Business
Abans Finance records consistent growth in profits; FY 2021 / 2022 records Rs 615 million PBT
Abans Finance PLC is a principal member of the prestigious Abans Group, the renowned household name in Sri Lanka. Through the backing of the Abans Group and the strong management team lead by CEO Dharshan Silva the company has been able to increase interest income, diversify portfolio risk, reduce funding cost, and improve collections to reach its best ever results in FY 2021 / 2022 by recording Rs 432 million PAT as Total Comprehensive Income, an Abans Finance press release said.
The release adds: ‘Further, total assets of the company exceeded Rs 10.4 billion. Over the last three-year period, EPS also has improved significantly in a consistent manner wherein the more recent FY 2021 / 2022 it is recorded as Rs. 6.46, and on previous FY’s (2020/2021 and 2019/2020) it was recorded as Rs 4.31 and Rs 1.55 respectively. The National Long-Term Rating of Abans Finance PLC is ‘A-(lka)’ RWN by FITCH Ratings Lanka Limited.
‘This progress has been made amidst the aftermath impact from political, economic, social, and legal perspective to business operation from COVID 19 pandemic. During the last 2 years company has successfully implemented concentric diversification in its products to regain the loss of top line and interest income, due to import bans of vehicles.
‘In terms of impairment charge of Rs 131 in FY 2021 / 2022 it mainly includes an impact coming from Economic Factor Adjustment (EFA) in calculating the loss ratio. During the year company was able to clear tax anomalies in previous years and cleared Rs. 319 million of contingent liabilities from the books thereby increased the valuation of the company as well.
‘FY 2021/2022 year was a challenging year to all our stakeholders. Despite all that dynamism in the market our team came together, to do their best to clients, which finally delivered an exceptional result to shareholders, and looking forward on continuing that record with a view to capitalise the opportunities ahead. Management believes that core to creating sustainable shareholder value in the longer term should be reached from a broad and diverse set of clients.’
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
