Business
JAT plans new plants in Bangladesh, Africa post IPO
As it prepares to announce an initial public offering (IPO) and listing on the Colombo Stock Exchange (CSE) in a bid to raise capital, JAT Holdings noted that these funds would be used to commission manufacturing plants in Bangladesh and Africa.
“Funds will be used to drive development activities such as the establishment of a new state-of-the-art R&D facility and the commissioning of a new manufacturing plant in Bangladesh, for which negotiations have been completed and initial implementation is underway. Discussions are also ongoing to commission a plant in Africa. Together, these new facilities will further consolidate the company’s position in these regional markets, while also contributing towards revenue and margin growth,” the company noted in a press release announcing its financial performance for the financial year ended on 31 March 2021.
JAT Holdings, ended FY 2020/21 posting a healthy Rs. 621 million profit after tax, completely reconciling losses incurred earlier in the year, driving gross profit margins from 27.6% to 30.7% YoY, while maintaining the net profit margin at 11.2%.
Discussing the company’s remarkable performance across the most challenging of financial years, JAT Holdings CEO Nishal Ferdinando said: “Being the leader in wood coatings, possessing a strong product portfolio in paints, brushes, ergonomic office furniture, decking, ceilings, bespoke kitchens, etc. in addition to having significant revenue streams from Bangladesh and other South Asian countries through multiple sales channels, enabled JAT to successfully mitigate the effects of the pandemic and remain resilient through 2020/21.
FY 2020/21 saw the company enjoying its highest-ever recorded YoY revenue growth, 29%, in the Sri Lankan market for wood coatings, paints, and brushes. This is significant as it was achieved despite operating through more than two months of lockdowns. The company also enjoyed positive cash flows for over seven months of the year at a stretch, despite challenges, ending the year net positive with Rs. 490 million as at 31 March 2021. The strength of the company’s cash position is further attested to by a net debt (cash)/equity ratio of negative 0.03. Current and liquidity ratios increased to 3.26 and 2.29, respectively, against 2.61 and 1.76 from the year prior, while gearing saw an easing to 9.07% over the period.
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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