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Sri Lanka’s ambassador visits Luxembourg stock exchange

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Sri Lanka’s ambassador to Luxembourg Grace Asirwatham during her visit to Luxembourg met with Secretary General of Luxembourg Stock Exchange (LuxSE) Maurice Bauer on September 23. Head of Relationship Management – International Primary Markets of the Luxembourg Stock Exchange Carlo Oly and Minister (Commercial) Shirani Ariyarathne were also present at the meeting.

Ambassador Asirwatham and Secretary General Bauer were engaged in a discussion to explore the possibilities of developing cooperation between Sri Lanka and the Luxembourg stock exchange in the field of Green Bond investment. The ambassador explained that Sri Lanka would like to develop Green projects in transport, eco-industrial zones to recycle industrial waste, Green and smart cities and renewable wind and solar energy under the Green Bond investment with the support of both Luxembourg Green Exchange (LGX) and the European Investment Bank (EIB). The LuxSE Secretary General appreciated Sri Lanka’s efforts to develop more Green projects and expressed keenness to continue to engage with Sri Lanka to develop an effective financial cooperation to reach the Green targets.

Embassy of Sri Lanka

Brussels



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Kahawatte Plantations – A New Era of Growth and Sustainability

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Chairman Dilmah Tea and KWPL Dilhan C Fernando, Managing Director Forbes & Walker, Yshan Fernando, Dilmah Ceylon Tea Directors Minette Perera & Roshan Tissaaratchy

Kahawatte Plantations PLC (KWPL) is entering an exciting phase of transformation, aligning its vision with modern, sustainable and innovative practices. As a leading Regional Plantation Company in Sri Lanka, KWPL stands poised to redefine plantation management by combining traditional stewardship with forward-thinking strategies, reinforcing its role as an influential and adaptable player in Sri Lanka’s agricultural sector, a company news release said.

With a commitment to Environmental, Social and Governance (ESG) principles, KWPL is making strides toward a more sustainable future. Emphasising eco-friendly practices, KWPL has prioritised carbon footprint reduction across its diverse crop range, which includes tea, cinnamon, rubber, and coffee. Each crop is cultivated with precision to ensure both quality and sustainability, meeting global standards that resonate with today’s conscious consumers, the release said.

“The past year has been marked by noteworthy achievements that reflect KWPL’s dedication to operational excellence. Key milestones include a successful turnaround in profitability, improved cash flow, and optimised production margins, supported by a cohesive, motivated team. Automation and digitisation have been focal points, allowing KWPL to streamline processes and ensure product consistency. Regular monitoring of key performance indicators (KPIs) has also bolstered efficiency, ensuring that the company stays aligned with its business objectives.

“KWPL’s renewed emphasis on diversification extends beyond traditional crops. Innovations in speciality tea, direct-to-consumer products, and ventures into cinnamon and coffee processing are expanding KWPL’s portfolio, making it a major player in high-value, niche markets. These efforts are complemented by investments in tourism, where KWPL’s scenic bungalows serve as gateways to Sri Lanka’s natural beauty, enhancing the appeal of its estates as destinations for eco-tourism.”

Speaking at the recent group event, Chairman Dilhan C. Fernando said, “Kahawatte Plantations is embracing a new era of innovation, sustainability, and community-driven growth. We are deeply committed to enhancing value for our stakeholders while honouring our responsibility to the environment and society. Our path forward is one of resilience, focused on creating lasting impact in every aspect of our business.”

Community empowerment and employee welfare lie at the heart of KWPL’s approach. By fostering inclusivity and promoting skills development, KWPL is building a resilient, motivated workforce while strengthening ties with local communities. Initiatives in renewable energy further underscore KWPL’s commitment to sustainable growth, with recent projects aimed at expanding hydroelectric power generation to support energy self-sufficiency.

“Our transformation at Kahawatte Plantations is fuelled by a commitment to sustainable growth and operational excellence. By investing in innovation and empowering our people, we are building a resilient foundation for the future and redefining what it means to be a modern, responsible plantation company,” said Binesh Pananwala, Director / CEO of Kahawatte Plantations.

In its journey toward an innovative future, KWPL is cultivating shareholder prosperity by maintaining profitability, enhancing product quality, and exploring new revenue streams. With a balanced focus on economic growth, social responsibility, and environmental stewardship, Kahawatte Plantations PLC is not only revitalising its legacy but also setting a new standard for regional plantation companies in Sri Lanka and beyond.

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Fox Kandy Celebrates 5th Anniversary with Community-Centric Initiatives

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Fox Kandy by Fox Resorts, part of the Capital Maharaja Group, celebrated its fifth anniversary on November 1 with multi-religious blessings, a staff celebration, and a community outreach effort.

Marking the occasion, Fox Kandy provided dry rations and an evening snack to Daya Nivasa, a care home in Mulgampola supporting over 90 differently-abled children.

Chris Quyn, CEO of Fox Resorts, shared, “We’re thrilled to have reached this milestone, and it’s truly meaningful to commemorate it alongside our dedicated staff and through community initiatives that make a difference.”

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LOLC Finance PLC has announced outstanding financial results for the six months ending

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LOLC FINANCE REPORTS LKR 8.1 BILLION PAT IN 1H 2024

30th September 2024, marking a strong first half of profitability and growth. The company achieved a Profit After Tax (PAT) of Rs. 8.1 billion, a significant 46% increase compared to the Rs. 5.6 billion reported during the same period in 2023. This robust performance emphasises LOLC Finance’s strength and resilience within a dynamic financial landscape.

Key financial highlights for the period reflect LOLC Finance’s commitment to sustainable growth. Net Interest Income rose by 15%, moving from Rs. 18 billion to Rs. 21 billion. Additionally, LOLC Finance’s asset base saw a 7% increase, growing from Rs. 366 billion to Rs. 393 billion as of 30th September 2024. The company’s total equity also surged, standing at Rs. 130 billion compared to Rs. 106 billion in 2023, demonstrating robust shareholder value and capital strength. Furthermore, with more than 20% of the industry’s asset portfolio, liability portfolio, and equity under its control, LOLC Finance has solidified its position among the country’s financial powerhouses, standing par with leading banks.

The company’s impairment charges were notably reduced by 50%, reflecting LOLC Finance’s disciplined approach to managing risk and enhancing portfolio quality. The company’s customer-focused strategies have also driven an increase in the deposit base reaching 200 billion, reinforcing its standing as a trusted financial partner across Sri Lanka. With 212 branches nationwide, LOLC Finance remains committed to bridging financial gaps and providing Sri Lankans with flexible savings, deposit schemes, and secure Visa debit card access through an extensive ATM network.

Commenting on the strong financial results, the CEO of LOLC Finance, Mr. Krishan Thilakaratne, stated, “Our recent accomplishments highlight the strength of our customer-centric approach, especially within the SME and micro sectors that are vital to Sri Lanka’s economic landscape. By improving our customers’ quality of life, we not only promote individual growth but also make a meaningful contribution to the nation’s economic development. At LOLC Finance, we have positioned ourselves as the largest financier in microfinance and factoring while also leading the way in SME, agricultural, Islamic, and working capital financing. Our impressive financial performance is a testimony to our strategic vision and sound risk management practices, further reinforced by (SL) A positive rating from the Lanka Rating Agency (LRA).”

The Chairman of LOLC Finance, Mr. Conrad Dias, added, “As an institution, LOLC Finance PLC has successfully bridged the divide between the banking and non-banking financial sectors, positioning itself alongside the largest banks in the country. This achievement is further fuelled by our ambitious digital roadmap, which aims to empower the bottom-of-the-pyramid population by putting digital technology directly in their hands, enabling them to uplift their own livelihoods. The foundation of our success lies in our unique business model that emphasizes customer protection and empowerment. Looking to the future, we are committed to prioritizing our digital transformation initiatives, aiming to foster a paperless economy and enhance accessibility through AI-driven solutions, solidifying our status as a blue-chip stock on the Colombo Stock Exchange.”

As the trusted financial partner, LOLC Finance remains committed to upholding its reputation for excellence, backed by licensing from the Monetary Board of the Central Bank of Sri Lanka, which ensures compliance with stringent regulatory standards. As Sri Lanka’s largest Non-Banking Financial Institution (NBFI), LOLC Finance is strategically positioned for continued growth and expansion. Explore the rates and diverse services offered by visiting www.lolcfinance.com.

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