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JKH sees resilience return with impressive 2Q performance Source:FT Group EBITDA up 93% to Rs. 6.4 b Pre-tax profit up 346% to Rs. 2.83 b Group’s all businesses, except for Consumer Foods and the Supermarkets, record strong growth in profitability Bottom line improves to Rs. 2.86 b from Rs. 680 m a year ago Returns to 1H profit from a loss in FY21 2Q Group revenue up 53% to Rs. 49 b 1H Group EBITDA rises four fold to Rs.11 b 1H PBT doubles to Rs. 4.14 b Declares first interim dividend of 50 cents per share John Keells Holdings Plc (JKH) yesterday announced impressive financial results, signalling its resilience has rebounded despite the prevalent COVID pandemic-related restrictions and resultant impact in the second quarter. JKH Group earnings before interest expense, tax, depreciation and amortisation (EBITDA) rose by 93% to Rs. 6.41 billion from a year earlier; 2Q Group revenue was up ...

Nov 6, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged COVID-19 test result, JKH Chairman Krishan Balendra, John Keells Holdings PLC, Nations Trust Bank PLC

John Keells Stock Brokers (JKSB) – Sri Lanka – STOCK MARKET WEEKLY – 05-11-2021 Brought to you by – John Keells Stock Brokers (JKSB) John Keells Stock Brokers (JKSB) is a leading equity brokerage house in Sri Lanka and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange (CSE). We are one of 15 founding members of the Colombo Stock Exchange and our history in equity trading dates back to 1896. We are widely regarded in the industry for good governance practices with an emphasis on compliance and regulations. Our core sales and research staff have been engaged with the firm for a period of 10 – 25 years. Over the years this has helped JKSB develop strong and lasting relationships with our core client base of Foreign Funds/Individuals, Local Institutions and HNWI’s. This has contributed to our superior offering of ...

Nov 6, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged Colombo Stock Exchange, John Keells Holdings PLC, John Keells Stock Brokers, STOCK MARKET WEEKLY

Daunting task for government amid sliding economy By Sunil Thenabadu The landslide resounding victory of the SLPP sweeping aside all opposing political parties in year 2020 like a “tsunami” would never have been even in the wildest dreams of any staunch supporter of the party. However the top-notch politicians prior to the postponed election knew well the pathetic situation our economy was in, was aware of a daunting task for any new government. Although the victory at the polls was a cake walk, astounding music to the ‘SLPP”, the new government which is burdened with an enormous intimidating state of affairs to place the system on track in the midst of a global recession and rising job losses. With negative growth predictions, no budget for the entire 2020, with negligible taxes figures with another hurdle is the climbing of tax issues in year 2021. So far, figures indicate at least half a million workers – directly and indirectly – have lost their jobs largely in ...

Nov 6, 2021 Posted by eLanka admin In Articles, elanka Finance, Sunil Thenabadu Tagged amity, budget, Central Bank, coexistence, COVID 19 pandemic, economy, pluralism, public finance, SLPP, tolerance

Controller of Exchange debars trouncing of foreign Exchange By Sunil Thenabadu Sri Lankan Foreign exchange racketeers are rampant to find any loop holes in the Exchange Controller regulations to navigate over any such flaws.The related authorities of the Exchange Controller unit at Central Bank of Sri Lanka have been successful in impeding the colossal loss of foreign exchange by the acts of our Sri Lankan community scattered all over the globe. This practice of drawing foreign currency via ATM cards by Sri Lankan migrants and international students have been curbed by bringing in stringent techniques preventing the withdrawal of the respective foreign currencies of their choice. This has been made possible through the amended act no 12 0f 2017 introduced two years ago. The Controller of Exchange has instructed all commercial banks to classify all accounts maintained by migrants and international students as CTRA( Capital Transaction Rupee Account) preventing the ...

Nov 3, 2021 Posted by eLanka admin In Articles, elanka Finance, Sunil Thenabadu Tagged Capital Transaction Rupee Account, Central Bank of Sri Lanka, CTRA

Orel IT expands with branch office in Singapore Orel IT, a Sri Lankan based premier IT services provider operating with a key focus to empower humanity with Industry 4.0 recently established operations in Singapore, a major technology hub. The move was as part of the company’s expansion efforts in the South-East Asian region with the view of revamping its services to the customers based in the area. The newly-opened branch came up in the Gambas Crescent Region, Singapore where there is a huge demand for professional IT services. Orel IT will go onto offer an array of fully-fledged IT solutions to customers in the domains of AI solutions, data services, and engineering services including managed services. Additionally, the company is also said to provide further support for its clients in AI consultation, provisioning of data and data classification, data annotation for research and analytics including research facilitation. “We are excited ...

Nov 2, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged AI solutions, data services, IT services, Orel IT expands

Damro reaches milestone in India; opens 100th showroom in Kolkata Source:-www.ft.lk Sri Lankan lifestyle brand now covers 10 states in India; plans to add 50 more showrooms in 2022 Exports over 2,000 forty-foot containers per annum while sourcing 30% of manufacturing from factory in Bangalore and medium-scale holding industries in India To increase manufacturing capacity with upcoming factory in Kolkata Damro has reached a milestone in India with the opening of the 100th showroom in Kolkata. The company said Damro launched its most recent showroom in Kolkata as the seventh showroom in the city to provide enhanced services to one of the most populous cities in India. In consideration of developing export volume in Sri Lanka at a much-needed time, Damro has expedited the showroom network expansion process in India and opened four showrooms in the previous week alone. The latest additions to the network apart from Kolkata were the ...

Nov 2, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged 2022 Exports, Covid 19, Damro

Steel giant Lanwa ventures into cement Source:-www.ft.lk Lanwa Sanstha Cement Chairman Nandana Lokuwithana and Hambantota International Port Group CEO Johnson Liu exchange the agreements signed in Colombo last week Upcoming plant in Mirijjawila Export Processing Zone to produce entire range of blended cement Signs deal with Hambantota International Port for 2.4 km conveyor belt connecting to plant Plant with capacity of 3 m metric tons per annum to start production in January Steel giant Lanwa is foraying into the cement market with a manufacturing plant at the Mirijjawila Export Processing Zone, while last week it struck two agreements with the Hambantota International Port towards operationalising the new venture. One of the agreements was connecting the Lanwa Sanstha Cement Corporation Ltd.’s 3 million-ton per annum plant at the Mirijjawila Export Processing Zone to the Hambantota International Port (HIP) via a 2.4 km-long conveyor belt. Another was to grant a licence to ...

Nov 2, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged BOX bars, Hot Dipped Galvanized pipes (GI pipes), Lanwa, Mirijjawila Export Processing Zone, MS rods, Nandana Lokuwithana, QT bars, Round Tubes, Wire Nails

China National Vehicles Import and Export Co. mulls assembly plant with Micro Source:-www.ft.lk China National Machinery Import and Export Corp. (CVC) is mulling an assembly plant in Sri Lanka in partnership with Micro Cars. CVC Vice President Wu Yi last week called on the Ambassador of Sri Lanka to China Dr. Palitha Kohona at the Sri Lanka Embassy in China to explore the possibility of establishing a vehicle plant in Sri Lanka. “They plan to produce and promote the MG, Chery, and Proton brands in Sri Lanka,” a statement from the Sri Lanka Embassy in China said. CVC is a wholly-owned subsidiary of China National Machinery Import and Export Corp (CMC). The CVC is an enterprise specialising in the distribution of automobiles, auto parts and components and other similar products. “The CVC has already established an effective relationship with Micro Cars of Sri Lanka. CVC Vice President Wu Yi said ...

Nov 2, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged China National Machinery Import, Export Corp, Gu Chaogang, Micro Cars, Yin Qing, Zhu Xiaomei

BOI and CIAH sign up for $ 18 m first-ever airport based hotel at BIA Source:-www.ft.lk BOI Chairman Sanjaya Mohottala (left) and Colombo International Airport Hotels Chairman Ruwan Perera Offers 100 rooms, 4-star facilities inclusive of pool, gym, restaurants, crew lounge among others First phase of project to be ready as early as 2022 The Board of Investment (BOI) has recently entered into an agreement with Colombo International Airport Hotels Ltd. (CIAH) to construct the country’s first-ever airport hotel within the Airport and Aviation Services premises at Katunayake. CIAH will invest $ 18.2 million for this project and the first phase of this hotel development is planned to be ready by 2022. The agreement was signed by BOI Chairman Sanjaya Mohottala and CIAH Chairman Ruwan Perera. The airport-based hotel is set to offer a mega value addition to the expanding capacity of the Bandaranaike International Airport (BIA) and will offer ...

Nov 2, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged CIAH, Katunayake Export Processing Zone, Ruwan Perera, Sanjaya Mohottala, The Board of Investment

John Keells Stock Brokers (JKSB) – Sri Lanka – STOCK MARKET WEEKLY – 29-10-2021 Brought to you by – John Keells Stock Brokers (JKSB) John Keells Stock Brokers (JKSB) is a leading equity brokerage house in Sri Lanka and is a subsidiary of John Keells Holdings PLC (JKH), the largest listed entity on the Colombo Stock Exchange (CSE). We are one of 15 founding members of the Colombo Stock Exchange and our history in equity trading dates back to 1896. We are widely regarded in the industry for good governance practices with an emphasis on compliance and regulations. Our core sales and research staff have been engaged with the firm for a period of 10 – 25 years. Over the years this has helped JKSB develop strong and lasting relationships with our core client base of Foreign Funds/Individuals, Local Institutions and HNWI’s. This has contributed to our superior offering of ...

Oct 30, 2021 Posted by eLanka admin In Articles, elanka Finance Tagged Colombo Stock Exchange, JKSB, John Keells Holdings PLC