Business
LOLC Holdings Group SL’s top profit earning listed entity for second year running
While group profits have grown, a loss posted at company level
LOLC Holdings PLC, the highly diversified conglomerate quoted on the Colombo Stock Exchange, has in its just published annual report told its shareholders that the publication of its results for 2019/20 was, in the words of its Deputy Chairman Ishara Nanayakkara, “an apt occasion to announce the good news……that LOLC has achieved the distinction of being the most profitable listed entity in Sri Lanka for two years in a row.”
While an after tax profit of Rs. 19.79 billion, up slightly from the previous year’s Rs. 19.64 billion, has been posted by the group, at company level there was a loss of 9.09 billion, up from a loss of Rs. 3.2 billion a year earlier. LOLC last paid a dividend of 50 cents a share in 2013 but its share closed the year at Rs. 88.90 and was trading at over Rs. 120 last week.
Nanayakkara said that LOLC had total assets of USD 7.083 billion “and a considerable footprint overseas.”
“Reflecting this strength, the audited financial statements I place before you for the year under review mirror the resilience of the group, which was able to record a marginal increase in profit after tax….notwithstanding the dismal economic and political climate that prevailed during the period,” he said.
He attributed his optimism to the fact that 80% of their profit before tax is derived from overseas. This will assure their partners and shareholders that their diversified business interests will always enable the group to achieve growth regardless of challenges in their Sri Lanka operations.
The LOLC group is into financial services, construction, agriculture and plantation, manufacturing and trading, leisure and renewable energy and is expanding overseas. It also has some other strategic investments in its portfolio.
The report said that the group had rapidly evolved into being the biggest non-banking financial institution in the country and one of its biggest and most diversified conglomerates.
“Our footprint in Sri Lanka spans every district, from the rural hinterland to major cities and we have enduring business partnerships with a host of financial and developmental organizations across the world,” the report said.
“We have significantly successful financial services investments in Cambodia,, Myanmar, Pakistan, Indonesia, the Philippines, Nigeria and Zambia; business operations in Maldives and Sierra Leone as well as corporate offices in Singapore, UAE and Mauritius and we continue to expand our international presence by actively seeking new opportunities in the region.”
Discussing the financial services sector, Nanayakkara said they had performed to the best of their ability against the backdrop of multiple shocks including the Easter bomb, the presidential election and the Covid pandemic “which fortunately did not impact the year under review in any significant manner although it will cast a shadow on how the local and global economy will recover in the next financial year.”
The 2018 debt waiver by the then government had caused irrevocable damage to the country’s microfinance sector. The concession was granted only to arrears clients discouraging regular clients, adversely affecting the healthy recovery ratio of over 90% maintained up to that point.
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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