Business
LOLC Group records historic profitability
Fulfilling its ambition of being a multinational, the LOLC Group recorded an upsurge in profits by as much as 46% over the previous year to deliver a Profit before Tax of Rs. 83.8Bn and Profit After Tax of Rs. 77.8Bn for the financial year ended 31st March 2022. The Total Comprehensive Income of the Group reached Rs. 161Bn, which is unparalleled in the history of any Sri Lankan corporate entity. As the most diversified conglomerate in Sri Lanka, the LOLC Group’s strong global expansion is gaining traction as it rapidly widens its global footprint across the 2 continents of Asia, including Central Asia and Africa, across financial services, leisure and plantations.
A key highlight of its historic profitability this year is that the Group derived a major portion of its revenues from its global operations, without being reliant on local operations or for that matter any one market. Amidst the economic and political disruptions being witnessed around the world, its global diversification plan ensures that the LOLC Group can sustain its upward trajectory without any adverse impact.
Commandeering a lion’s share of the local financial services market in Sri Lanka and becoming the nation’s most diversified conglomerate, LOLC Group made its initial investment into Cambodia way back in 2007 – and has since established a firm footprint in many countries including Cambodia, Myanmar, Indonesia, Philippines and Pakistan in South and South East Asia. Once ongoing negotiations are completed, the Group has planned an investment pipeline into the giant market offered by India. In Central Asia, the LOLC Group is present in Tajikistan and Kyrgyzstan while being poised to enter Uzbekistan and Kazakhstan.
On the African continent, the LOLC Group is already present in Nigeria, Zambia, Zimbabwe, Malawi, Tanzania, Kenya and Egypt. In its latest plans, the Company is looking to enter Democratic Republic of Congo (DRC), Ghana, Uganda and Rwanda.
Building on its plantation management expertise, the Group operates sugarcane plantations in Sierra Leone. Sunbird Sierra Leone Limited (SBSL) is a large agro-based company with 23,500 hectares of land, with the option to increase it to 50,000 Ha, along with a sophisticated production facility which produces Extra Neutral Alcohol (ENA). SBSL has a production capacity of 100,000 liters of ENA per day and 380,000 liters of Bio ethanol per day.
Meanwhile, the Group recently acquired luxury leisure property in Mauritius, the Radisson Blue with 100 keys, and will soon be the largest leisure operator in the Maldives, expecting to add 1,077 keys to the market soon. The property developments nearing completion in Maldives are the Nasandhura Palace Hotel with 135 keys and 118 apartments; Bodufaru – 470 keys; Browns Ari Resort – 100 keys; and Browns Raa atoll and STO Hulumale with 254 keys.
In Sri Lanka, the Group commands a room capacity of 909 keys with a further capacity of 363 keys under construction and is among the largest leisure operators in the country. The leisure properties in Sri Lanka consists of Eden Resort and Spa; Occidental Paradise Dambulla; Sheraton Kosgoda Turtle Beach Resort; The Calm Resort & Spa; Dickwella Resort and Spa with; the Elephant Corridor; Avani Kalutara; Club Hotel Dolphin and Hotel Sigiriya with, while Riverina Hotel is under construction with 363 keys. The Reveal Collection includes luxury bungalows, Ubuntu, the Beach House, Lantern Beach House Mirissa and Lavender House Pussellawa. The leisure business is further complemented with the destination management arm of the Group, Ceylon Roots, providing inbound travel services.
(LOLC Group)
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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