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WindForce PLC has announced exceptional financial results for the second quarter of the 2024/25 fiscal year, attributing its success to a strategic focus on large-scale renewable energy projects. The company’s EBITDA saw an impressive 49% increase, reaching Rs. 4.22 billion compared to the previous year. This growth reflects robust cost management and a focus on
The Executive Centre (TEC), Asia’s largest premium workspace provider, continues its strategic expansion in Sri Lanka with a new $750,000 investment. TEC has opened a new floor in the East Tower of Colombo’s iconic World Trade Centre, marking its fourth centre in the country. TEC initially entered the Sri Lankan market in 2017, establishing two
The Netherlands’ Foreign Affairs Ministry has invested €300,000 in a cluster project aimed at enhancing the sustainability and growth of local batik SMEs in Gampaha, Sri Lanka. This initiative, titled “Healthy Socio-Economic Recovery of the Apparel Sector, Micro and Small Enterprises in Severely COVID-19 Impacted Gampaha District of Sri Lanka,” focuses on equipping these businesses
Sri Lanka is set to establish a major logistics hub in Trincomalee’s Kappalthurai, targeting heavy industries and aiming to attract up to $1.5 billion in investment. State Minister of Investment Promotion Dilum Amunugama announced the development, highlighting the 600-acre zone’s potential to connect sea, air, and railway cargo freights. This new logistics hub will be
The Maliban Group has announced a major leadership transition, with A.G. Kumudika Fernando being appointed as the new Chairperson, effective August 15, 2024. This appointment follows the recent passing of A.G. Ratnapala Samaraweera, the previous Chairman and Kumudika’s father. Samaraweera was the son of A.G. Hinni Appuhamy, the legendary founder of Maliban, and upheld the
Sri Lanka’s tourism sector has attracted US$ 71.53 million in investment proposals up to August 16th this year, according to the latest data from the Sri Lanka Tourism Development Authority (SLTDA). During this period, 43 investment proposals were submitted, aiming to add 773 rooms to the nation’s hotel stock. As of June 31st, SLTDA had
Sri Lanka’s first-ever seven-star hotel project, Aviyana Private Chalets (Aviyana Ceylon), currently under development in the Udispattuwa area of Kandy, is now inviting investors to participate in its groundbreaking venture. With investments starting at Rs. 5 million, the project promises to significantly boost the country’s economy and tourism industry. To raise awareness about the Aviyana
Rajkumar Kanagasingam, Founding President of the Fintech Association of Sri Lanka (FASL), has been awarded the Bronze in the “Executive of the Year – Financial Technology” category at the 2024 Stevie Awards for Technology Excellence. The prestigious awards ceremony is scheduled for September at the Marriott Marquis Hotel in New York. The Stevie Awards, established
Teejay Lanka PLC, Sri Lanka’s pioneering multinational textile manufacturer, has announced a remarkable turnaround in its financial performance for the quarter ending June 30, 2024 (1Q25). The company reported a profit before tax of Rs. 273.7 million, a significant recovery from the Rs. 701 million loss recorded during the same period last year. Revenue for
INQ Holdings, a unit of the Qatar Investment Authority, along with SBI Mutual Fund and foreign investment firms Nomura and Citigroup, emerged as the largest buyers in Adani Energy Solutions Ltd’s (AESL) $1 billion Qualified Institutional Placement (QIP). The QIP, which closed last week, attracted interest from over 120 investors seeking shares in AESL, a