Renowned businessman Inayet Akbarally, a prominent figure in Sri Lanka’s business community, has passed away at the age of 88. Mr. Akbarally was a pivotal figure in the success of Akbar Brothers, a company he co-founded with his late brothers, Abbas and Abid Akbarally. Together, they played an instrumental role in establishing Akbar Brothers as…
OpenAi says any potential reorganization will strengthen its nonprofit Musk’s consortium says it will withdraw bid if OpenAI remains nonprofit Musk was an OpenAi co-founder who later left Reuters – OpenAI on Friday rejected a $97.4 billion bid from a consortium led by billionaire Elon Musk for the ChatGPT maker, saying the startup is not…
Leading blue-chip company Cargills (Ceylon) PLC reported a strong bottom-line performance for the last quarter of 2024, driven by increased volumes across its key business segments—Retail (supermarkets), Consumer Food (FMCG), and Restaurants. For the three months ending December 2024, the company achieved a 9.1% increase in sales, totalling Rs 61,865 Mn. EBITDA saw a significant…
Consolidated Revenue growth of 12% y-o-y during the 9 months Foreign exchange earnings from export-oriented sectors increase by 8% 94% y-o-y growth in Profit After Tax to Rs.13.88 bn The Hayleys Group maintained its strong growth momentum during the first nine months of the financial year ending 31st March 2025, recording a 53% y-o-y increase…
The Central Bank released its first Monetary Policy Report for 2025 in keeping with the requirements of the Central Bank of Sri Lanka Act, No. 16 of 2023. The Monetary Policy Report is published biannually, and the content of the current Report is based on information, which the Monetary Policy Board of the Central Bank…
WindForce PLC, Sri Lanka’s leading renewable energy provider, has announced a dividend of LKR 1 per share, totaling LKR 1.35 billion for the financial year 2024/25. This reaffirms the company’s commitment to delivering shareholder value, with total dividends declared since its IPO now exceeding LKR 4.4 billion. Shareholders have enjoyed a 35% total return during…
BYD opens Brazil mining subsidiary, buys rights in two plots in 2023 Plots next to Atlas Lithium project, half a day from new BYD factory Subsidiary in the research phase, with no operating revenues Brazil lithium sector draws interest from U.S. and Saudis Reuters – Chinese electric carmaker BYD acquired mineral rights for two plots of land…
A preliminary discussion on the final phase of drafting the Budget 2025, which is scheduled to be presented to Parliament on February 17, was held Yesterday (13) at the Presidential Secretariat under the leadership of President Anura Kumara Disanayake. The discussion was attended by Minister of Agriculture, Livestock, Land and Irrigation K.D. Lalkantha, Minister of…
Richard Pieris Group, one of Sri Lanka’s largest and most diversified conglomerates, achieved a Profit Before Tax (PBT) of Rs. 5.4 billion during the first 9-month period ending 31st December 2024. The Group recorded a major profit growth of 137% over the corresponding period, demonstrating resilience in the continuity of its strong performance for the financial…
Agriculture-rich diversified conglomerate CIC Holdings PLC (CSE: CIC) has recorded a consolidated revenue of Rs. 64.66 billion for the nine months ending 31 December 2024 (9MFY25), an increase of 7.49% YoY compared to the corresponding period of last year. Group’s gross profit has increased by 5.81% to 16.73 billion with gross profit margin for the…
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