Business

Sri Lankan apparel exporters seek collaboration to realise industry’s potential

Published

4 years ago

2021/12/10

Sri Lanka’s apparel industry has risen to the challenges posed by the pandemic and the sector can contribute further to the country’s economy, provided that all stakeholders collaborate to address critical constraints, apparel exporters point out.

These views were expressed at the recent 39th Annual General Meeting (AGM) of the Sri Lanka Apparel Exporters Association (SLAEA), the pioneer association representing the country’s apparel exporters.

Apparel exporters highlighted the need for COVID-19 vaccine boosters for staff, addressing domestic macroeconomic constraints – particularly the lack of foreign exchange – and strengthening export market access, for the industry to realize its potential.

At the event, SLAEA’s Executive Committee expressed appreciation of the role played by health and other public authorities in vaccinating the apparel industry’s 350,000 workforce. However, apparel exporters emphasised the need to secure COVID-19 boosters for employees of the sector, given that the six-month window since the vaccinations were rolled out is fast approaching.

In addition, apparel exporters discussed the vital importance of retaining the Generalized System of Preferences (GSP) Plus trade concessions to the European Union as well as the United Kingdom. It was noted that the country needs to strengthen access to other key and emerging export markets.

“The apparel industry’s contribution to the Sri Lankan economy remains unparalleled, a fact duly recognized by the Government,” Chairman of SLAEA’s Executive Committee for 2021/22, Aroon Hirdaramani said. “However, we are now facing significant issues in the context of the country’s foreign reserve shortages and overall economic issues. Together with our apex body – the Joint Apparel Association Forum (JAAF) – we are working with the authorities on solutions that can continue the growth witnessed from 2021 onwards, with minimal disruption.”

The SLAEA Chairman also commended and appreciated the contribution of the Executive Committee and the members of the association. Under the Executive Committee’s leadership, overcoming pandemic-induced disruptions, SLAEA undertook several key initiatives. These include the key role played by the association and its individual members in collaborating with the authorities on worker safety and vaccinations, as well as the rebranding of the SLAEA.

In 2020, as part of its rebranding, the SLAEA rolled out a new logo, website and a video promoting the industry, the culmination of more than a year-long activity performed diligently by the association’s branding committee. SLAEA is seeking to further leverage digital tools to strengthen the positive positioning of Sri Lanka’s apparel industry, to assist in increasing its market share.

The Executive Committee of the SLAEA for 2021/22 comprises; Chairman – Aroon Hirdaramani (Director – Hirdaramani Group), Deputy Chairman – Indika Liyanahewage (CEO – Eskimo Fashions Knitwear), Rehan Lakhany – Immediate Past Chairman (Chairman – Original Apparel) and Hon. Treasurer – Jeevith Senaratne (Senior Manager Business Analysis – Star Garments).

About SLAEA

Founded in 1982, the Sri Lanka Apparel Exporters Association is the pioneer association for the apparel exporters industry in Sri Lanka. It has a membership of 72 apparel manufacturers in the country, who account for over 70% of the country’s apparel exports. The members of SLAEA envisions transforming Sri Lanka to the number one apparel sourcing destination globally.

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Business

A Historic First: Sri Lanka’s capital market leaders bring investor forum to Saudi Arabia

Published

17 hours ago

2026/02/6

Thilina Walpola

Key dignitaries at the Saudi investor forum

The Securities and Exchange Commission of Sri Lanka (SEC) and the Colombo Stock Exchange (CSE), in association with the Embassy of Sri Lanka to the Kingdom of Saudi Arabia, successfully convened an investor forum on Saturday 24th January 2026 at the Radisson Blu Hotel, Riyadh Convention & Exhibition Center. Alongside the forum, the SEC and CSE facilitated a meeting with the Public Investment Fund (PIF) which is Saudi Arabia’s main sovereign wealth fund.

The forum was organized to engage directly with the vibrant Sri Lankan expatriate community in the Kingdom and international investors, highlighting compelling opportunities within Sri Lanka’s capital market following the country’s successful exit from sovereign default and restoration of macroeconomic stability.

The forum was marked by the presence of several senior level policy officials, market leaders and market regulators including; Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL); Chathuranga Abeysinghe, Deputy Minister of Industry and Entrepreneurship Development; Ameer Ajwad Ambassador of Sri Lanka to the Kingdom of Saudi Arabia.; Senior Prof D.B.P.H. Dissabandara, Chairman of the SEC; Ray Abeywardena, Director of CSE; and Dr. Naveen Gunawardane, Co-Founder and Managing Director of Lynear Wealth Management.

In his welcome address, Ameer Ajwad stated, that a significant opportunity remains in broadening public participation in the capital market of Sri Lanka. As financial literacy and investment awareness among potential investors are limited, the investor forum would serve to bridge the knowledge gap. The forum offered an excellent opportunity for first-time investors, overseas investors, and those seeking to enhance their knowledge, to learn how to invest prudently, manage risk, and build wealth with discipline and confidence. Ambassador invited participants to make full use of the presence of high-level authorities from Sri Lanka’s key financial institutions, such as the Central Bank of Sri Lanka, the SEC, and the CSE, and to explore investment opportunities in Sri Lanka’s capital market, not only as a pathway to financial growth but also as a meaningful contribution to Sri Lanka’s resilience and long-term prosperity.

Business

CIC Holdings’ 9MFY26 revenue reaches Rs.70 bn

Published

17 hours ago

2026/02/6

Thilina Walpola

Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) recorded a consolidated revenue of Rs. 70.28 billion for the nine months ended 31 December 2025 (9MFY26), reflecting an increase of 8.69% YoY compared to the corresponding period of the previous year.

The Group’s gross profit increased by 10.11% to Rs. 18.42 billion, with the gross profit margin for the period under review improving to approximately 26%, supported by disciplined pricing and product mix optimisation. Profit after tax (PAT) increased to Rs. 5.97 billion from Rs. 5.70 billion in the corresponding period of the previous year, despite losses incurred in parts of the Group’s agri operations following the impact of Cyclone Ditwah, which disrupted cultivation activity during the Maha season.

The Group’s Crop Solutions sector remained the largest contributor to consolidated revenue, accounting for approximately 44.7% of total revenue, followed by Livestock Solutions at 21% and Health & Personal Care at 20.18%. The remaining sectors, Industrial Solutions and Agri Produce, contributed 8.6% and 6.4% to Group turnover respectively. Health and Personal Care , particularly export-driven product lines, recorded improved performance during the period, alongside continued growth in feeds, poultry, and veterinary care solutions, which supported the Group’s overall operating results.

Despite cyclone-related disruption to cultivation cycles, the Group delivered a strong operating performance, with EBITDA and operating profit (EBIT) both recording year-on-year growth. Operating profit (EBIT) closed at Rs. 9.67 billion, compared to Rs. 8.62 billion in the corresponding period of the previous year, reflecting the strength of the Group’s diversified portfolio and disciplined cost management.

During the period in review, key Group businesses across the five industry sectors, namely Crop Solutions, Agri Produce, Livestock Solutions, Industrial Solutions, and Health & Personal Care, continued to perform resiliently. Crop Solutions revenue increased from Rs. 28.06 billion to Rs. 32.32 billion, while Livestock Solutions revenue grew from Rs. 13.35 billion to Rs. 14.60 billion. Health & Personal Care revenue improved from Rs. 14.29 billion to Rs. 14.46 billion, supported by herbal health product exports and steady domestic demand. Revenue from Agri Produce increased from Rs. 4.35 billion to Rs. 4.64 billion, while Industrial Solutions revenue rose from Rs. 6.07 billion to Rs. 6.28 billion.

Commenting on the performance, CIC Holdings Group CEO Aroshan Seresinhe said, “Despite the disruption caused by Cyclone Ditwah to agricultural activity during the Maha season, the Group remained focused on supporting farming communities through well clean-up operations, field renovation, and the restoration of cultivation activity.

Business

CSE regains some of its bullish verve as turnover hits Rs.11 billion

Published

17 hours ago

2026/02/6

Thilina Walpola

CSE trading reflected a bullish trend yesterday due to positive quarterly corporate earnings coupled with lower Treasury Bill yields, market analysts said.

Further, institutional participation contributed more than 50 percent to the day’s turnover.

Amid those developments both indices moved upwards. The All Share Price Index went up by 63.67 points, while the S and P SL20 rose by 12.58 points.

Turnover stood at Rs 11.1 billion with10 crossings. The top seven crossings were: JKH 189.5 million shares crossed to the tune of Rs 4.2 billion; its shares traded at Rs 22.70, HNB 3.5 million shares crossed for Rs 1.48 billion; its shares traded at Rs 422, Hemas Holdings 11 million shares crossed for Rs 376.2 million; its shares traded at Rs 34 20, Commercial Bank 1.5 million shares crossed for Rs 336.8 million; its shares traded at Rs 224.50, Sampath Bank 600,000 shares crossed for Rs 93.6 million; its shares sold at Rs 156, Laugfs Gas 868,000 shares crossed for Rs 51.6 million; its shares sold at Rs 71 and Sierra Cables 1 million shares crossed for Rs 36.7 million; its shares sold at Rs 36.70.

In the retail market top seven companies that mainly contributed to the turnover were; Ceylon Land Equity Rs 385 million (20 million shares traded), Commercial Bank Rs 373.9 million (1.7 million shares traded), Luminex Rs 247.2 million (26.7 million shares traded), Colombo Dockyard Rs 152 million (one million shares traded), TJ Lanka Rs 152 million (four million shares traded), Easter Merchants Rs 142 million (8.7 million shares traded) and RIL Properties Rs 116.9 million. During the day 441.3 million share volumes changed hands in 44406 transactions.

It is said that manufacturing sector counters, especially JKH, led the market while the banking sector also performed well, especially HNB and Sampath Bank. Further, the capital goods sector too performed well.Yesterday the Central Bank’s US dollar buying rate was Rs 305.78 and selling rate Rs 313.32.

By Hiran H Senewiratne