Business
Kanrich posts stellar performance
Kanrich celebrates its 50th anniversary, recording outstanding financial performance after four years. Though the company was able to withstand the pressure from the economic slowdown since 2016 and continue as a profitable company, challenges emerged after that, and their consequences were more far-reaching and devastating to the Sri Lankan business sector. First, it was the announcement of the political leadership promising the borrowers of microfinance to default their loans, which resulted in staggering Rs. 800 million in losses to Kanrich. The Company’s core capital plummeted from nearly Rs. 1.79 billion in 2018 to 1.2 billion in 2019. This was followed by the Easter attack, the Covid-19 pandemic, and the unprecedented economic crisis during 2020-2022. which had a catastrophic and long-lasting impact on Kanrich. However, the company re-established itself as a profit-making company in 2022 with remarkable increases in returns on equity, assets, and earnings per share of 12.8%, 3.5%, and 1.5%, respectively. The Capital Adequacy ratio increased from 7% in 2021 to 20% in 2022, 3 times more than the regulatory requirement.
The past year was also a testing time for the capabilities, resilience, risk control, and governance of Kanrich. However, Kanrich is proud of regaining its strength to cope with many challenges. It made all efforts to minimize the risks and perform better in a highly volatile economic, social and political environment. The Company’s performance was highly influenced by the economic cycles of the Sri Lankan economy and political and social dimensions beyond the control of Kanrich.
Dr. Ravi Ratnayake, Chairman of Kanrich, said, “It is an honor for me to stand with Kanrich as it is passing glorious 50 years, embracing its legacy and making an outstanding mark in the finance industry”.
CEO of Kanrich, Shiran Weerasinghe, said, “The financial year of 2021-22 reminds us of the past glory Kanrich enjoyed before the economic downturn in 2018, followed by the Covid-19 epidemic and the tri-crisis-social, political, and economic- that started in the previous financial year”.
Further, the CEO added, “Shareholders and customers have had faith and confidence in us as the Board of Directors and management, for which we are most grateful. Our dedicated staff is the most valuable asset of the Company. Their outstanding dedication, perseverance, and strong commitment are acknowledged with thanks”.
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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