Strengthens its adhesive and sealant portfolio in the market
Pidilite Lanka Private Limited (PLPL), a Joint Venture between Pidilite Industries Ltd (Pidilite) and Macbertan Holdings Ltd, announced that it has launched Araldite range of epoxy adhesives in retail market of Sri Lanka. Pidilite is a leading global manufacturer of adhesives, sealants and construction chemicals based out of India and Macbertan, a leader in Manufacturing of Insulation material in Sri Lanka is a part of McLarens Group, one of the leading diversified conglomerates in Sri Lanka.
Pidilite recently acquired the Consumer and Bazaar business of Araldite in the Indian Sub- Continent (including Sri Lanka) from Huntsman Group, USA. PLPL will present best-in-class genuine Araldite branded products for consumers in the market which is currently dominated by look-alike products.
Araldite range of epoxy adhesives have been the preferred choice in variety of industries and applications. It is the preferred brand for Automotive repair, Machine repair and other Do It Yourself (DIY) usages. Araldite covers a broad range of applications and offers both production and performance benefits in industrial applications, construction segment and consumers.
Bharat Puri, MD, Pidilite Industries Ltd, said, “Araldite is an iconic brand and a world leader in Epoxy Adhesives. This launch will help us strengthen our robust portfolio of adhesive and sealant brands and will complement our product portfolio. With this step, we are confident to make Araldite a stronger part of the Pidilite range of products in Sri Lanka.”
In Sri Lanka, Araldite will be available in multiple variants including Araldite Standard in 13gm and Araldite KLEAR in 10 gm. The products will be competitively priced and will be made available across Sri Lanka over the next few months.
Pidilite began its journey in Sri Lanka more than 10 years ago and today is one of our leading international markets. Pidilite’ s well-known brands in Sri Lanka include FEVICOL, the high-performance range of adhesives and Dr. FIXIT, an advanced range of waterproofing solution for healthy homes. The Children Art brand ACRON and Adult Arts brand FEVlCRYL, White Glue brand Chemifix, and Plumbing Sealant brand M-SEAL, have won hearts of consumers and professionals.
Global CEO Forum fetes one of most influential SL entrepreneurs
In tribute to the late Merril J. Fernando, the esteemed Founder of Dilmah Tea, the Global Brand Creator 2023 Award was bestowed at the Global CEO Forum held recently in Sri Lanka. This prestigious accolade was presented to Kirmali Fernando (the daughter-in-law of late Merril J. Fernando) by the Governor of the Central Bank Dr. Nandalal Weerasinghe, Kataro Katsuki, Deputy Head of Mission at the Embassy of Japan in Sri Lanka, Janaka Abeysinghe, CEO -SLT MOBITEL, Dr. DMA Kulasuriya, Director General-NIBM, Ahamed Ikram, Director-Emerald International , Dilanga Karunaratna- Director Otto Bathware and Anura Siriwardena, Chairman-Global CEO Forum.
Coca-Cola Sri Lanka extends its ‘Adopt A Beach’ program for a third year
Coca-Cola Sri Lanka Ltd. proudly continues its mission to safeguard Sri Lanka’s shorelines by extending the ‘Adopt A Beach’ initiative for a triumphant third year. This exciting announcement aligns with the celebration of International Coastal Cleanup Day on September 16, 2023, emphasizing the paramount significance of coastal preservation.
Commemorating the partnership with an exclusive beach cleanup and an enlightening session at Crow Island Beach, the day’s proceedings were honored by the presence of the Governor of the Western Province and Marshal of the Sri Lanka Air Force, Roshan Goonetileke and key government stakeholders representing the Ministry of Local Government, Colombo Municipal Council, Environmental Police Division, Coastal Conservation Department, Waste Management Authority and the Crow Island Beach Management Society.
Additionally, underlining the vital role that the youth of our nation play in forging cleaner and safer coastal regions, particularly through the realms of media and volunteerism, the occasion also brought together young talents from the media sector and a dedicated team of volunteers from the Clean Ocean Force, Clean Ocean Force Youth Club of the Ocean’s University, Clean Ocean Force Youth Club in Negombo, Rotaract Club Colombo Regent, Shri Vimukthi Youth Association, youth from International Schools and Adfactors Public Relations Lanka.
PLC’s profits surge 80.9% in Q1, amidst challenging environment
People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.
PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.
Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.
Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.
In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.
Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.
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