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Nawaloka Hospitals PLC records exemplary performance amidst tough economic backdrop



Recording a year of commanding financial performance in a challenging economic backdrop, Nawaloka Hospitals PLC, a pioneering force in the private healthcare sector, posted a revenue of Rs. 8.5 billion for the fiscal year 2019/20. While performance in the first quarter of the year was severely hindered due the devastating Easter attacks, progress during the final quarter was impacted by the developing global health crisis.

Profit after tax (PAT) for the year in review was at Rs. 15.9 million, a noteworthy increase in comparison to a net loss of Rs. 587.1 million the previous year, a commendable performance amidst turbulent times. While assets grew 9% to Rs. 17,704 million, the Group recorded a substantial improvement in gross profit margin to 56% from 51% in 2018/19. 

Nawaloka Hospital’s remarkable improvement in performance is largely credited to cost-saving measures that were aggressively driven across the organization, expansion of the laboratory network under the strong Nawaloka brand and growth from regional hospitals located in Negombo and Gampaha. 

“As we continue to rebound from the adverse impacts brought about by two black swan incidents—the Easter attacks and the developing global health crisis, we are proud that the Group has remained resilient and recorded a commendable growth during an extremely challenging year. Our robust cost management initiatives and process re-engineering efforts backed by digital technologies have helped Nawaloka Hospitals outdo last year’s results and drive strong performance in 2020 while strengthening our position as a premier healthcare specialist in the country.” Nawaloka Hospitals Deputy Chairman Harshith Dharmadasa stated.

As the group celebrates its 35 year legacy at the pinnacle of the Sri Lankan healthcare sector, under the visionary leadership of Dr. Jayantha Dharmadasa, its highly-skilled medical talent and world class infrastructure has enabled it to deliver clinical outcomes that compare with the best institutions in the world at an affordable cost.

The state-of-the-art Nawaloka Specialty Centre, which absorbed a massive capital expenditure of Rs. 6.8 billion during the past two years, has proven to be an opportune investment during this period of contagion. The massive 400,000 square feet centre with a mega multi-storey carpark boasts a strategic combination of advanced medical technology and expert medical care.

Each medical specialty is allocated a designated channel module within the center, offering patients privacy, adequate space to practice social distancing and screening from infection by interacting with patients from other specialties. Pharmacy and laboratory facilities located on each floor restrict mobility within the hospital, further limiting the possibility of cross infection. This well thought out building plan has proven beneficial and a competitive advantage during the COVID-19 pandemic, guaranteeing patient safety in a secure environment.

Further affirming their commitment to quality healthcare and safety standards, Nawaloka Hospitals was recently awarded the Joint Commission International’s (JCI) gold seal of approval for its continued compliance to internationally-recognised healthcare standards. The Nawaloka chain of healthcare facilities continues to adhere to the stringent health guidelines imposed by the Ministry of Health, epidemiology unit and the World Health Organization.

“COVID-19 is reshaping industries including healthcare in ways that are likely to be permanent. Therefore, we will continue to adapt to create shared value for our entire spectrum of stakeholders by continuing to focus on our primary purpose of delivering advanced and sustainable patient-centric healthcare, responsibly in a secure environment. I believe the coming year will lay bare the significant potential in our investments in infrastructure, human resources and processes. Our commitment towards better healthcare in the country continues to grow from strength to strength, enriching the lives of our people as we explore ways to improve our product offering and streamline our services to cater to the evolving needs of our patients,” Dharmadasa continued to state.

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Galadari Colombo awarded ‘SLIM People’s Hotel Brand of the Year 2021’



The Galadari Colombo was given a thumbs up from the people as the People’s Hotel Brand of the Year for the second time running at the recently concluded SLIM (Sri Lanka Institute of Marketing) People’s Awards 2021.

The uniqueness of the SLIM People’s Awards is the fact that it is awarded by the public which shows the popular choice of the Sri Lankan people.

This is the 15th successful running of the much-anticipated event conducted by SLIM in association with Nielsen which is globally renowned for its measurement and consumer insights.

Having stood the test time of time in the hospitality industry for more than 3 decades the Galadari Colombo is hopeful to remain in the hearts of its people as a brand that is trustworthy and dedicated to service.



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Expatriates’ organization painting competition for Sri Lankan children from care homes highlights close India-Sri Lanka ties



Celebrating 75 years of India’s independence in Sri Lanka, Sri Lankan children from care homes converged in Colombo from all across Sri Lanka over 10-11 April 2021 for the final round of the nationwide painting competition organized by Colombo Expatriates Cultural Association (CECA) – a voluntary organization of expatriates consisting of mainly Indians – with support of the High Commission of India, Ministry of Education of government of Sri Lanka and several other partners.

Prof. G.L Peiris, Minister of Education was the Chief Guest and Gopal Baglay, High Commissioner of India was the Guest of Honour at the final round. Several other dignitaries including State Minister Piyal Nishantha were also present. The dignitaries lauded the effort as a shining example of strong people-to-people ties between India and Sri Lanka and stressed the enormous significance of the enriching experience for the children.

The competition was held in three categories – Sub Junior, Junior and Senior. The first round of the competition had seen enthusiastic participation of 4,375 students from child care homes across Sri Lanka. Contestants from all provinces who had produced sixty best paintings were invited along with one care-giver for the final round held in Colombo on April 10 at Hotel Taj Samudra. While top three winners in all the three categories were awarded SLR 100,000, SLR 75,000 and SLR 50,000 respectively in addition to various other gifts, certificates and medals, all the 60 finalists received cash awards, desktop computers, and other gifts contributed by various sponsors.

The event also formed part of ‘India @ 75’ celebrations in Sri Lanka which comprise events and activities in the run up to completion of 75 years of India’s Independence in August 2022. Prime Minister of India Shri Narendra Modi had launched these celebrations in India on March 12 2021, 75 weeks before the 75th Anniversary of Independence. In Sri Lanka, formal launch of these celebrations had taken place on April 9 2021 with the inauguration of ‘India Corner’ at the Nagananda Institute for Buddhist Studies.

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Chrissworld to raise Rs. 56.25 million through IPO



By Hiran H.Senewiratne 

Chrissworld Ltd. (CWL), an SME company  engaged in the provision of third-party logistics (3PL) services, is gearing to raise up to Rs. 56.25 million via an initial public offering (IPO) on the Colombo Stock Exchange, sources said.

The company plans to offer 7,500,000 Ordinary Voting Shares for subscription at Rs. 7.50 per share. The subscription will open on April 27, with Atara Capital Partners representing the company as managers to the issue.

Meanwhile, the CSE noted in a statement that it has approved an application submitted by Chrissworld Ltd. for the listing of its Ordinary Voting Shares by way of an offer for subscription on the Empower Board of the CSE.

The company,  starting off with Rs. 6 million capital in 2019, expanded its capital to Rs. 22.5 million and projects to obtain Rs. 79 million after the IPO.

Chrissworld will be earmarking milestones with the IPO as the first to be listed on the Empower Board, CSE’s newest listing platform, dedicated to SMEs. Further, Central Depository Systems (Pvt.) Ltd., a subsidiary company of CSE, will step in for the first time as the registrar to the issue.

Amid those developments the CSE  started  on a bullish note yesterday and during the latter part of the day with heavy retail investor participation the CSE witnessed a bullish trend. It is said that manufacturing sector counters became the most popular stocks during the day. Notable price appreciation was reported in Hayleys Group, Royal Ceramic Group and  Distilleries.    

Both indices moved upwards. The All Share Price Index went up by 100.10 points and S and P SL20 rose by 49.18 points. Turnover stood at Rs. 3.51 billion with a crossing. The crossing was reported in JKH, which crossed 1.32 million shares to the tune of Rs. 199.3 million and its share price was Rs. 151.

In the retail market, companies that mainly contributed to the turnover were; Royal Ceramic Rs. 511.2 million (1.46 million shares traded), Expolanka Holdings Rs. 359.9 million (4.5 million shares traded),  Hayleys Group Rs. 359.9 million (4.5 million shares traded), Dipped Products Rs. 321 million (5.5 million shares traded), JKH Rs. 290 million (1.9 million shares traded), and Haycarb Rs. 177 million (1.5 million shares traded). During the day 87.8 million share volumes changed hands in 23900 transactions.

Hayleys shares appreciated by Rs. 6 or eight percent. Its shares started trading at Rs. 75.90 and at the end of the day they moved to Rs. 82. Royal Ceramic shares appreciated by Rs. 13.5 or nine percent. Its shares started trading at Rs. 328.25 and at the end of the day they moved to Rs. 358.75. Expolanka shares appreciated by Rs. 2.70 or five percent. Its shares  started trading at Rs. 49.70 and at the end of the day they shot up to Rs. 52.40 and Distilleries shares appreciated by 70 cent or 3 percent from Rs. 20.20 to Rs. 20.90  

Sri Lanka’s rupee quoted steady at 202.00/203 to the one month US dollar Monday, while gilt yields remained unchanged, dealers said.

The rupee last closed in the one-week forward market at 202/203 to the US dollar on Friday. Sri Lanka markets were dull as seasonal bliss kicks in.


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