Business
CDB closes year with Group PAT of Rs 1.8 bn
showing a growth trajectory of 1.6% year-on-year
Conquering extensive economic destabilization dynamics stemming from the aEaster Sunday attacks and COVID-19, Citizens Development Business Finance PLC (CDB) concluded the financial year 2019/20 on a triumphant note with a healthy profit after tax of Rs 1.8 Bn, showing a growth trajectory of 1.6% year-on-year.
The Company’s trademark resilience was demonstrated when it weathered the impact of COVID-19 lockdowns in Q1 of FY 2020/21 showcasing a balance sheet of Rs 96.7 Bn as at June 30th 2020 and recorded a profit after tax of Rs 487.9 Mn, a significant growth of 63% compared to the corresponding quarter in the previous year. These results are as per the group audited financial statements for Financial Year ended 31st March 2020 and the interim results for the 1st quarter ended 30th June 2020 released to the Colombo Stock Exchange (CSE) recently.
CDB’s Managing Director/CEO Mahesh Nanayakkara is well pleased with the Company’s progress during this challenging period, stating, “With our digital and e-commerce focused business strategy, coupled with the integration of sustainability into our business, CDB confidently looks forward to a sustained strong performance in the post-COVID-19 era.”
Despite widespread disruptions in consumer behavior and economic activities, CDB achieved a revenue of Rs 17.4 Bn in the financial year 2019/20, which is a growth of 3% year-on-year. Net interest income increased by 21% to Rs 6.6 Bn, while the Group maintained its profit before tax at Rs 2.3 Bn. CDB’s consolidated balance sheet as at year-end stood at Rs 93.2 Bn with Rs 11.6 Bn in net assets. The cost to income ratio continued to improve to 48.79%, whilst the return on assets stood at 1.98% and return on equity came to 17.99%.
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.”
