Business
JEDB looking forward to a profit of Rs. 100 million this year
By Hiran H.Senewiratne
Sri Lanka’s leading state owned plantation entity, Janatha Estates Development Board (JEDB), expects a Rs 100 million profit this year. ‘Rs 56 million in profit has been recorded until the end of August, which could be considered a big milestone for the institution, JEDB chairman, Rtd. Wing Commander Buwaneka Abeysuriya said.
‘In 2019 JEDB incurred a loss of Rs 1.2 billion and in the year 2020 we were able to bring down the loss to Rs 300 million and subsequently its losses shot up to Rs 400 million due to a subsequent Rs 250 wage hike. In the year 2022 we could make a Rs 100 million profit, which will enable us to penetrate the Chinese and Eastern European export markets, Abeysuriya told The Island Financial Review.
Abeysuriya added: ‘JEDB has 18 estates, which are all Land Reform Commission lease lands that were badly managed by the previous administration. Therefore, I have visited all the tea and rubber estates and found that replanting has not been done for more than two decades for tea estates and all employees are corrupt from top to bottom, so I had to revive the entire institution from scratch.
‘After pulling out all the JEDB files we found that JEDB had two arms, which were JEDB Plantations and JEDB Property Management. From JEDB Property Management we were able to cover a lot of losses and were able to collect Rs 165 million that were due to come to its accounts.
‘At present, JEDB has achieved a profit of Rs 56 million after paying 4000 employees, their salaries, gratuity, FPF, ETF funds and other benefits. We are planning to penetrate the Chinese and Eastern European countries to earn US dollars for our country.
“Earlier, the government treasury had funded us. Now with the diversification of the business we are no more a burden to the government.
‘Apart from that, the company is diversifying into many areas, such as, developing our colonial bungalows as boutique hotels and eco-tourism spots. A nature park has been developed at Rahathungoda, known as “Rock Wood ”, and a plantation bungalow at Nagasthenna, Nawalapitiya, has been converted into a boutique hotel. Further, a fertilizer manufacturing plant has been set up with the research and development assistance of the Peradeniya University.
‘JEDB, from its property management arm, has leased out several warehouses and buildings, which also add revenue to the entity. Our latest project would be hydro power generation, which could also generate some income for the JEDB.’
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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