Business
AMF posts impressive financial performance in FY 2021/22
One of Sri Lanka’s oldest finance companies, founded in 1962, Associated Motor Finance Company PLC (AMF) has delivered a resilient financial performance during FY 2021/22, despite an uncertain economic environment. Supported by the merged Company’s committed workforce and prudent management strategies, the Company’s Profit Before Tax (PBT) rose to LKR 492 million in FY 2021/2022. The Liquid Asset to Deposit Ratio stands at a significant 37.65%, indicating the company’s healthy financial standing highlighting their ability to pay off obligations through liquid assets.
Achieving another strategic milestone in its transformational journey, AMF’s rights issue in 2021 to raise Rs. 500 million in equity was oversubscribed further strengthening its core capital requirements to be fully compliant with CBSL requirements. The rights issue oversubscription points towards the improving financial stability and trust of AMF and the Company’s ability to move steadily forward with its five-year strategic plan. Accordingly, the Company’s Core Capital grew up to LKR 2.624 billion during the period under review. Both Tier I and Tier II Capital Ratios too witnessed a growth, rising to 14.9% and 15.8%, respectively well above the statutory minimums
Discussing the financial performance, AMF’s CEO, T.M.A Sallay said, “We are pleased to inform our investors and other stakeholders that we have achieved and exceeded the targets we had set for the financial year 2021/22. Through delivering exceptional value to all stakeholders, we were able to end the year on a high note”.
‘‘Throughout the pandemic, and other past and present challenges, we have consistently made timely interest payments to our valued depositors. We have ensured our shareholders’ interests are taken care of and always looked-after our employees. Thus, we take this opportunity to reassure all stakeholders that AMF will continue this momentum to deliver exceptional value to all its stakeholders” Sallay further added.
AMF marked a major milestone in its journey last year when the company merged with Arpico Finance Company PLC to become a single entity and one of the strongest in the industry. AMF has leveraged its new position of strength to steer through tough times with resilience and further consolidated its position as a result.
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
