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JAT Holdings posts ‘best ever financial year on record’ and delivers IPO promise

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Sri Lankan multinational conglomerate and market leader in wood coatings, JAT Holdings PLC, has posted its best ever financial year on record, doubling its Profit After Tax (PAT) during FY2021/22. Demonstrating resilient performance amidst the most challenging economic environment ever experienced in Sri Lanka, the Company’s Revenues rose by 66% percent to LKR 8.897 billion, from LKR 5.36 billion in the year prior.

Meanwhile, Gross Profits grew 58% to LKR 2.603 billion, compared with LKR 1.644 billion in FY2020/21, while Operating Profit rose by 73%. Most notably, JAT Holdings PLC witnessed its Profit After Tax expanding by an admirable102% to LKR 1.211 billion, up from LKR 600 million in the previous year. The company also witnessed export revenues grow during the year to account for 23% of Group Revenue, from 12% in the year prior, as the business pivots towards more export-oriented activity.

A JAT Holdings press release said: ‘During the year, the Company was able to maintain its Gross Profit margins at 29%, while Operating Profit remained constrained at 13% due to input cost inflation and foreign exchange volatility during the period under review. However, the Company was able to make two separate interim dividend pay-outs to investors worth LKR 0.32 and LKR 0.25 per share, during the year. An analysis of key sectoral growth further demonstrated that Wood Coatings grew by 61%, Decoratives (which includes WHITE by JAT) grew by 77% and Brushes grew by 43%, during the period under review, reflecting growth in both volume and value.

‘Discussing the financial performance of the enterprise, Founder and Managing Director, Aelian Gunawardene said, “We’re very pleased to state that we’ve lived up to our promise and commitment to our stakeholders, which we made during our IPO. We have delivered, as promised, a profit after tax of 1.2 billion rupees. Furthermore, we have achieved this milestone amidst the most serious economic crisis that Sri Lanka has experienced. Therefore, this should stand as testament and reassurance to our investors and other stakeholders, that JAT Holdings PLC is capable of delivering exceptional value, even in the face of adversity, and is supported by a business strategy suitable to the present environment, and will continue to remain resilient for the foreseeable future and beyond.”

‘JAT Holdings PLC will embrace the present challenges and transform them, where possible, into opportunities, and implement a future focussed business strategy to consolidate its position and remain resilient amidst Sri Lanka’s many evolving crises.

‘Commenting on the business strategy, CEO Nishal Ferdinando said, “A major component of our resilience focused business strategy will be to pivot towards export-oriented and international business with a view to expanding export revenues as much as possible in the near to medium term. Doing so will provide the Company with stability and the ability to outperform. In fact, during FY2021/22, export revenues have grown to account for 23% of Group Revenue, which is a significant increase from the previous year, where the figure was only 12%.”

‘To support this strategy, JAT Holdings PLC has already implemented various initiatives in the Bangladesh market such as the establishment of a new state-of-the-art R&D facility and the commissioning of a manufacturing plant, along with expansion into the retail market. Furthermore, the company is also working to develop its operations in Africa, with discussions underway to commission a plant in the country. Together, these new facilities will further consolidate the company’s position in the regional market, while contributing towards revenue and margin growth.’



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ComBank hands over fully refurbished wards at De Soysa Hospital for Women

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Pictured here are the representatives of the Bank and senior officials of the hospital at the ceremonial handing over of the refurbished ward.

The Commercial Bank of Ceylon recently handed over Wards No. 03 and 04 of the De Soysa Hospital for Women, after the completion of a comprehensive renovation project launched in March this year to mark International Women’s Day.

Wards 03 and 04 handle a substantial share of the hospital’s patient load, and account for approximately 2,500 to 3,000 deliveries and 4,000 to 5,000 admissions annually. Their refurbishment was designed to significantly enhance patient care, safety and comfort, and directly benefit thousands of mothers and newborns.

Five Trustees of the Commercial Bank’s Corporate Social Responsibility Trust participated in the formal handing over of the refurbished wards to the hospital authorities. They were Sharhan Muhseen, the Bank’s Chairman, Raja Senanayake, Deputy Chairman, Sanath Manatunge, Managing Director/CEO, Hasrath Munasinghe, Chief Operating Officer, and Prasanna Indrajith, Chief Financial Officer.

Established in 1879, the De Soysa Hospital for Women is the first maternity hospital in Sri Lanka and the second oldest in Asia and is credited with, among others, performing the country’s first caesarean section in 1905 and establishing one of its earliest organised operating theatres in 1907.

The Commercial Bank’s Corporate Social Responsibility Trust, through which this project was implemented, has via its healthcare-related interventions supported more than 100 government hospitals with essential equipment and infrastructure, contributed to emergency medical services through the ‘Adopt an Ambulance’ initiative, and implemented targeted community health interventions such as water storage solutions for families affected by kidney disease.

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IIHS expands global nursing pathways

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Dr. Renuka Jayatissa and Dr. Kithsiri Edirisinghe speaking to the media

The International Institute of Health Sciences (IIHS) Multiversity is expanding its international education programmes with the aim of creating overseas employment opportunities for Sri Lankan nurses and allied health professionals while contributing to foreign exchange earnings.

Speaking to the media during a conference at IIHS Multiversity in Kerawalapitiya, Dr. Kithsiri Edirisinghe, CEO, Co-Founder and Dean of IIHS aid that the institute has established academic partnerships with overseas universities and higher education institutions, including the University of Surrey in the UK, Deakin University in Australia, Metropolia University of Applied Sciences in Finland, Asia e University in Malaysia and SUNY Canton in the United States.

Under its ‘Study in Sri Lanka, Graduate to the World’ model, students can complete foundational and diploma-level qualifications locally before progressing to international top-up degrees or overseas employment.

Dr Edirisinghe said the model could substantially reduce the cost of obtaining internationally recognised qualifications. It estimates that completing a four-year bachelor’s degree at the University of Surrey in the UK would cost about USD 145,700, including tuition and living expenses, compared with about USD 27,750 through the IIHS pathway in Sri Lanka.

Dr Edirisinghe said the institute’s focus on overseas deployment addressed both Sri Lanka’s economic needs and the growing global demand for healthcare workers.

“Our winning model is producing job-ready, registration-ready healthcare professionals who can seamlessly enter foreign healthcare systems,” he said.

IIHS, which began operations in 2002 as the American College of Health Sciences, established its institutional base in Welisara in 2008 and launched its purpose-built greenfield multiversity campus in 2023.

The institute said it has upgraded the qualifications of more than 5,000 government nurses, supported over 2,500 youth on international employment pathways and trained more than 1,000 allied health professionals. It has also carried out over 250 community health projects.

The institute has identified Germany and Japan among its target markets, with pathways planned for 2,000 nurses for Germany and a one-year preparation programme linked to around 4,000 healthcare positions in Japan.

Dr. Renuka Jayatissa, Vice-Chancellor and a specialist medical doctor, said demographic changes and the growing burden of non-communicable diseases were changing healthcare requirements in Sri Lanka.

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Sampath Bank launches Sri Lanka’s first community-powered book discovery platform at Colombo International Book Fair

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Sampath GPay customers can enjoy 25% cash back on Book Fair purchases

Sampath Bank PLC has launched Sampath Book Finder, Sri Lanka’s first community-powered book discovery platform, giving visitors to the Colombo International Book Fair a faster and more seamless way to find the books they are looking for across the fair’s 150+ stalls, while also opening up new opportunities to discover titles recommended by fellow readers.

Introduced on the opening day of the Colombo International Book Fair on 25 September, Sampath Book Finder brings together digital innovation and the collective knowledge of readers to address a familiar challenge at one of Sri Lanka’s largest literary gatherings, where the scale of the fair can make locating a particular title a time-consuming exercise. When a book proves difficult to locate, visitors can access bookfairtracker.com or scan the designated QR code and submit a request to the community, allowing readers who have already spotted the title to share its location and help others find it without having to search stall after stall.

Commenting on the initiative, Milinda Weerasinghe, Chief Marketing Officer, Sampath Bank PLC, said, “At Sampath Bank, we believe meaningful innovation begins by identifying everyday challenges and creating solutions that make a real difference. Sampath Book Finder brings this thinking to the Colombo International Book Fair by turning the collective knowledge of readers into a real-time digital solution, empowering them to find what they are looking for, discover something new and help others do the same, while making the overall experience more convenient and connected.”

The platform also turns book discovery into a shared experience, allowing visitors to recommend books they encounter by sharing the title, publisher, hall and stall number, which enables fellow readers to discover sought-after titles and recommendations while making it easier to locate them within the fair.

Sampath Bank’s longstanding association with the Colombo International Book Fair also continues in 2026, marking more than 20 years of partnership, with the Bank serving as the Official Banking Partner for this year’s fair. As part of its presence at the event, SampathCards offer 25% cashback for Sampath GPay customers on their purchases and 3 months 0% instalment plans for book purchases via Sampath credit cards, while visitors can also access banking services through the Bank’s physical presence at the fair. Customers registering to open selected Fixed Deposits at the premises will receive an additional 0.25%, adding further value and convenience for visitors.

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