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LOLC Holdings Group SL’s top profit earning listed entity for second year running

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While group profits have grown, a loss posted at company level

LOLC Holdings PLC, the highly diversified conglomerate quoted on the Colombo Stock Exchange, has in its just published annual report told its shareholders that the publication of its results for 2019/20 was, in the words of its Deputy Chairman Ishara Nanayakkara, “an apt occasion to announce the good news……that LOLC has achieved the distinction of being the most profitable listed entity in Sri Lanka for two years in a row.”

While an after tax profit of Rs. 19.79 billion, up slightly from the previous year’s Rs. 19.64 billion, has been posted by the group, at company level there was a loss of 9.09 billion, up from a loss of Rs. 3.2 billion a year earlier. LOLC last paid a dividend of 50 cents a share in 2013 but its share closed the year at Rs. 88.90 and was trading at over Rs. 120 last week.

Nanayakkara said that LOLC had total assets of USD 7.083 billion “and a considerable footprint overseas.”

“Reflecting this strength, the audited financial statements I place before you for the year under review mirror the resilience of the group, which was able to record a marginal increase in profit after tax….notwithstanding the dismal economic and political climate that prevailed during the period,” he said.

He attributed his optimism to the fact that 80% of their profit before tax is derived from overseas. This will assure their partners and shareholders that their diversified business interests will always enable the group to achieve growth regardless of challenges in their Sri Lanka operations.

The LOLC group is into financial services, construction, agriculture and plantation, manufacturing and trading, leisure and renewable energy and is expanding overseas. It also has some other strategic investments in its portfolio.

The report said that the group had rapidly evolved into being the biggest non-banking financial institution in the country and one of its biggest and most diversified conglomerates.

“Our footprint in Sri Lanka spans every district, from the rural hinterland to major cities and we have enduring business partnerships with a host of financial and developmental organizations across the world,” the report said.

“We have significantly successful financial services investments in Cambodia,, Myanmar, Pakistan, Indonesia, the Philippines, Nigeria and Zambia; business operations in Maldives and Sierra Leone as well as corporate offices in Singapore, UAE and Mauritius and we continue to expand our international presence by actively seeking new opportunities in the region.”

Discussing the financial services sector, Nanayakkara said they had performed to the best of their ability against the backdrop of multiple shocks including the Easter bomb, the presidential election and the Covid pandemic “which fortunately did not impact the year under review in any significant manner although it will cast a shadow on how the local and global economy will recover in the next financial year.”

The 2018 debt waiver by the then government had caused irrevocable damage to the country’s microfinance sector. The concession was granted only to arrears clients discouraging regular clients, adversely affecting the healthy recovery ratio of over 90% maintained up to that point.



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Hemas Consumer strengthens portfolio with L’Oréal partnership in Sri Lanka

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Hemas Consumer, the leading manufacturer and distributor in Sri Lanka’s beauty and personal care sector has strengthened its portfolio of offerings in a groundbreaking partnership with the world’s number one beauty company, L’Oréal. With this partnership Hemas Consumer obtains distributor rights to leverage its sales network and innovative marketing approaches in taking L’Oréal’s wide range of beauty and personal care brands across Sri Lanka.

Commenting on the new partnership, Sriyan de Silva Wijeyeratne, Managing Director, Hemas Consumer & Executive Director Hemas Group said, “We have spent over fifty years building successful and strong consumer brands in Sri Lanka. In keeping with our promise of consumer delight and trust, we are elated to partner a world-class cosmetics group like L’Oréal expanding our existing portfolio with the world’s most sought-after beauty and personal care products.

We are well equipped in our distribution process with island-wide sales channels to serve all parts of the country. I believe this partnership will revolutionize Sri Lanka’s beauty care industry and more prospects await as we continue to look ahead with L’Oréal.”

Sabrina Esufally, Director Business Development and Innovation at Hemas Consumer said, “This partnership will enable Sri Lankans to access the iconic brands and solutions created through years of research and innovation by L’Oréal. In the fast evolving and dynamic beauty industry, the combined strength of Hemas’s local heritage and penetration, and L’Oréal’s global technology and trust is the perfect recipe for consumer delight.”

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DFCC Bank supports industrial excellence by partnering CNCI Achiever Awards

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DFCC Bank PLC, stepped up once again for the 3rd consecutive year to partner with the Ceylon National Chamber of Industries (CNCI) as the principal sponsor and official banking partner of the CNCI Achiever Awards 2020.

The CNCI Achiever Awards was held for the 19th consecutive time to recognize the outstanding efforts of exceptional performers who have molded their respective industries with innovative solutions, while overcoming challenges and meeting the demands of their clientele. This year, the event was recently held under strict health guidelines at the Galadari Hotel in Colombo. 

Commenting on the sponsorship, Chief Executive Officer of DFCC Bank PLC Lakshman Silva stated, “We are pleased to have partnered with the Ceylon National Chamber of Industries (CNCI), as the Main Sponsor and Official Banking Partner of the 19th CNCI Achiever Awards 2020. DFCC is honored to partner in reconciling successful Sri Lankan businesses from various industrial sectors. Our partnership with this prestigious awards programme aligns seamlessly with our commitment to foster and reward industrial growth across the country and support local entrepreneurs in MSME & SME sectors.”

 

 

 

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Lanka SSL triumphs with National Gold and Top Ten Awards

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CNCI Achiever Awards 2020

Lanka Special Steel Limited (Lanka SSL), a trusted name in wires and a fully-owned subsidiary of E B Creasy & Company PLC, was recently awarded the coveted National Gold Award under the Extra Large category in the Manufacturing Sector at the Achiever Awards 2020 for Industrial Excellence.

The annual event organized by the Ceylon National Chamber of Industries (CNCI) was held in March 2021 at Colombo, and celebrated some of the leading industrialists in the country for their tremendous and continued efforts in uplifting and promoting quality standards, productivity, growth and strategy, R&D, employee welfare and others whilst contributing to both the society and economy at large.

‘We are immensely proud to have been recognized with two very prominent awards at this year’s CNCI Achiever Awards. It is a huge leap from just winning a Merit Award the last time around, and this incredible achievement certainly reflects our highly ambitious plans to strive for continued excellence. We would like to thank our valued customers and all stakeholders. We are grateful to our hardworking and committed staff at Lanka SSL who have made this possible,’ said Pravin De Silva, CEO of Lanka SSL.

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