Business

Lanka Sathosa, MILCO partnership powers Highland

Published

4 years ago

2020/12/29

Lanka Sathosa, the country’s largest retail network business, and MILCO, one of the country’s largest dairy companies, announced that they had successfully propelled Highland to rise above the competition and emerge as the highest selling full cream milk powder at Sathosa.

Working together, the two state sector entities strived relentlessly to promote home grown brand Highland’s locally manufactured full cream milk powder to consumers across 420 Sathosa outlets around the island. Thanks to the combined efforts of the two organizations, Highland now accounts for 1 in every 3 packets of full cream milk powder sold on average at Sathosa outlets, rising from a basket share of less than 15% about a year ago.

Going beyond building the brand and driving sales and revenue, this achievement augurs well for the nation’s goal of achieving self-sufficiency in the dairy industry. The sector is currently dependent largely on imported milk powder, thereby resulting in significant drain in valuable foreign exchange.

“MILCO was formed with the aim of supporting the rural economy and catering to the nutritional needs of the nation. Over the years, we have continued to ramp up our fresh milk collection and dairy product manufacturing operations to strengthen the local dairy industry and offer nutritious products to consumers. In line with this, we are excited to have partnered with Lanka Sathosa on driving our Highland range of products. Working together, we have successfully helped Highland full cream milk powder rise to become the number one selling brand in its category at Sathosa outlets. This is a significant milestone for the brand as well as for the local dairy industry,” said, Lasantha Wickramasinghe, chairman, MILCO (Private) Limited. “Encouraged by these results, we recommit ourselves to serving the nation and its dairy sector in particular.”

“At Lanka Sathosa, we strive to support the country by offering the highest quality everyday essentials at economical prices to consumers and by assisting small business owners, local manufacturers and farmers. In line with this, we partnered with MILCO to promote Highland’s locally manufactured products. We are delighted to see Highland now emerge as the highest selling full cream milk powder at our stores. In doing so, we have also helped the nation save valuable foreign exchange. This is a result of the ingenuity and commitment of both our teams. It gives us further impetus to champion local brands and thereby drive the economy forward,” said, Dr. Nushad M. Perera, chairman, Lanka Sathosa Limited. “We will continue to work with likeminded partners on transforming Sri Lanka’s retail space and delivering greater value to the nation.”

Lanka Sathosa Limited is a state-owned largest retail network business in Sri Lanka with over 420 outlets island wide and over 4500 employees. Established in 2005 under the name Lanka Sathosa with the aim of food security to the mass consumer, the retail chain’s new vision reflects its perceptions of its current target consumers with lower and lower middle-income households which is a price setter for the nation. Guided by its trusted leadership team, Lanka Sathosa spearheads the sustainable development of the food industry in Sri Lanka.

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Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

13 hours ago

2025/04/27

Thilina Walpola

Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

13 hours ago

2025/04/27

Thilina Walpola

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

13 hours ago

2025/04/27

Thilina Walpola

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.