Corporate News
View all(52)Siyapatha Finance PLC Reports Robust 29% Profit Growth for FY25 📈
Siyapatha Finance PLC has posted exceptional financial results for the year ended 31 December 2025, driven by strategic expansion and efficient asset management. • Core Financials Profit Before Tax (PBT): Rs. 2,660 Mn (+26% YoY) Profit After Tax (PAT): Rs. 1,556 Mn (+29% YoY) Net Interest Income: Rs. 5,561 Mn (up from Rs. 4,533 Mn in 2024) Net Fee & Commission Income: Rs. 499 Mn (+44% YoY) • Balance Sheet & Assets Total Assets: Increased to Rs. 84.74 Bn (from Rs. 59.71 Bn) Leasing & Hire Purchase: Grew by 23% Gold Loans: Surged by 63% Total Equity: Rs. 10.04 Bn (up from Rs. 8.45 Bn) Net Asset Value per Share: Rs. 99.79 (vs. Rs. 84.18 in 2024) • Operational Highlights SME Financing: Strong demand fueled by rapid branch network expansion. Operating Efficiency: Operating profit before taxes rose 26% to Rs. 3,662 Mn due to cost optimization. Banking & Financial Services: Solidified position in the non-banking sector through digital service enhancements and workforce upskilling. The results underscore Siyapatha’s resilience and its critical role in supporting SME and micro-finance segments during volatile economic conditions.
NSB Submits 2025 Annual Report to Treasury 📈
The National Savings Bank (NSB) officially presented its Annual Report for the 2025 financial year to Treasury Secretary Dr. Harshana Suriyapperuma at the Ministry of Finance. • Institutional Governance: The presentation by Chairman Dr. Harsha Cabral PC and Actg. CEO Rohana Bandara Weerakoon underscores the bank's commitment to transparency and financial accountability. • Economic Role: As a state-owned entity, the bank remains a cornerstone for national savings and a key contributor to the government's fiscal framework. • Strategic Milestone: The report serves as a formal account of the bank’s performance and its alignment with national financial governance standards. _Note: Financial specifics and year-on-year growth rates were not included in the initial report announcement._
PLC Bolsters Capital with Rs. 10 Bn Tier 2 Debt Issuance 📈
Financial Services Sector Update: People’s Leasing and Finance PLC (PLC) has successfully concluded a Rs. 10 billion private placement of trust certificates. Capital Strengthening: The funds were raised via an unlisted, unrated, and unsecured subordinated five-year term loan facility, specifically designed to reinforce the company’s Tier 2 capital base. Regulatory Approval: The Central Bank of Sri Lanka (CBSL) Governing Board officially approved the inclusion of this facility under Tier 2 capital on March 18, 2026, ensuring compliance with Capital Adequacy Requirements. Strategic Impact: This capital boost is intended to support future lending growth and maintain stability within the leasing and non-bank financial institution (NBFI) landscape, aligning with national regulatory thresholds. _Note: Based on official company disclosures as of April 3, 2026._
📈 Chevron Lanka Hits Record Rs. 4 Bn Earnings in 2025
Chevron Lubricants Lanka PLC achieved its highest-ever earnings in its 32-year history for the 2025 financial year, driven by robust volume growth and market leadership. • Financial Performance: Surpassed the Rs. 4 Billion milestone in earnings for the first time, on a total revenue of Rs. 24.39 Billion. • Shareholder Returns: Declared a 9-year high dividend of Rs. 16 per share. The dividend payout ratio reached a 5-year high of 95%. • Growth Drivers: Performance was underpinned by strong double-digit year-on-year volume growth within the oil and gas sector. • Market Position: Maintained its position as the market leader in lubricants since 1992, successfully competing against 35 other market players. • Regional Footprint: Operations supported by a local blending plant, catering to domestic demand and export markets in Bangladesh and the Maldives. • Corporate Recognition: Ranked among the top 15 in the Best Employer Awards 2025 and consistently featured in top tier listings for Return on Equity and Asset Utilisation. _Note: Data based on Q4 2025 interim financial statements._
NDB Bank Detects Rs. 380 Mn Employee-Linked Fraud 📈
• Overview: National Development Bank PLC (NDB) has disclosed an internal fraud involving specific employees acting in collusion with third parties. Preliminary findings estimate the loss at approximately Rs. 380 million, though the bank warns the final amount could be "substantially greater" as investigations continue. • Status of Operations: The bank explicitly stated there is no impact on customer deposits, account balances, or day-to-day operations. Business remains "as usual" across all branches. • Regulatory & Legal Action: • The matter has been referred to law enforcement authorities and the Central Bank of Sri Lanka (CBSL). • Internal inquiries and criminal investigations are currently underway to determine the exact scale of the incident. • NDB is taking immediate steps to further strengthen internal controls within the banking & financial services sector to prevent future occurrences. • Next Steps: The bank has committed to full transparency and will provide updated disclosures to the Colombo Stock Exchange (CSE) once final reports are available.
Lanka Milk Foods (CWE) PLC Recovers Rs. 309.3 Mn in Legal Claim 📈
Lanka Milk Foods has successfully secured over Rs. 309.3 million following the settlement of a long-standing legal claim related to a breach of contract. • Financial Impact: The recovered amount will be recorded as other income and is expected to have a material impact on the financial statements for the period ending 31 March 2026. • Cash Flow: The company confirmed that this recovery will result in a significant positive cash inflow, strengthening its liquidity position. • Market Reaction: Despite the positive financial recovery, the share price of Lanka Milk Foods closed down by Rs. 1.00 at Rs. 81.10. • Sector Relevance: This recovery bolsters the financial standing of a key player in the food and beverage sector, contributing to corporate stability within the broader manufacturing landscape. _Note: Financial impact is based on provisional projections for the 2025/2026 fiscal year end._
Headline: Unilever & McCormick to Create $20 Bn Global Flavour Powerhouse 📈
Unilever and McCormick have agreed to combine Unilever’s Foods business with McCormick, creating a scaled global leader in the consumer goods and food processing sectors. • Transaction Details • Enterprise Value: US$ 44.8 Bn for Unilever Foods (3.6x EV/Sales). • Unilever Receives: US$ 15.7 Bn in cash and 65% total equity in the combined entity. • Ownership: Unilever shareholders (55.1%), McCormick shareholders (35%), and Unilever PLC (9.9%). • Timeline: Completion expected by mid-2027. • Strategic Impact for Unilever • Transforms Unilever into a pureplay Home and Personal Care (HPC) company with €39 Bn in revenue. • Focuses on high-growth sectors: Beauty, Wellbeing, Personal Care, and Home Care. • Plans for €6 Bn in share buy-backs between 2026 and 2029. • Increases exposure to emerging markets like India, which (with the US) will contribute 38% of turnover. • The New Flavour Entity • Will house iconic brands including McCormick, Knorr, Hellmann’s, and Maille. • Pro forma FY2025 revenues of US$ 20 Bn. • Projected annual cost synergies of US$ 600 Mn by the end of year three. • Economic Context This move reflects a global trend of portfolio sharpening to focus on science-led innovation and digital commerce. For markets like Sri Lanka, where Unilever has a massive footprint in Home and Personal Care, this reinforces a shift toward premiumisation and high-growth "pureplay" operations. _Note: Based on official transaction data; subject to regulatory approvals._
LLD Consolidates Entertainment Portfolio with Full Acquisition of Scope Cinemas 📈
Liberty Lands & Developments (LLD) has acquired the remaining shares of Scope Cinemas, moving to 100% ownership as part of a strategic group restructuring to strengthen its entertainment and hospitality portfolio. • Strategic Consolidation: The move aims to enhance operational alignment across LLD’s diversified interests, which include real estate, food and beverage (Food Studio), and strategic stakes in Alhambra Hotels. • Leadership Transition: Mr. Thushan Rangana Meenanage has stepped down as CEO and Director effective March 31, 2026. Executive Chairman Mr. Naveed Cader has been appointed as Interim CEO to ensure continuity. • Market Impact: This acquisition reinforces LLD’s commitment to the leisure and cinema sector, positioning the brand for future growth and a more integrated business model within Sri Lanka’s evolving service economy. • Sector Focus: The transition reflects a broader trend of corporate restructuring in the service and retail sectors to build resilient, future-ready organizations.
📈 Sunshine Holdings Secures 75% Stake in Agri-Export Venture for Rs. 2.7 Bn
• The Transaction: Sunshine Holdings PLC has officially finalized the acquisition of a majority stake in Joint Agri Products Ceylon Ltd (JAPC). The deal involved purchasing 577,320 shares for a total consideration of Rs. 2.7 Bn. • Sector Focus: The acquisition significantly boosts Sunshine's presence in the export agriculture segment. JAPC specializes in the processing and export of spices, coconut products, and tea. • Market Reach: JAPC, along with its subsidiary Sancan Exports Lanka Ltd, maintains a strong export footprint in high-value markets, specifically the EU and the US. • Strategic Impact: This move is designed to diversify Sunshine Holdings' consumer sector portfolio, shifting focus toward foreign exchange-earning, export-oriented markets to drive long-term growth. • Market Reaction: Following the announcement, Sunshine Holdings PLC shares closed at Rs. 29, down Rs. 1 for the day.
Court Finds Former Co-operative Insurance Chairman Guilty of Contempt ⚖️
The Commercial High Court of Colombo has found the former Chairman of Co-operative Insurance Company PLC, Susil Shantha Weerasekera, guilty of Contempt of Court. The ruling follows an inquiry into the submission of a falsified affidavit in a case alleging corporate mismanagement. • Legal Breach: Weerasekera initiated legal action in 2022 claiming to be a shareholder of the company. However, evidence including annual reports—previously signed by Weerasekera himself—confirmed he did not hold shares, a mandatory requirement under the Companies Act No. 7 of 2007. • Judicial Findings: High Court Judge Chamath Madanayake ruled that the former Chairman committed an offense under Section 183B of the Civil Procedure Code by filing an affidavit containing falsehoods to obtain ex-parte interim relief. • Corporate Governance: While found guilty of providing false information, the court did not find the accused guilty of violating specific interim orders. The original case filed by the former Chairman was dismissed in May 2023 due to the jurisdictional failure. • Next Steps: Sentencing is scheduled for April 2, 2026. This case highlights critical oversight regarding director accountability and legal compliance within Sri Lanka’s insurance and financial services sectors.
📈 Ambeon Makes Voluntary Rs. 3.34 Bn Bid for Harischandra Mills
Ambeon Essentials Ltd, a subsidiary of Ambeon Capital PLC, has launched a voluntary offer to acquire a controlling stake in the iconic food & consumer goods firm, Harischandra Mills PLC. • Offer Details: Ambeon is offering Rs. 3,400 per share to acquire 981,118 shares (51.11% stake). This values the total equity of the company at approximately US$ 21.6 Mn (Rs. 6.5 Bn). • Valuation & Market Gap: The offer price represents a 3.5x multiple to the net asset value of Rs. 964.6 per share (as of Dec 2025). Notably, the offer is significantly below the last traded price of Rs. 5,068.75 and the post-deal peak of Rs. 6,982. • Strategic Context: Ambeon’s bid is Rs. 100 higher per share than the price paid by Hayleys PLC (Rs. 3,300) to acquire its 40.58% stake in October 2025. If Hayleys chooses to exit, they stand to realize a profit of ~Rs. 77.9 Mn. • Regulatory Status: The offer follows a January Share Sale and Purchase Agreement (SPA) with a consortium of family shareholders. Upon acceptance of the 51.11% stake, it will convert into a Mandatory Offer for all remaining shares under the Takeovers and Mergers Code. _Note: Based on official disclosure data as of March 30, 2026._
SLT-MOBITEL Drives National Digital Transformation with Record Resilience 📈
Sri Lanka’s national ICT provider, SLT-MOBITEL, has announced a strategic shift toward a 24/7 operational model following a decisive turnaround in profitability for FY 2025. • Financial & Strategic Foundation: Building on strong FY 2025 results, the group achieved a return to profitability through disciplined cost management and steady growth in fixed and mobile segments, enabling increased investment in national ICT/BPM infrastructure. • Industry Firsts: Launched a pioneering 24/7 operational model via 14 Outside Plant Maintenance Centres (OPMCs) in key regions including Colombo, Kandy, and Jaffna to ensure uninterrupted connectivity for enterprise and home users. • Infrastructure & Connectivity: • Publicly rolled out 5G technology, positioning Sri Lanka as a regional innovation leader. • Upgraded government and enterprise entities with a state-of-the-art optical fiber network. • Provided unlimited fiber internet to secondary schools to drive digital inclusion in education. • Sector Diversification: • SMEs: Introduced 'SmartChat Mega,' an AI-driven solution for small businesses. • FinTech: Launched 'Ceylon Remit' to streamline inward foreign exchange. • Cloud & Security: Secured global certifications in Cloud Security and Privacy, bolstering the reliability of the national digital backbone. • Recognition: Named Sri Lanka’s Best Mobile Network by Ookla® (H2 2025) and recipient of over 25 awards for ESG and innovation.