Business
E. B. Creasy posts resilient 1st half with Rs. 1.3Bn Group PBT, a 203% increase for FY2022/23
Despite numerous macroeconomic challenges, the E. B. Creasy Group, once again, was resilient and posted a record performance in the first half of the current financial year, driven by outstanding results in its core segments of Homecare, Personal and Healthcare, and in industrial sales to the Foods sector. Group profitability, however, came under considerable pressure due to the high cost of working capital financing, and increased revenue-based taxes, as the Group did not pass on rising indirect taxes to consumers.
Cumulative Group Revenue and PBT (Profit Before Tax) stood at LKR 11.37 billion and LKR 1.3 billion, respectively, both reporting an increase of 48% and 203%, respectively, over same period in the year prior. The performances were positively impacted by new businesses, particularly in the industrial sector, whilst exchange losses and high finance costs negatively impacted profitability.
Commenting on the Group’s 1st Half Performance, a company spokesperson said, “We are encouraged by the progress we have made in the first half of the financial year, with numerous strategies put into execution to achieve working capital efficiencies in our core business segments, whilst harnessing extra returns from investments in new business opportunities. The present business climate has presented a set of unprecedented challenges to our management teams, and demands innovation, agility and a sense of urgency, to respond and adapt swiftly to a highly dynamic economic environment. Still, even in this unprecedented business climate, the Group remains determined to fulfil its objective of seeking sustainable and profitable growth, and maintaining acceptable levels of return on capital employed, whilst constantly delivering on our commitments to our valued stakeholders.”
In keeping with its commitment to stakeholders, the Group paid an Interim Dividend of Rs. 1/- per share at the end of September 2022, distributing LKR 253.5 million to shareholders. The Group also paid out a total dividend of LKR 380.3 million in the previous financial year, in line with the Group’s Dividend Policy.
Discussing future expectations, a company spokesperson added, “While we observe a contraction in consumer spending due to tighter fiscal and monetary policies, we also observe that the policy framework being adopted is guiding the economy towards a stable new norm, which we will have to operate in. In these difficult times, we remain confident that the Group will return acceptable results in the current year, and we look forward to continuing to deliver exceptional value to all stakeholders.”
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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