Business
Litro Gas – A driving force in empowering Sri Lanka towards COVID-19 economic recovery
Overcoming economic adversity through resilience and financial efficiency has been at the heart of Litro Gas strategy as the Company mitigates a powerful turnaround during challenging times.
“External circumstances such as the Easter Sunday attack and the Saudi drone attack in 2019 impacted our businesses but we have been strong enough to manage a successful turnaround” says Anil Koswatte Chairman & CEO – Litro Gas Lanka Ltd & Litro Gas Terminal (Pvt) Ltd.
“This year, the COVID-19 impact was felt considerably, but we were able to rise to the challenge and fulfill our obligations as the country’s leading supplier of domestic LPG.”
“A true test of our capability and strength came during the COVID-19 period – our responsibility to keep the stoves burning in Sri Lankan homes spanned across markets as our dedicated teams worked around the clock to make sure every home had its gas supply unbroken and consistent.”
Koswatte pointed out that Litro Gas used innovative and real time strategies in ensuring the customers were assured of a consistent supply of domestic LP Gas.
“It was not just a testimony to our strength and industry capability but more importantly, a promise we had to keep to our customers as the market leader and the primary supplier of domestic gas to the nation”, he stressed.
Yet, in a testimony to its resilience, economic challenges notwithstanding, Litro Gas went on to record an outstanding performance with a 3.5% YOY volume growth in 2019. A robust 2.3 percent volume growth in the first quarter of 2020 reiterates the Company’s effective response in mitigating the Covid-19 pandemic phase.
The cash flow from operating activities stayed strong when compared against other players in the industry – at LKR 22 billion in 2019. Over LKR 1.5 billion was dispersed to its shareholders at LKR 32.3 per share in Litro Gas Lanka Ltd (LGLL) and Rs 3.66 per share in Litro Gas Terminal (Pvt) Lanka Ltd (LGTL); majority of the shares are held by the Treasury. The Company recorded a turnover of LKR 45 billion with PBT of LKR 7 billion and a net profit of LKR 5 billion.
The Company commands a market share of 75% as the country’s provider of domestic LPG. “The figures affirm the tremendous undertaking Litro Gas has as the industry leader”, says Koswatte.
The tough economic conditions only enhanced the Company’s strength, Koswatte adds, pointing out that gearing increased from 20% to 29%, confirmed as the highest in the history of the Company, following the undertaking of restructuring by Royal Dutch Shell in 1995.
Koswatte reiterates that maintaining strong fiscal discipline backed by a strengthening of the portfolio through strategic investments, was central to the Company’s outstanding success.
“We have always believed in sustaining a strong focus on growth and consolidation – despite the COVID-19 pandemic, Litro Gas was successful in purchasing outright the long term leased land where operations have been based since 1995”, he added.
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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