*EBITDA includes interest income and the share of results of equity accounted investees which is based on the share of profit after tax but excludes all impacts from foreign currency exchange gains and losses (other than for equity accounted associates), to demonstrate the underlying cash operational performance of businesses.

Summarised below are the key operational and financial highlights of our performance during the quarter under review:

Group EBITDA at Rs.8.09 billion in the second quarter of the financial year 2024/25 is a decrease of 4% against Group EBITDA of Rs.8.42 billion recorded in the previous financial year. Group EBITDA for the quarter under review includes substantial pre-opening costs pertaining to the ramp-up associated with the opening of the ‘Cinnamon Life’ hotel at the ‘City of Dreams Sri Lanka’. Excluding ‘City of Dreams Sri Lanka’, Group EBITDA for the second quarter of 2024/25 recorded an increase of 8% to Rs.9.28 billion [2023/24 Q2: Rs.8.62 billion].

Post the conclusion of the Presidential elections, Sri Lanka’s stability and recovery momentum has been sustained with business and consumer confidence, and the markets, rebounding as seen from the relevant indices and indicators. The progress on the international sovereign bond restructuring programme, which is essential for Sri Lanka’s macroeconomic stability, is encouraging. Upon the execution of the relevant documentation reflecting such agreements, the sovereign credit rating is expected to witness an upgrade from the current ‘default’ status in the coming months.

The 687-key ‘Cinnamon Life’ hotel, restaurants and banquet facilities commenced operations on 15 October 2024. While operations have commenced and continued for only a few weeks, the feedback received to date from our customers have exceeded expectations. Fit-out works relating to the remainder of the project comprising of the 113-key ‘Nuwa’ hotel and gaming operations are progressing well and expected to be operational along with the retail mall, with overall completion of these elements scheduled for mid-CY2025.

In July 2024, the Company announced a Rights Issue of Ordinary Shares, followed by a Sub-division of Ordinary Shares. The Company raised Rs.24,042,175,200/- through the Rights Issue of 150,263,595 new Ordinary Shares at an issue price of Rs.160/- per share. The Rights Issue was oversubscribed, and the new Ordinary Shares allotted from the Rights Issue were listed on 22 October 2024. (JKH)

The Automobile Association of Ceylon (AAC) conducted a Road Safety Programme, under the UN Decade of Action 2021 /2030 in the Kandy District, specially providing helmets to schoolchildren on October 29 at Maraka Maha Vidyalaya, Matale.

This programme was aimed at educating children, parents, teachers, motorcyclist and many others in the Kandy District on the importance of children wearing helmets, not only for the purpose of abiding by the law but to also keep the safety children in mind.

Traffic Police officers provided informative lectures and demonstrations on the need for wearing helmets by children when they travel with their parents on two -wheelers.

The prime purpose of this project by the Automobile Association is to prevent fatalities and injuries among children as a result of riding on motorcycles without helmets. From 2022 records we find that there had been 806 deaths of motorcycle riders, of which 411 deaths were those of below the age of 18, and that there were disabilities amounting to 8,144.

Traffic Police officers of the Kandy District assisted to obtain the required data of the children from schools in the area who do not wear the helmets when they travel on motor cycles.

Dhammika Attygalla, AAC President, P.B. Kulatunda, AAC Executive Committee Member and Sectional Chairman of the Kandy branch office, Y G Wedathilaka, Principal, Maraka Maha Vidyalaya, Matale together with the Traffic Police & OIC of the Matale Police Station graced the occasion.

The Bank of Ceylon (BOC), Sri Lanka’s leading state-owned financial institution, announces the appointment of Kavinda de Zoysa as its new Chairman.

de Zoysa, a career banker with over 30 years of industry experience and 25 years in management, brings proven leadership capabilities and strategic insight to BOC. His deep understanding of local and global markets positions him well to support the Bank’s objectives in this evolving environment. Known as a team player and innovator, he champions ethics, compliance, diversity, equity & inclusion (DEI), and believes strongly in meritocracy and agile execution.

“I am honoured to be appointed as the Chairman of the Bank of Ceylon, the largest bank in Sri Lanka and a pillar of strength in the country’s financial sector” said de Zoysa. “I look forward to collaborating with the talented professionals at BOC to drive growth and deliver value to all stakeholders. Together, we will uphold the bank’s legacy while embracing innovation to meet the evolving needs of the Sri Lankan economy, reinforcing our role as the ‘Bankers to the Nation’. This is a pivotal moment for the country, as we enter a new economic renaissance and aim to position Sri Lanka as one of the most dynamic economies in the region.”

He most recently served as Director and Country Business Head of Citibank N.A., Sri Lanka. His nearly two decades of experience at Citi covered Corporate & Investment Banking, Capital Markets, M&A, Risk Management and Advisory. For over a decade, he was a core member of the Country Management Committee and all country franchise Governance Committees. His leadership at Citi saw him develop, implement, and execute Strategic Plans, lead landmark Corporate Finance & Capital Market transactions, Advisory, and promote Digitization.