Connect with us

Business

MILCO turns around fortunes, posts Rs. 1.49 bn record profit in 2025

Published

on

Lal Kantha

The Milk Industries of Lanka Company (MILCO) has recorded the highest profit and sales revenue in its history, driven by strong performance under the flagship Highlands brand, Agriculture Minister Lal Kantha said.

Addressing a Performance Incentive Awards Ceremony held at the MILCO Head Office in Narahenpita on December 31, the Minister said the achievement marked a decisive turnaround for the state-owned dairy enterprise, which had earlier been prepared for divestment.

“When we assumed office, MILCO was being readied for sale. Today, we have been able to rescue it and transform it into a profitable institution,” Minister Lal Kantha said. “By October 2025, the company had generated profits amounting to Rs. 1,490 million, the highest profit ever recorded in MILCO’s history.”

He noted that 2025 has also become the year with the highest sales revenue since the company’s establishment, reflecting improved operational efficiency, renewed consumer confidence and stronger market penetration under the Highlands brand.

The Minister said the government intends to ensure that the gains from the company’s financial recovery are shared across the value chain. “A portion of the profits will be distributed as incentives among dairy farmers,” he said, adding that plans are also in place to provide free life insurance coverage to 15,000 dairy farmers in 2026.

The incentive awards ceremony was organised to recognise employees who played a key role in achieving record sales targets and historic profitability, with senior management highlighting improvements in production planning, supply chain management and farmer engagement.

Minister Lal Kantha paid tribute to the dedication of the MILCO workforce, stating that the turnaround was the result of collective effort.

“This achievement belongs to everyone who worked tirelessly to restore confidence in this institution. I extend my sincere appreciation to all those who contributed to this success,” he said.

MILCO’s performance in 2025 is being viewed as a benchmark for the revival of state-owned enterprises, particularly within Sri Lanka’s agri-based industrial sector.

By Ifham Nizam

 



Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

ADB approves $100 million loan to boost skills development and jobs for youth in Sri Lanka

Published

on

The Asian Development Bank (ADB) has approved a $100 million results-based loan to help Sri Lanka transform its technical and vocational education and training (TVET) system, equip more young people with industry-relevant skills, and strengthen the country’s competitiveness and inclusive growth.

The Skills Development System Transformation Program will support the Government of Sri Lanka’s efforts in improving the quality and relevance of skills training, strengthening links between training providers and industries, and expanding employment opportunities for youth. The program will increase women’s employment opportunities in nontraditional jobs in fields including automotive technology, engineering, information and communications technology, construction, and renewable energy.

“A skilled workforce is essential to Sri Lanka’s long-term economic transformation and competitiveness,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help create stronger pathways from education to employment by making training more responsive to industry needs, expanding opportunities for young people and women, and ensuring that graduates have the skills required by a modern and evolving economy.”

Though Sri Lanka’s economy is recovering, it faces skills shortages in priority sectors, high youth unemployment, and low female labor force participation. Many employers report difficulty finding workers with the skills needed in a changing economy.

Aligned with the Government of Sri Lanka’s Technical and Vocational Education and Training Sector Strategic Framework 2026–2035, the nationwide program will be implemented from 2027 to 2031 and is expected to directly benefit more than 100,000 young people through improved access to quality, employment-oriented training.

Continue Reading

Business

USD 40.84m pipeline to secure aviation fuel supplies to BIA

Published

on

By Ifham Nizam

The government has cleared a USD 40.84 million and Rs. 8,548.75 million contract to build a dedicated aviation fuel pipeline from Muthurajawela to Bandaranaike International Airport (BIA), alongside a massive new fuel storage facility with a capacity of 92,000 cubic metres.

Energy Minister Anura Karunatilaka said the project represented a major investment in strengthening the infrastructure underpinning Sri Lanka’s aviation fuel supply and ensuring more reliable fuel availability at the country’s main international airport.

‘This project will provide the infrastructure required to strengthen the reliability and continuity of aviation fuel supplies to Bandaranaike International Airport, Karunatilaka said.

The contract has been awarded to China Petroleum Pipeline Engineering Company Limited, following an international competitive procurement process in which three bids were received.

The project will see a new aviation fuel storage tank complex constructed at Muthurajawela, together with the associated infrastructure required for handling and transferring aviation fuel.

Continue Reading

Business

CSE activity up, turnover weak at Rs. 1.4 billion

Published

on

By Hiran H Senewiratne 

Trading activity on the Colombo Stock Exchange (CSE) gathered pace yesterday as global fuel prices began to show signs of easing, according to market analysts.In this context, both indices moved upwards. All Share Price Index up by 67.97 points while S and P SL20 up by 8.30 points.

Turnover stood at Rs 1.4 billion with seven crossings. Those crossings were reported in Sampath Bank 1.7 million shares crossed to the tune of Rs 238 million and its share price traded at Rs 140, Access Engineering two million shares crossed to the tune of Rs 159 million and its share price traded at Rs 79.50, LOLC one million shares crossed to the tune of Rs 129 million and its share price traded at Rs 129, HNB 100,000 shares crossed to the tune of Rs 38.4 million and its share price traded at Rs 384, JKH 1.9 million shares crossed to the tune of Rs 35 million and its share price traded at Rs 18.60, Hayleys 100,000 shares crossed to the tune of Rs 22.50 million and its share price traded at Rs 225 and Richard Pieris 847,000 shares crossed to the tune of Rs 22 million and its share price traded at Rs 25.50.

In the retail market top seven companies that have mainly contributed to the turnover were Sampath Bank Rs 114 million (813,000 shares traded), JKH Rs 100 million (5.3 million shares traded) LB Finance Rs 49 million (325,000 shares traded), HNB Finance Rs 30 million (27 million shares traded), HNB Rs 27 million (70000 shares traded), NTB Rs 25 million (82000 shares traded ) and Lanka IOC Rs 21 million (666,000 shares traded). During the day 65 million shares volumes changed hands in 10433 transactions.

The Banking and manufacturing sector counters performed well.  In the banking sector Sampath Bank let the market while manufacturing sector especially JKH also significantly performed well. With the fuel revision Land IOC also a significant stock at the floor.

Meanwhile, First Capital Treasuries said that Ramesh Schaffter resigned as a Non-Independent Non-Executive Director with effect from October 1, to facilitate the restructuring of the company’s board.

Yesterday the Central Bank announced the US Dollar rate as against rupee. The rupee was quoted flat at Rs 330.65/80 to the US dollar in the spot market , while bond yields dropped, dealers said.

Continue Reading

Trending