Business
Sarvodaya Development Finance records an impressive first quarter
Staying true to its vision of developing rural economies, Sarvodaya Development Finance PLC (SDF) has continued to outperform during the first quarter of this financial year.
Reflecting public confidence in the Company, SDF’s deposit base grew by 10.1% from end March 2022, to end June 2022. The total assets of the Company recorded a marginal growth despite all social, political and economic challenges experienced in the country recently. SDF’s total income for the quarter ended June 30th 2022, was LKR 559.84 million, which is a growth of 40.9% compared to the income of LKR 397.34 million for the comparative period of FY 2021-22. The net operating income for the quarter increased by 22.6% to LKR 288.82 million, from LKR 235.65 million in the previous comparative quarter. The operating profit before tax on financial services increased by 55.8% to LKR 74.62 million, against the comparative figure of LKR 47.90 million one year ago. The profit before tax increased by 59.8% to LKR 45.30 million as compared to LKR 28.36 million in the previous year’s first quarter. SDF concluded the 1st quarter of FY 2022-23 with an after-tax profit growth of 115.0% reaching LKR 33.83 million, as compared to LKR 15.73 million achieved in the 1st quarter of FY 2021-22.
SDF expanded its agricultural lending portfolio and farming related support services, thereby actively facilitating recovery of the country’s essential agriculture sector. Through its strategic agreements with leading agricultural equipment and machinery suppliers, SDF modernizes rural farmers with modern agricultural equipment, such as combined harvesters, tractors, automated rice mills and other equipment to enhance agricultural outputs, supported by buy back agreements as a risk mitigation mechanism. Meanwhile, seasonal repayment plans have been developed for farmers to alleviate repayment pressure on farming communities, enabling them to repay their loans with the increase in income during harvest seasons. In an unique intervention, SDF also supplies its farming customers with liquid organic fertilizer (Effective Micro-organism), which is manufactured by the Sarvodaya Movement based on a patented Japanese formula. As a further support measure, SDF also negotiates forward buying contracts for farm produce, to ensure farmers are able to sell their products immediately at fair prices.
SDF will continue to remain vigilant of the country’s economic situation while continuing to support economic recovery by strengthening the community-based societies, small and medium entrepreneurs in the country by channeling vital funds for business continuity and growth.
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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