Business
First Capital holds strong despite economic challenges
First Capital Holdings PLC (the Group), a member of the Janashakthi Group, reported a Profit after Tax of LKR 235Mn for the quarter ended 31st December 2021.
The Group’s Corporate Finance, Wealth Management and Stock Brokering businesses were the key drivers of these results during what was a particularly challenging period for the market at large. The profits include a reversal of over provision of income tax amounting to Rs. 149Mn.
First Capital’s Corporate Finance division reported a Profit after Tax of Rs. 47Mn for the nine months ended 31st December 2021. This includes fee income on structuring and placement of corporate debt securities of Rs. 36Mn and trading gains of Rs. 84Mn on sale of corporate debt and equity securities.
The Group’s Wealth Management division reported a Profit after Tax of Rs. 77Mn for the same period. The business unit had assets of Rs. 44.9Bn under its management as of 31st December 2021.
The Stock Brokering division recorded a Profit after Tax of Rs. 176Mn for this nine-month period.
The Primary Dealer division recorded net interest income of Rs. 357Mn for the same period. However, a trading loss of Rs. 809Mn on sale of government securities incurred by the business unit drove it to conclude this period with a Loss after Tax of Rs. 361Mn.
Trading and marked to mark losses on the government securities portfolio incurred by the Group’s Primary Dealer division had an adverse impact on the overall bottom line. This was primarily caused by the upward shift in the yield curve due to the unanticipated tightening of monetary policy in mid-August 2021. The Group concluded the nine months ended 31st December 2021 with a turnover of LKR 1.43Bn and a Loss after Tax of Rs. 69Mn.
The quarter also saw First Capital Treasuries PLC, a subsidiary of the Group and one of Sri Lanka’s leading non-bank primary dealers, being listed on the Diri Savi Board of Colombo Stock Exchange. The listing, which was managed by the Corporate Finance division of First Capital Limited, was aimed at enabling the company to broaden its ownership base, bring in more liquidity, and strengthen its brand identity.
The FCT IPO gained significant interest from investors and was oversubscribed by 4.5 times within hours on its opening day. The company’s shares began trading on the Colombo Stock Exchange (CSE) on 23rd December 2021.
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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