Seylan Bank has affirmed its position among the topmost corporates in the country by featuring in the Business Today Top 30 ranking for listed entities. Despite the many challenges posed by unprecedented events during the year, the stability and unwavering commitment to excellence has ensured the presence of the ‘Bank with a Heart’ in this elite ranking, the company announced.
Listed entities made it to the ranking for the financial year 2019-2020, with the companies being evaluated on performance and their focus on sustainable business practices with social consideration. Seylan Bank has been in the forefront of innovation and customer service, ensuring the Bank’s customers got the best service in the limited operating environment afforded by the pandemic and the bank continued to support its clientele in all its financial needs.
“Throughout this financial year, the Bank has operated in a challenging environment with unprecedented upheavals. Despite the negativity that surrounded us, I am grateful for efforts of the Seylan Team in achieving the results we did both in terms of our own financials, but also in assisting our wide network of customers to overcome extremely difficult economic conditions. Our presence in this august ranking is an affirmation that we are on the right path, and that we will come out on top with innovation and a growth mindset.” Kapila Ariyaratne, CEO, Seylan Bank stated, commenting on the recognition.
In ranking Seylan Bank as a top corporate, the listing also considered the Bank’s social responsibility. This year, Seylan developed and implemented an environmental and social management policy to ensure sustainability through reduction of the environmental and social impact from commercial activity. The policy is structured to create economic prosperity while protecting the environment.
“Seylan Bank was endorsed as a financially stable organization with performance excellence across the board by Fitch Ratings earlier this year, with the bank’s national long-term rating revised to ‘A’ (lka). The bank was also ranked second among public listed companies for transparency in corporate reporting by Transparency Global and is now part of the S&P Dow Jones SL 20 Index. These achievements are a testament to Seylan Bank’s financial stability and unwavering dedication to ensuring excellence across all aspects.” Ariyaratne added.
Seylan Bank has always been the growth partner of choice for SME customers, focusing on their needs during the pandemic and also established 13 regional credit hubs to improve the interaction with and speed of delivery to the SME clientele. The Bank is fully committed to engage with this important segment of the nation’s economy and nurture its growth as the economy rallies. The bank upgraded its digital infrastructure to provide better value and convenience to customers through a more user-friendly digital banking environment, a strategy that proved immediate value in the backdrop of the island wide lockdown earlier in the year when Seylan customers received uninterrupted service despite being confined to their homes.
The Business Today TOP 30 is based on published information of companies listed in the Colombo Stock Exchange and social considerations. The companies have been selected on the basis of their performance recorded during the financial year ending December 31, 2019 and March 31, 2020 with the assistance of KPMG Sri Lanka.
Seylan Bank, the Bank with a Heart, operates with a vision to offer the ultimate banking experience to its valued customers through cutting-edge technology, innovative products, and best-in-class services. The Bank has a growing clientele of SMEs, Retail and Corporate Customers, and has expanded its footprint with 173 branches, 70 Cash Deposit Machines, 66 Cheque Deposit Machines, and an ATM network of 216 units across the country. For more information on products and services please visit www.seylan.lk
SLT-MOBITEL AkazaLMS enables corporate employee capability development
As SLT-MOBITEL, the National ICT solutions service provider, continues to play a pivotal role in driving Sri Lanka’s digital transformation through its Cloud-managed offering, SLT-Mobitel AkazaLMS takes centre-stage as the nation’s leading Learning Management System (LMS). SLT-Mobitel AkazaLMS offers a unique, locally developed, comprehensive enterprise learning solution designed to cater to diverse training needs without compromising on quality.
Commenting on the initiative Chief Enterprise & Wholesale Officer of SLT, Lakmal Jayasinghe said “Especially in today’s competitive environment where human capital is more important than ever, companies need to create a learning strategy that aligns to robust curricula, employing relevant and available learning methods and technology. Addressing this need, SLT-Mobitel AkazaLMS Cloud is an enterprise e-learning solution hosted in Sri Lanka on the top of a private cloud, providing corporate and institutional customers the ability to deliver their own learning material to their users with zero cost infrastructure. With greater convenience and without additional IT resources, customers have access to their own training needs via a simple web browser”.
Empowering corporates and educational institutes, SLT-Mobitel AkazaLMS is a comprehensive locally developed platform, containing a self-portal where the user develops their own e-learning and purchase it as a SaaS product. Especially during these challenging times, when classroom lectures are not possible and distance learning methods vital, the SLT-Mobitel AkazaLMS facilitates exams, assignments, quizzes, etc. tailor-made and customised for corporates and educational institutes targeting their own specific needs.
LIOC shows stability in earnings and margins compared to volatility during previous years
First Capital expects stability in LIOC earnings and margins ahead, compared to the significant volatility witnessed during the previous years.
“With the new pricing formula, we expect a stable outlook for LIOC which is currently trading at a TTM PER of 7.5x on FY22 earnings while also trading at a PBV of 1.5x”, they said.
“The government’s implementation of the new fuel pricing formula on 24th May 22 includes all costs incurred in importing, unloading, distributing to the stations and taxes. With that, fuel prices will be revised on a monthly basis, and if necessary, it will be reviewed every two weeks. Accordingly, the next price revision was scheduled for 24th Jun 22. Considering the price revision, In addition to that, Sri Lanka’s Cabinet has approved a bill to impose a 2.5% tax on companies with an annual turnover of LKR 120.0Mn, which will only have a marginal effect on company margins.”
“With regards to investment in joint venture, LIOC has invested in Trinco Petroleum Terminal (Pvt) Ltd (TPT) in Jan-22 and acquired 49% of the stake with CPC which holds 51% of the ownership of TPT in order to develop 61 tanks at the Trincomalee Oil Tank Farm and allied facilities in the Upper Tank Farm of the China Bay Oil Tank Farm. Also, LIOC has entered into a Lease of State Land with the Government of Sri Lanka for a term of fifty years to develop the Lower Tank Farm of the China Bay Oil Tank Farm,” First Capital said.
Apprenticeship programme in partnership with Hatch MakerStudio and Vocational Training Authority
The next generation of Sri Lanka’s industry workforce is currently studying at Technical and Vocational Education and Training institutes (TVET) all over the country. Since the manufacturing technology is under permanent development, the requirements for TVET graduates have also evolved. In order to address the industry’s needs for skilled and competent workers, the Vocational Training Authority and Hatch MakerStudio have joined forces to pilot an innovative apprenticeship programme.
The apprenticeship programme is designed for students in the field of mechatronics, robotics, automation and CNC-technologies and is focusing on the upskill, entrepreneurial mindset and problem solving capabilities. Together with industry partners, the selected apprentices will undergo a one month training programme at Hatch MakerStudio before being placed in the companies. The programme comprises of:
Product development training
Software and rapid prototyping training
Problem solving and design thinking exercises
During the course of the apprenticeship, Hatch MakerStudio will provide supervision and support for both the apprentices and companies, in order to ensure effective skills development and utilization of working power. Students with their own specific product ideas and business models can choose Hatch MakerStudio as their place of apprenticeship.
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