Hemas Holdings PLC announced its financial results for the first quarter ended June 30, 2024, demonstrating resilience in a challenging economic environment. The Group’s consolidated revenue was Rs. 25.5 billion alongside operating profits of Rs. 1.9 billion and earnings of Rs. 0.9 billion. The revenue decrease compared to the previous year was largely due to…
Profit before Tax – LKR 7,331 Mn up by 76% Profit after Tax – LKR 4,558 Mn up by 77% Liquidity Coverage Ratio (LCR): All Currency – 412.63% and Rupee – 472.95% Total Capital Adequacy Ratio of 15.35% Impaired Loans Ratio at 3.50% Seylan Bank recorded a robust performance with Profit After Tax (PAT) of…
Port City Colombo announced that two regulations, Offshore Banking, and Offshore Banking — Prudent Management and Confidence, have been gazetted for commercial operations within the area of authority of the Colombo Port City Special Economic Zone. This was made official through the Gazette Notification <2394/66 and 2394/67> dated 26th July 2024. Being yet another key…
By Priyanka Jayawardena Public sector workers’ pensions are paid by tax revenue, with 12% of government revenue allocated for pensions. An IPS analysis shows that public service pensions are not a progressive welfare programme, with half of the publicly funded pensions benefitting the top 20% wealthier group. Implementing a contributory pension fund is crucial to…
The Chamber of Young Lankan Entrepreneurs (COYLE) hosted “The Big Lunch,” along with iLEAD International Academy and Centre for International Forestry Research and World Agroforestry (CIFOR-ICRAF); a groundbreaking event aimed at bringing together stakeholders for the promotion of green entrepreneurship in Sri Lanka. This gathering marked a significant step towards positioning Sri Lanka as a…
John Keells Holdings PLC (JKH) has revealed a pivotal corporate strategy that includes a Rights Issue of Ordinary Shares, followed by a Share Sub-division. This initiative is aimed at boosting the company’s financial stability and ensuring the successful execution of its ongoing and future projects. Details of the Rights Issue The Board of Directors of…
Sri Lanka’s largest conglomerate listed on the Colombo Stock Exchange, John Keells Holdings PLC (JKH), has announced its latest financial performance for the first quarter of 2024/25. Here are the key operational and financial highlights of JKH performance during the quarter under review: Group EBITDA in the first quarter of 2024/25 recorded a decrease of…
Thales and local partner Just in Time Technologies (JITT) have been awarded the contract to supply Sri Lanka’s biometric passports, which are planned for a rollout next year. The first batch of 100,000 chip-based passports are scheduled for delivery by Thales by July 2025, with an agreement to supply one million passports annually over five years,…
The Association of Chartered Certified Accountants (ACCA) and the Colombo Stock Exchange (CSE) signed a Memorandum of Understanding (MoU) recently to establish a partnership aimed at enhancing financial literacy and professional development in Sri Lanka. This collaboration intends to offer ACCA educational courses via CSE branches, which will entail a Capital Market Module; co-brand the…
The Embassy of Sri Lanka in Cuba organized “Ceylon Tea Time” on 23 July 2024 at the Hotel Nacional in Havana with the intention of promoting Sri Lankan tea in the Latin American and Caribbean regions. Cuban government officials, diplomats from the Latin American and Caribbean regions, representatives from the Cuban Chamber of Commerce, directors…
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