Business
Abans records outstanding nine months consolidated Pat of Lkr 1.5 billion
The recently ended year posed a series of challenges in the financial market and business sphere, as the Covid-19 pandemic gave rise to a plethora of risks, drawbacks and losses in terms of profit, capital and company sustainability. However, Abans Group emerged victorious in a highly volatile business atmosphere after employing carefully-structured strategies, controlled decisions, and containing trading and monetary conditions with the goal of functioning according to the new normal.
A sharp increase of 187% was depicted in the Group Profit After Tax to end at LKR 1.5 Billion for the nine-month-period ending December 2020 (compared to last year’s LKR 520 Million); while a 175% year-on-year growth was noted in the Profit-After-Tax of Abans PLC (the company) to end at LKR 1.45 Billion, compared to the previous year’s LKR 527.1 Million.
Abans Group scored a record top performance for the third quarter (Q3) for the Financial Year 2020/21 with a Profit After Tax of LKR 793 Million, seeing a significant 144% increase compared to the year before. The Company reported a PAT of LKR 750.6 Million for Q3, a 105% increase from last year, which proves the resilience of the company to adapt to any change in market conditions.
“Foresight, smart strategy and strong implementation has enabled Abans to rise to leadership positions in many of the sectors they operate in. However, it was necessary to recalibrate strategy to ensure they were geared for the new normal, for an era driven by artificial intelligence and big data, which would provide significant competitive advantage to those who were fast enough to embrace it. Following these strategies have proven to be quite effective, as seen by the remarkable results displayed by the Financials up to December 2020,” stated Ms. Aban Pestonjee, chairperson and Founder of Abans Group of Companies.
Despite the severe repercussions of the Covid-19 pandemic on several businesses, revenue for Q3 reached a growth of 40%, at both Group and Company level, while Cumulative Revenue for nine months depicted a year-on-year growth of 9%, which is a noteworthy achievement during the past period. The Group Gross Profit stood at LKR 7.4 Billion and LKR 3 Billion for nine months and three months (Q3) respectively.
“Abans has continued to focus on diversification that fuels growth and aids in the company’s resilience. Diversification has enabled the business to continue the growth trajectory amidst volatile market conditions. The company has strategically looked to build better synergies across their various segments in order to give superior solutions to their valued customers, and build on the overall competitive advantage. Thus, the Group, as a whole, is geared to perform even better in the coming year, with the implementation of new policies and evolving methodologies,” said Behman Pestonjee (Tito), Managing Director of Abans Group.
Driven by strategic cost reduction policies and working capital management strategies carried out in the past nine months, the Group’s (as well as the company’s) Admin and Selling Expenses noted a decrease to LKR 4.9 Billion, compared to LKR 5.6 Billion from the previous year. Furthermore, Net Finance Cost for the nine-month-period was reduced to LKR 619 Million from LKR 921 Million; whereas for the 3rd quarter, the same was reduced to LKR 119 Million compared to LKR 286 Million last year. This was reduced mainly due to the low interest rate environment and the company’s strategic working capital management.
Chandrika Perera, Executive Director – Finance, commented, “It is noteworthy that the Group has recorded a significant increase in EBITDA despite the impact of adverse macro-economic conditions. The Group’s financial and business strength and stability has placed Abans at a prominent position of being able to pursue greater heights and achievements in the years to come.” (Abans)
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
