Business
Hemas’ focus on core Ssectors continues to deliver sustained growth
Hemas Holdings PLC delivered a commendable performance in the first nine months of the financial year 2023. Notwithstanding the volatile economic conditions, the Group posted a cumulative revenue of Rs. 81.7 billion, a 41.6 per cent growth over last year. Despite the 51.5 per cent growth in Group operating profits, reported earnings for the period remained flat at Rs. 3.2 billion amidst the escalating interest rates.
Sri Lanka struggled to maintain economic stability amidst lingering concerns regarding soaring inflation, delays in entering into a comprehensive IMF programme and limited foreign exchange reserves. Inflation as per the National Consumer Price Index (NCPI) hit a record high in September 2022, which subsequently decreased to 59.2 per cent in December. The domino effect of multiple tax reforms is to be realised in the months to come. Even though challenges surrounding the disruptions to power supply, and lack of essentials were present, the operating conditions saw relative improvements in comparison to the preceding quarter.
While the prolonged effects of the economic crisis continued to impact the operating dynamics and the consumption habits, the Group posted a revenue of Rs. 29.8 billion for the quarter, a growth of 38.2 per cent over same period last year. Increased resilience in the backdrop of successive crises coupled with future focused business strategies on optimising working capital, internationalisation and customer centricity resulted in a stronger recovery in business activities. The positive momentum of declining global commodity prices and improved exchange availability was not reflected in the earnings due to inflationary pressure and elevated borrowing costs.
Consumer Brands
Consumers remained cautious on their purchase decisions on the back of multiple tax reforms and inflationary pressure leading to volume contractions across the industry. With the reduction in key global commodity prices, the domestic market witnessed a decline in prices for multiple personal care products. Increased availability of fuel resulted in distribution efficiencies and significant improvement in footfall to the stores.
Stationery market witnessed increased competition with almost all market participants being active under improved operating conditions. Value for money products gained traction under increasing pressure on disposable income with non-essential items recording higher volume reductions. Towards the latter part of the quarter, multiple donor-led support programmes were introduced to the system by various parties including corporates, non-profit organisations and individuals as an effort to ease the burden to the customers.
Bangladesh economy was adversely impacted by the soaring inflation, depreciating currency, energy shortage, slowdown of the recovery from the pandemic, the war in Ukraine and poor economic conditions in key export markets. However, the country is expected to benefit from the IMF programme which was signed in January 2023 with a view of preserving macroeconomic stability.
Consumer Sector reported a 44.3 per cent growth in cumulative revenue to reach Rs. 32.5 billion for the first nine months of the year. Increased focus on the International and exports segments, notably on personal care and learning verticals positively contributed to the revenue growth. Despite the growth in operating profit, the dual impact of increase in interest rates and the widened working capital base restricted the earnings to Rs 1.9 billion as against Rs. 1.6 billion reported last year.
The Sector reported a revenue of Rs. 13.6 billion for the quarter, supported by the improved performance of both the Home and Personal Care and Learning Segments. Prudent efforts to identify challenges and implement appropriate pricing and cost management strategies along with dynamic supply chain solutions allowed the Sector to achieve an operating profit of Rs 1.8 billion during the quarter.
Home and Personal Care
Volume contraction witnessed in the preceding periods continued to the quarter under discussion with key categories experiencing challenges amidst the deteriorating purchasing power. Considering the rising inflationary pressure on consumers, the business took a decision to pass down the benefit of declining global commodity prices in the form of price reductions and discounts. Moreover, value for money pipeline was further strengthened with additions to the ‘Velvet cutie’ and ‘Baby Cheramy’ value packs. Our efforts in tackling period poverty were further supported by the Government’s decision to remove taxes on feminine hygiene products resulting in a growth in volumes for the sub sector. The quarter witnessed an 8.6 per cent contribution to revenue from new product launches supported by the increased traction for key brands including ‘Baby Cheramy’, ‘Diva’, ‘Fems’ and ‘Vivya’.
With an aim of uplifting safety standards and innovating best quality baby care products, ‘Baby Cheramy Safety Institute’, the first of its kind development facility in Sri Lanka was launched during the quarter. In line with the strategic drive to explore adjacent spaces, Hemas ventured into the food industry with the recent launch of ‘Tasty Country Flakers’, a wholesome cereal made with natural ingredients. The product was successfully introduced to the market via multiple trading platforms as a healthier alternative to breakfast cereals.
Learning
Reinforcing its strength and stability, the Learning arm of the business continued to maintain its market leading position with improvements to market share in all key categories. Building up to the back-to-school season that is expected in the fourth quarter, increased demand was witnessed for stationery products in the month of December. ‘Atlas Learn’ platform which was launched in the previous quarter as an enabler for curriculum development and lesson planning has gained traction with increased active user engagement.
In recognition of our commitment to purpose and innovation, Atlas was honoured with the Local Brand of the Year (Gold) and the CSR Brand of the Year (Bronze) accolades at the SLIM Brand Excellence Awards.
Consumer Brands International
During the quarter, revenue from new launches resulted in a 24.0 per cent contribution to the total Home and Personal Care International revenue against the 16.9 per cent recorded for the same period last year. In response to the economic pressure, ‘Actisef’ launched the mini variant at an affordable price point to provide the customers with much needed choice amidst reducing disposable income levels.
Aligning to our long-term commitment to drive internationalisation and export footprint, the Consumer Brands International Segment witnessed a double-digit growth in cumulative revenue due to increased focus on personal care and stationery products in regional markets, mainly in Bangladesh, Pakistan and Maldives.
Business
ADB pledges over $1 billion annually to Sri Lanka in post-cyclone recovery push
Asian Development Bank (ADB) President Masato Kanda met with Sri Lanka Prime Minister Harini Amarasuriya at ADB’s Manila headquarters recently. The meeting reaffirmed the strong development partnership between ADB and Sri Lanka, with both leaders underscoring their commitment to post-cyclone recovery, inclusive growth, and advancing women’s equality.
“Sri Lanka’s resilience in the face of crises has been remarkable,” said Kanda. “We are committed to helping Sri Lanka rebuild after Cyclone Ditwah, while also investing in the country’s future by empowering women entrepreneurs and strengthening education and essential skills.”
Looking ahead, ADB is ready to provide more than $1 billion annually to Sri Lanka from 2026 to 2029. This financing will target macroeconomic stability, private sector-led growth, education and skills development, and resilient infrastructure. Key initiatives include a major digital transformation program to help unlock Sri Lanka’s digital economy, alongside support for its accession to the Regional Comprehensive Economic Partnership to deepen its integration into regional trade and investment networks.
During their discussion, Kanda emphasized ADB’s response to the devastation caused by Cyclone Ditwah. Building on emergency financing already mobilized, ADB is fast-tracking an emergency assistance loan to restore damaged infrastructure and support affected livelihoods.
With Dr. Amarasuriya serving as the keynote speaker for ADB’s International Women’s Day event, the leaders highlighted women’s equality as a cornerstone of inclusive development. Kanda noted ADB’s long-standing work as an implementing partner of the Women Entrepreneurs Finance Initiative, which expands access to finance, business skills training, and policy reform for women-owned enterprises. This partnership has helped drive lasting change, with Sri Lanka becoming one of the first countries to adopt the Women Entrepreneurs Finance Code at the national level in March 2025.
Dr. Amarasuriya also engaged in dialogue facilitated by ADB to advance Sri Lanka’s skills agenda, including discussions on referencing skills and qualifications with the Association of Southeast Asian Nations and on mutual areas of interest with the Philippines related to technical and vocational education and training.
Business
New Board appointed to lead Unit Trust Association of Sri Lanka
The Unit Trust Association of Sri Lanka (UTASL) announced its new Board of Directors, appointing Jeevan Sukumaran of SENFIN Asset Management as President. The Board assumes leadership at a time of significant growth and resilience in Sri Lanka’s Unit Trust industry. Over the past five years, the number of unit holders has more than doubled, while assets under management have grown substantially, reflecting a clear shift in investor behaviour amid evolving economic conditions.
The 2026–2027 Board includes Vice President Kavin Karunamoorthy (First Capital Wealth Management), Secretary Asanka Herath (Lynear Wealth Management), Assistant Secretary Gayan De Silva (Capital Alliance), and Treasurer Wishan Perera (Softlogic Invest).
President Jeevan Sukumaran highlighted the importance of expanding the industry’s reach and increasing retail participation nationwide. “Whilst the Unit Trust industry has grown significantly in recent years, the next phase must focus on broadening retail investor participation across Sri Lanka’s different geographic/demographic sectors, with the key priority being strengthening investor education and awareness, particularly outside major urban centres. Improving financial literacy and expanding access to professionally managed investment solutions are essential to building long-term confidence and encouraging more Sri Lankans to invest in unit trusts.”
The new Board intends to build on the industry’s recent momentum by prioritising investor education, digital accessibility, and product innovation. Over the coming years, enhanced digital platforms are expected to make Unit Trust products more accessible, enabling investors across the country to participate in capital markets in a convenient and transparent manner.
Business
Indiya at Cinnamon Life enters a flavourful new chapter
Colombo’s vibrant dining landscape has received a fresh infusion of flavour with the renewed culinary direction of Indiya, the signature Indian restaurant perched high above the city at Cinnamon Life at City of Dreams. With celebrated Indian chef Mukesh Joshi now steering the kitchen, the restaurant is presenting a menu that celebrates the depth, diversity and soul of Indian cuisine while subtly weaving in Sri Lankan influences.
Located on the spectacular Level 23 of the sprawling Cinnamon Life complex, Indiya’s setting itself feels like a prelude to the culinary journey that unfolds at the table.
The restaurant’s sweeping views of Colombo’s skyline provide a dramatic backdrop to a menu designed to take diners across India’s many culinary regions — from the fragrant biryani traditions of Awadh to the bold spice profiles of coastal kitchens.
At the heart of this new chapter is Chef Mukesh Joshi, a culinary craftsman whose career spans some of India’s most renowned hospitality institutions as well as prominent dining establishments in the Middle East.
Having honed his skills at luxury hotels such as The Westin and St. Regis Mumbai before leading kitchens in Dubai’s thriving Indian dining scene, Joshi is known for his ability to balance traditional flavours with contemporary finesse.
At Indiya, his philosophy is simple yet compelling: celebrate the authenticity of Indian cooking while creating dishes that encourage sharing and conversation.
The experience begins with a vibrant array of small plates that capture the playful spirit of India’s street food traditions. The crisp Sev Papdi Chaat offers bursts of sweet, tangy and spicy notes, while a generous Pakora Platter brings together an assortment of golden-fried fritters that evoke the comforting flavours of roadside tea stalls across the subcontinent.
From there, the menu moves naturally into the world of the tandoor — the clay oven that lies at the heart of many Indian kitchens. Among the highlights is the Hariyali Tandoori Gobi, where cauliflower is marinated in a fragrant blend of herbs before being charred to smoky perfection. Equally intriguing is the Rajma Galouti, a vegetarian reinterpretation of the famed Lucknowi kebab, delivering a melt-in-the-mouth texture that surprises and delights.
Seafood lovers will find much to savour as well. Jhinga Koliwada, a coastal delicacy of spiced prawns fried to a crisp exterior, offers a lively contrast to the delicately seasoned Rawa Fried Surmai. These dishes reflect Chef Mukesh’s confident handling of spice and texture — two essential pillars of Indian cooking.
No Indian dining experience would be complete without the ritual of sharing freshly baked breads, and Indiya’s basket arrives warm and inviting. Chilli Cheese Naan brings a playful modern twist to a classic favourite, while flaky parathas and stuffed Aloo Kulcha provide comforting companions to the restaurant’s richly spiced curries.
By Ifham Nizam
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