasing awareness on the subject that had been a taboo for years. Now, regarded as a preventable form of cancer if detected early, cancer also shows no partiality as women belonging to all levels of society are prone to it.

Sri Lanka’s celebrated menswear specialist, Fouzul Hameed, Managing Director at Hameedia (Pvt) Ltd said, “While we at Hameedia value our female workforce and ensure they are treated with utmost respect every single day, Women’s Day 2021 gave us a good opportunity to organize events in collaboration with two of the most formidable charitable organisations that have created an impact on the lives of women in our country. It is our aim that these events will ensure a life well lived for all our female staff as each woman deserves to live life to the fullest and become the best version of themselves”.

ABOUT The Yeheliya Foundation: The Yeheliya Foundation is a Charitable Foundation which strives to create a space for young girls and women from different walks of life to strive towards creating an equal platform for their female counterparts. The foundation has brought together passionate individuals to work towards finding solutions for the betterment of society as a whole. They carry out activities for students, youth, and persons from all walks of life, not just women; and they are currently functioning as a multi-faceted foundation addressing a wide array of societal issues.

 

 



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Softlogic Life’s FY22 results grows to LKR 23 Bn GWP amidst tough macroeconomic challenges

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Softlogic Life recorded a superior full year performance in a crisis-affected business landscape, posting Gross Written Premium (GWP) of Rs. 23,083 million for the year ended 31 December 2022 with an increase in top-line growth of 15% compared to the corresponding period of last year. The Company has stood firmly with its policyholders in the face of the tough macroeconomic conditions, paying claims of Rs 8,264 million for the period.

During the period in review, Softlogic Life’s market share is at 16.87%, in comparison to 16.08% as of 31 December 2021. The market share increase continues to rank Softlogic Life as the second-largest in the life insurance market, overtaking much older players to establish strong growth momentum. Compared to the estimated Industry GWP growth, which was 9.6% during 2022, Softlogic Life recorded GWP growth of 15%.

The company reported a 10-year Compound Annual Growth Rate (CAGR) of 28% of GWP, while the industry 10-year GWP CAGR growth was at 14%. Softlogic Life also notes that its contribution to increasing insurance penetration in the country has increased during the period in review with 133,872 policies issued, insuring more than 1.5 million Sri Lankan lives.

Profit after tax (PAT) for the period in review rose to Rs. 2,683 million, an increase of 27% YoY. Profit before tax (PBT) grew by 36% compared to last year at growth of Rs. 1,065 million. The company’s operating expense ratio remained at 22% irrespective of the inflation hike during 2022 as a result of prudent and efficient expense management initiatives adopted. Furthermore, Softlogic Life maintained a healthy Capital Adequacy Ratio (CAR) of 287%, well above the regulatory CAR requirement of 120%.

The company recorded impressive Return on Equity of 25% and Earning per share of LKR 7.15 after providing one off provision for impairment. Recurring Earning per share for the year 2022 increased to LKR 12.85 from LKR 5.61 per share.

Commenting on the financial performance of the Company, Ashok Pathirage, Chairman of Softlogic Life Insurance PLC, stated, “Despite numerous challenges in a tough business landscape, we have performed well to maintain our position as the second-largest life insurance company in Sri Lanka, growing our market share further to 16.87% by the end of 2022. These accomplishments were facilitated by the strategies we deployed and the strong execution of those strategies that have enabled the Company to sustain momentum in spite of the prevailing macro challenges.”

Since its inception, Softlogic Life has been striving to improve the quality of life of Sri Lankans through relevant disruptive innovations and digitalization. Industry-first innovations such as one-day automated claims settlement, hospitalization claim settlement, 100% digitalized sales platform, automatic policy issuance and mobile based micro products has helped the company to deliver a superior customer experience, which has been instrumental in enhancing its competitive position.

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Foreign investors bullish and local counterparts bearish at CSE; year-to-date net foreign inflows hit Rs. 2 billion

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By Hiran H. Senewiratne

Foreigners remained bullish on Sri Lanka’s listed equities as year-to-date net foreign inflows crossed the Rs. 2 billion mark, while local investors appeared bearish at the CSE yesterday.

JKH was the major driver for foreign inflows to reach more than Rs two billion, without any specific reason, since last week, market analysts said. However, shares fell in mid-day trade over the need for further positivity on the International Monetary Fund loan being secured, an analyst said.

Both indices moved downwards. The ASPI fell by 125.28 points, while the most liquid S&P SL20 fell 43.82 points. Turnover stood at Rs 2.2 billion with four crossings. Those crossings reported in Lanka Tiles, which crossed 1.2 million shares to the tune of Rs 54 million, its shares traded at Rs 45, JKH 300,000 shares crossed for Rs 43.65 million, its shares traded at Rs 145.50, HNB 468,000 shares crossed to the tune of Rs 43.3 million, its shares traded at Rs. 92.50 and Chevron Lubricants 200,000 shares crossed for Rs 24.1 million, its shares fetched Rs 107.

In the retail market, seven companies that mainly contributed to the turnover were, JKH Rs 721 million (4.9 million shares traded), Aitken Spence Rs 302 million (two million shares traded), Expolanka Holdings Rs 126 million (664,000 shares traded), Softlogic Capital PLC Rs 91 million (5.6 million shares traded), Browns Investments Rs 82.1 million (13.5 million shares traded), Softlogic Life Insurance Rs 63.3 million (512,000 shares traded) and Tokyo Cement (Non- Voting) Rs 49.1 million (1.45 million shares traded). During the day 56.2 million share volumes changed hands in 14000 transactions.

“The overall market was pulled down because the market ran on banking shares in the past sessions, but news on domestic debt restructuring moved the market into the red yesterday, an analyst said.

Any domestic debt restructuring will be part of a negotiation process with creditors, which will take place after a program with the International Monetary Fund is in place, Central Bank Governor Dr. Nandalal Weerasinghe said.

First, financial assurances from bi-lateral creditors have to be received to qualify for the IMF program.

It is said high net worth and institutional investor participation was noted in Expolanka Holdings, JKH and Sampath Bank. Mixed interest was observed in Aitken Spence, Sri Lanka Telecom and Lanka IOC, while retail interest was noted in Browns Investments, LOLC Finance and Ex-Pack Corrugated Cartons.

It said the Capital Goods sector was the top contributor to the market turnover (due to JKH and Aitken Spence), while the sector index gained 0.19 per cent. The share price of JKH gained 75 cents to reach Rs. 145.50. The share price of Aitken Spence closed flat at Rs. 150.

The Transportation sector was the second highest contributor to the market turnover (due to Expolanka Holdings), while the sector index increased by 1.02 per cent. The share price of Expolanka Holdings increased by Rs. 2 to Rs. 194.

Yesterday, the Central Bank announced the US dollar buying rate as Rs 359.99 and selling rate as Rs 370.18.

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Japanese State Minister of Foreign Affairs visits Port of Colombo

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SLPA Chairman Keith D. Bernard presents a token of appreciation to Japanese State Minister of Foreign Affairs - TAKEI Shunsuke. SLPA vice chairman - Gayan Algewattege, SLPA managing director - Susatha Abeysiriwardena and harbour master capt. Nirmal Silva were present.

Japanese State Minister of Foreign Affairs TAKEI Shunsuke visited the Port of Colombo to learn about the ongoing developments in the Port of Colombo. The visit took place on 03rd February 2023. During the visit the Japanese State Minister of Foreign Affairs also met with the Chairman of Sri Lanka Ports Authority (SLPA) – Keith D. Bernard and other higher officials at the main control tower of the Port.

The Chairman of SLPA explained to the Japanese state minister of foreign affairs of the progress of the developments of the East Container Terminal (ECT), the West Container Terminal and the North Port Development Project. The SLPA Chairman thanked the Japanese Government and the people of Japan for the invaluable support extended by them for development of Port sector in Sri Lanka, particularly towards the Jaya Container Terminal and the developments at the Port of Trincomalee.

The high level Japanese delegation at the Port of Colombo also comprised MIZUKOSHI Hideaki – Japanese Ambassador to Sri Lanka, TUTSUMI Tarou – Director, Southwest Asian Division, ANDO Toshiaki – Executive Assistant to the state minister of foreign affairs, TOKITA Yuji – director, second country assistance planning department, IWASE Kichiro – assistant to minister /director-general Southeast and Southwest Asian Affairs Department, MATSUYAMA Miina – third secretary, Embassy of Japan in India, KATSUKI Kotaro – Minister Embassy of Japan in Sri Lanka and OZAKI Takeshi, first secretary – Embassy of Japan in Sri Lanka.

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