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Tea exports between January-May 2021 amount to over Rs. 103bn

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Exceeds periodic performance by Rs. 18. 36bn

By Steve A. Morrell

Tea Brokers weekly Tea Market Reports, particularly, John Keels Holdings, (JKH,) market Review, Forbes and Walker ( F & W) Tea market report, and Asia Siyaka(AS) Brokers weekly tea update, reported tea exports from January to May 2021 exceeded Rs. 103. 07 billion. This exports result exceeded 2020 performance by Rs. 18. 36 Billion. From January to May 2020 exports were Rs 84.7 Billion. It is a clear indication that Ceylon Tea registered increased demand over the same period comparing both seasons.

One of the reasons attributed for the increase in Ceylon Tea exports was the lower production to some extent in the Indian Tea industry because of bad weather as well as the coronavirus pandemic that swept through India disrupting many commercial activities. The factual position was that the pandemic situation exacerbated dearth in production pushing supply and demand position to critical levels, Thus results of the pandemic in India generated increased demand for Ceylon Tea.

Cumulative exports recorded production levels at 134.72 million kilos to date, as reported by AS Brokers; comparatively 2020 the quantity recorded was 109. 5 million kilos.

It should also be of interest that 75 percent of the production was output by the tea smallholders. Sources from this sector said such results were also of importance as uncertainty in the fertiliser supply chain served as an impediment to production. Regional Plantation Companies were not exempt from the catastrophe facing the industry, as confirmed by sources who declined to be quoted.

Reports said Turkey was the leading buyer last week at Colombo tea auction. Turkey was followed by Iraq, Russia, and the UAE. Iran moved down to 8th position from 4th. Other notable importers of Ceylon tea were China, Azerbaijan, Libya, and Syria. Meanwhile Chile, and Saudi Arabia imports declined. However, exports to China increased substantially, contributing some 52 percent YoY.

Low growns production during the week was recorded at 3.1 million kilos.

Flowery grades were sold at prices ranging from Rs. 2,200 to Rs, 2,400 per kilo. Prices from the western hills, particularly BOPF grade, appreciated as the sale progressed. High and mid grown CTCs were Rs. 20 to 30 per kilo – less than expected.

According to the Tea Report, production in 2017 was 307.71 million kilos. In 2020, the production was 278.4 million kilos. Reports at hand did not indicate reasons for drop since that year.



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Assetline Leasing recognised at SLIM People’s Awards

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Assetline Leasing Company Limited (ALCL) was nominated for “SLIM People’s Financial Services Provider of the Year” category at the recently held SLIM People’s Awards 2021 at BMICH, Colombo.

As a specialized leasing company with a network of 53 branches located Islandwide, ALCL has been able to carve a name for itself as a leading financial services providers by continuing to fulfill the financial needs people from all walks of life with an innovative and reliable portfolio of leasing and loan products that are geared to improve the livelihood of individuals and families whilst enriching their lifestyles. Access to financial services, particularly by SMEs and entrepreneurs, has always been a key area of ALCL’s focus.

Commenting on the achievement, Ajantha Premasiri, Chief Marketing Officer, ALCL, said; “We would like to extend our sincere gratitude to our valuable and loyal customers, business partners and team Assetline for their unwavering support in securing this nomination in the category of “SLIM People’s Financial Services Provider of the year”.

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DIMO forum focuses on youth skills for employment and entrepreneurship

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DIMO celebrated ‘World Youth Skills Day’ by shining the spotlight on the importance of equipping the youth with skills for employment, decent work and entrepreneurship, through a webinar titled ‘Job Demand and Vocational Education – Fuelling Dreams and Aspirations of the Youth’, held recently.

The keynote speaker at the webinar was a renowned expert in the industry, Mangala P.B. Yapa the Director General / CEO of Employers’ Federation of Ceylon, while the panel consisted of leading Human Resources professionals Dilrukshi Kurukulasuriya the Chief Human Resources Officer of DIMO, Chinthaka Premaratne the Group Director Human Resources of Fairway Holdings and Ishan Dantanarayana the Group Chief People Officer of Brandix. The event was moderated by Yohan Thilakaratne the Head of Corporate Communications of DIMO. Vocational Training is a key attribute in DIMO’s sustainability agenda and the forum ‘Job Demand and Vocational Education – Fuelling Dreams and Aspirations of the Youth’ was the latest initiative of DIMO to empower the dynamic youth with the correct skills.

During his keynote address, Mangala P.B. Yapa stated, “Knowledge, skills and employment are 3 elements that are inter-connected in a complex manner. Today, knowledge has surpassed skills and therefore, receives prominence. However, I believe that knowledge which does not develop skills, does not do justice to society. Through vocational education, what we attempt to do is to develop both knowledge and skills.”

 

 

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CA Sri Lanka Annual Report Awards makes a comeback this year

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In its continuing determination to crown the most brilliant financial reports produced in the country, the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) will present the prestigious Annual Reports Awards competition this year, incorporating new concessions on account of COVID-19, whilst also automating the marking system for the first time in the competition’s history.

Applications for the 56th Annual Report Awards competition 2021 will be accepted from 15th August 2021 onwards. Organisations ranging from multinationals to blue-chip companies, conglomerates, small and medium businesses, state corporations, statutory bodies and even NGOs and NPOs which produce annual reports can vie for this year’s top honours.

Known to promote transparency, corporate governance, sustainability and social responsibility, the competition’s grand comeback this year was announced at a press conference on Tuesday.

The Annual Report Awards commands a history of over half a century, but following COVID, the Institute decided not to proceed with the competition last year on grounds that the competition would not yield the required benefits for the participating companies due to the challenges stemming from the pandemic and the related crisis.

Addressing the press conference, Jayesinghe said that as the sole authority to promulgate accounting and auditing standards in Sri Lanka, the Institute has taken every effort necessary to implement a world class accounting framework, which will result in long-term benefits to the country including bringing in vital investments such as FDIs.

He said that an annual report is recognised as the single most important document for readers and potential investors to understand the financial state of a company as well as its positive contribution not only towards the company’s bottom line but also to the country and society.

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