LOLC Al-Falaah was felicitated with two prominent awards within the Islamic Banking and Finance services sector in Sri Lanka, at the 11th edition of the SLIBFI (Sri Lanka Islamic Banking and Financial Institution) awards. Securing the GOLD award for ‘Leasing Company of the Year’ and GOLD award for ‘Window of the Year’ were significant, as LOLC Al-Falaah have won these awards consecutively over the years. Whilst receiving the Bronze award for ‘Entity of the Year’, an innovative product option ‘Wakalah Speed-Draft’ launched earlier in the year secured the Bronze award for ‘Product of the Year’. With the newest additions, Al-Falaah reaffirms the trust placed in them persistently, as the ‘Most awarded Alternate Financial services provider in Sri Lanka.
LOLC AL-Falaah is the alternate financial services brand of LOLC Holdings PLC, Sri Lanka’s largest and most diversified multinational conglomerate with operations in 22 countries in Asia and Africa. The brand dominates the alternate financial services segment in Sri Lanka, as a Strategic Business Unit (SBU) of LOLC Finance PLC (LOFC), Sri Lanka’s largest Non-Banking Financial Institution (NBFI). LOLC Al-Falaah, has a strong brand identity and brand acceptance with a history of over 15 years within the industry. Al-Falaah performed strongly in 2021/22 to record an impressive Finance portfolio growth of over 51% reaching Rs. 23.44 Bn from its previous year’s book of Rs. 15.47 Bn while sustaining a Deposits portfolio of Rs. 12.52 Bn. Committed to safeguarding investors, LOLC Al-Falaah has distributed Profits to Depositors amounting to Rs. 735 Mn, and secured a 36% increase in Profit before Tax, demonstrating a strong stature despite the volatile economic conditions during the year.
Commenting on the remarkable achievement Director/ Chief Executive Officer of LOLC Finance PLC, Krishan Thilakaratne said; “these constant awards we receive reinstates that LOLC Al-Falaah is ahead of the curve in terms of market leadership, innovation and trust, under the umbrella of the largest NBFI in the country, LOLC Finance. We compete even with other banks because of its sound portfolio quality which is 100% asset backed. Our non-performing loans too are the lowest in the industry which reflects the credit quality and professional management of our finances”.
Also commenting, Mr. Shiraz Refai, Head of Alternate Financial Services, LOLC Finance said, “Our commitment to ensuring our Customers financial needs are tailor-made to modern-day complex requirements, together with emphasis on determination and attention-to-detail, customer care service offered by LOLC Finance staff are the key reasons that we were honoured by these multiple awards. On behalf of the Team, we’re honoured to receive ‘Leasing Company of the Year–Gold’ and ‘Window of the Year-Gold’ for the third and second consecutive years respectively and recognition for both Entity of the Year and Product of the Year’. I believe that our performance and recognition roots from the trust and confidence that our Customers have placed in us, together with the untiring efforts of our professional staff members.”
The awarding ceremony was concluded on the 14th of October 2022 at Ramada Hotel, Colombo. The awarding body, UTO EduConsult (UTO), an organization with a long-reputed history, has initiated this awarding event to acknowledge and to recognise the efforts made by the Islamic Banking and Financial sector in Sri Lanka. In awarding the titles, the applicants profiles have been reviewed and accessed based on their audited financial data pertaining to the year under consideration, by a reputed panel of judges.
‘Expolanka Holdings steadfast in posting stabilized Q3 results’
Expolanka Holdings PLC recorded a steady 9-month performance as at December 31, 2022 amid declines in the overall global markets. Reflecting the underlying strength of its business and success in pursuing a consolidated strategy, the combined 9-month performance delivered a strong endorsement in overcoming challenges in the macro environment with Year-to-date Revenue of Rs. 491Bn, Gross Profit Rs. 85.9Bn and Net Profit Rs. 32Bn. International business continued to generate above 95% in contribution, demonstrating the robust earning potential of the company, an Expolanka Holdings press release said.
The release adds: ‘However, declines in international trade moderated Q3 FY 2022 earnings, recording a Revenue of Rs. 94.2Bn, Gross Profit of Rs. 20.6Bn and a Profit after Tax of Rs. 3.0Bn.
‘Contributing to company earnings was the logistics sector which navigated the challenging macro-economic environment and adopted longer-term strategies concentrating on business fundamentals. For Q3, the sector posted a Revenue of Rs. 92Bn, Gross Profit of Rs. 19.9Bn and Profit after Tax of Rs. 2.7Bn delivering a YTD Profit after tax of Rs. 30.1Bn.
‘Impacting revenues were a reduction in operating volumes across Air Freight and Ocean Freight products due to the overall slowdown in global trade volumes on grounds of high inventory levels, inflationary fears and the global energy crisis. The Air Freight business encountered a relatively larger impact due to challenging market conditions resulting in weakening demand and reduced volumes.
‘Focusing on increased customer penetration, developing partner networks and enhanced competencies, the company was successful in gaining cumulative progress in the Ocean Freight product.
‘The North American trade lane continues to remain the critical business driver for Expolanka, while the European and Intra-Asia companies remained resilient.
‘Reinforcing growth and sustaining improved margins was also due to the company’s focus on strengthening customer relationships, attracting selective new customers and engaging in proactive procurement strategies.
‘Key EFL origins also delivered strong results, reflecting the success of the infrastructure investments made into these markets.
‘The Group’s stabilized 9-month performance was also aided by the continued resurgence in the leisure sector. In Q3 the sector delivered a Revenue of Rs. 725Mn, Gross profit of Rs. 578Mn and Profit after tax of Rs. 202Mn by strengthening its market position focusing on efficient procurement and operational excellence.’
‘Recording a revenue of Rs. 1.6Bn and a Profit after Tax of Rs. 41Mn, the Group’s investment sector remained steady making progress across its business portfolios.
‘Despite the global macro environment remaining uncertain and challenging in the future, Expolanka aims to forge ahead, unwavering in its approach to deliver on earmarked strategic initiatives building on its strong performance. The company stands persistent towards generating accelerated growth and innovation while remaining true to its core values by reaffirming its long-term commitment and challenging the status quo to seize opportunities in the market that would predominantly secure its position as a market leader.’
Sanasa Life Introduces “Pinsaru Vandana” – A Premium Insurance Policy for Buddhist Clergy
Helping to elevate and protect the Buddha Sasana, Sanasa Life Insurance has introduced a very special and tailored insurance policy for Buddhist Monks. The “Pinsaru Vandana” insurance policy provides a specialized insurance scheme addressing the special needs of Buddhist Monks. An auspicious inauguration ceremony was held, in the presence of several senior members of the Buddhist Clergy on the 17th of January 2023, at the Sri Sambudhdhatva Jayanthi Mandiraya in Colombo. A total of 300 Buddhist Monks were in attendance at the event, and gave their blessings for this special insurance scheme. A group of dignitaries, including Wishawa Prasadini, Dr. P. A. Kirivandeniya and Piriwena Director, Venerable Watinapaha Somarathana Thero, were also present and played key roles during the event.
“Pinsaru Vandana” is an insurance scheme that provides relief and protection for junior monks, in the event of the death, serious illness or incapacitation of their patron/senior monk. In such an unfortunate event, junior monks can often become destitute and or marginalized. Thus, “Pinsaru Vandana” will help to protect these young monks as they pursue their journey and mission of elevating and sustaining the Buddha Sasana.
Technocity hosts ‘Together We Win’ training programme in Thailand
The Technocity Pvt. Ltd., the leading Sri Lankan IT Distribution Company, recently held a three-day ‘Together We Win’ training programme at the Rembrandt Hotel in Bangkok, Thailand.
The event, in partnership with HP, invited The Technocity’s top 10 Partners for training in gratitude for the continuous support they have shown towards helping the company develop its business.
The event featured esteemed speakers, including Gehan Thangappan (Business Head, The Technocity), Manish Gawri (Hp Inc., Notebook), T Natarajan (Hp Inc., Print) and M. Kalim (Sales Manager, The Technocity).
The sessions covered various pertinent topics while the invitees viewed a series of product videos during the training to further understand the complexities of the products.
Addressing the invitees, Gehan Thangappan said, “We started small, as all new businesses do, but we’ve grown beyond our borders. This is all thanks to our valued partners and customers who have helped us achieve newer and higher ground. Grateful as we are, we also look forward to providing our diverse clientele with the best products and top-notch service as always.”
The Technocity also conducted a F2F discussion with the partners, briefing them on the way forward and announcing the channel incentive schemes in place targeting Ink Tank Printers. Prior to the conclusion of the event, the attending partners partook in a quiz segment and were treated to exciting giveaways.
“We are very happy with the success of this programme. The training had a very good impact, especially as it was held out of the country and it motivated partners. It was also significant for us as it was the first event we had held overseas after Covid,” Thangappan added.
The Technocity Pvt Ltd is one of the leading distributors in Sri Lanka for IT products and services. In the nearly three decades since its establishment, The Technocity has grown to become one of the most trusted names in the industry. The company is also the first local distributor for HP in Sri Lanka and boasts a portfolio of representation for notable brands like Asus, Lenovo, MSI, Logitech and Viewsonic.
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