Business
Richard Pieris Finance announces resilient performance for FY 2021/22
Richard Pieris Finance Limited, a fully owned subsidiary of the Richard Pieris Group, and the sole financing arm under the renowned Arpico brand, delivered solid financial performance for the Financial Year 2021/22, amidst a challenging economic backdrop. Supported by the Company’s committed workforce and prudent management strategies, Richard Pieris Finance’s profit before taxes (PBT) rose by a notable 283% to Rs. 444 Mn, compared to prior year. The company also saw revenues growing by 16% to Rs.2,441 Mn during the period. The Company’s deposit base and asset base too grew during the year to Rs.9,910 Mn and Rs.17,927 Mn respectively.
Discussing the achievements and milestones of the year, Lohika Fonseka, CEO at Richard Pieris Finance Limited said, “We are pleased to inform all our stakeholders that the management of Richard Pieris Finance Limited has successfully guided the Company through some of the most challenging times our nation has ever faced. We intend continuing this trajectory, building on our achievements. Supported by our digital drive, the company obtained the membership in CEFTS and JustPay during the year to further customer convenience. Also, we have introduced several new products including pawning to expand our portfolio. Furthermore, taking our plans to fruition, we have upgraded three outlets as fully-fledged branches during 2021/22 to provide a better service to our valuable customers. During the year, Richard Pieris Group infused Rs. 280 Mn of equity capital for strengthening the company’s Tier-1 capital base and the company successfully concluded a debt capital infusion of Rs. 1 Bn to improve the Tier-2 capital base, which positioned the company well above its peers in terms of capital adequacy. While maintaining stability and resilience, we look forward to continuing our business expansion as we pivot and position to tackle the challenges ahead, while always focusing on customer convenience.”
Underscoring the stability and strength of Richard Pieris Finance Limited, the Company has been assessed with the coveted AA-(RWN) from Fitch Ratings Lanka Limited, one of Sri Lanka’s premier credit rating agencies. The Company appointed Kithsiri Wanigasekara as the Chairman who is a veteran professional in the financial services industry together with Shantha Wijeweera, Kithsiri Wijeyaratne, Asoka Keppetipola and Kelum Senanayake to guide and support the Corporate Management team, to navigate the present turbulent economic environment skilfully and effectively. The corporate management team of Richard Pieris Finance Limited comprises of financial industry professionals in multiple disciplines including veteran bankers and legal professionals. Operating within a resilient corporate governance structure while maintaining robust internal controls relating to risk management, compliance and further supported by digital transformation, Richard Pieris Finance Limited is confident on maintaining its growth momentum in future.
Richard Pieris Finance Limited provides Sri Lankans with a full-range of financial products and services including fixed deposits, savings, leasing, Islamic finance, business loans, personal loans, pawning, furniture financing and digital finance solutions. The Richard Pieris Group is a diversified business conglomerate with a rich history spanning over 90 years, having its arms spread across multiple sectors including manufacturing, plantations, financial services, exports, FMCG, logistics and retail. Its flagship brand, “Arpico Supercentres” is one of the most powerful local household brands in Sri Lanka for over 50 years, serving the community with a diverse range of products. A melting pot of talent, home to a workforce of over 27,000 people, Richard Pieris and Company PLC is one of the largest employers in Sri Lanka’s private sector.
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
