Business
‘JCT concludes exemplary performance over 2022 financial year’
Jaya Container Terminals Limited (JCT Limited), is a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA). Since 2008, its primary business has been to store marine fuel, including Low Sulphur Fuel (LSF) and Marine Gas Oil (MGO) for seagoing vessels. The facility spans over 9 acres and initially consisted of 13 fuel tanks with the capability to store a capacity of 35,000 MT of marine fuel.
JCT has seen phenomenal growth and turnover in the recent past, despite the fuel crisis that prevailed in Sri Lanka. This is largely due to the fact that JCT was able to provide Marine Gas Oil to various segments of the private sector that required fuel for their daily operations. This included the garment industry, the tourism industry and much more. The provision of MGO to these sectors was an additional service provided by JCT, that resulted in an exponential increase in revenue and profit.
Another significant contributor to the company’s forward march was its ability to transform from High Sulphur Fuel to Low Sulphur Fuel. This occurred in 2020, due to a requirement from the International Maritime Organization (IMO), to accommodate only LSFO. However, JCT was able to accommodate High Sulphur Fuel also if required. This also added significantly to the income that was reflected in the year 2022.
Lakmal Ratnayake, Chairman of Jaya Container Terminals shared his thoughts “It is fantastic to see the JCT reach such phenomenal heights in terms of revenue and profit. However, it is only right to acknowledge those who supported us throughout this journey. I would like to thank the Honourable Nimal Siripala de Silva, Minister of Ports, Shipping & Aviation, Mr. K.D.S Ruwanchandra, the Secretary to the Ministry of Ports, Shipping & Aviation, Mr. Keith D. Bernard, Chairman of the Sri Lanka Ports Authority, and the other SLPA officials for their support.”
He added, “I would also like to thank all our partners, stakeholders, and staff, as it is because of them, and their invaluable support and contributions, that JCT has become the success that it is today. I hope the future holds even more success for us all”.
JCT’s reached unprecedented heights as it accumulated a 275% increase in profits in 2022. This was due to an unprecedented earning of Rs. 608 million in revenue for 2022, which is a 104% increase from the year 2021 and a 180% increase from 2020. The fluctuating currency exchange rates also played a role in the increase of the profits, adding 40% to it. This revenue has a significant impact on the country’s economy, as the Colombo Port plays a direct and integral role in it. A plethora of JCT’s clientele also play a significant role in the provision of fuel for the ships that visit the port, which is in turn a vital service for the Colombo Port.
Ranjith Maligaspe, Managing Director of Jaya Container Terminals, also shared his comments “It is great to see the company reach these incredible heights, especially in the midst of these most challenging of circumstances. I would like to thank each, and every entity involved in generating this success, and hope that it sets a foundation for greater success in the future.”
The company is now in the process of enhancing its storage capacity in order to facilitate larger volumes of fuel at a lower cost. This will also allow JCT’s customers to distribute fuel at a lower cost, which in turn is an advantage to the Port of Colombo as it can provide competitive prices for those who require marine fuel. By the end of 2021, the JCT had constructed an additional 3200 MT capacity tank, which was opened in 2022. There are plans that have been set in motion to install even more tanks in the future. Additionally, a brand-new fire safety system was also introduced as a safety measure.
The JCT is currently conducting comprehensive studies of the markets in the region to gain an understanding of how they can improve their services in the future. Globally, it has been observed that there is a transition from Liquid Petroleum Gas to Liquid Natural Gas and studies are conducted to assess the feasibility of such transition in the future at the Colombo port. These developments could lead to the storage and distribution of even larger volumes of marine fuel.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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