The Business Today TOP TWENTY, recognising the crème de la crème of Sri Lanka's corporate sector, was held under the patronage of D M Jayaratne, Prime Minister of Sri Lanka and Ranil Wickremesinghe, Leader of the Opposition at the Cinnamon Grand, Colombo. The awards ceremony, which was held on December 12, 2011, felicitated 20 outstanding companies that had exhibited commendable performance during the financial year 2010-2011.
This year was significant as a result of the post conflict setting and the new economic environment in the country. Despite the setbacks of the war suffered in 2009, Sri Lanka recorded an eight percent growth in 2010, and managed to maintain this upward trend in the face of the global economic crisis posting a growth of 8.2 percent during the second half of 2011. The Business Today TOP TWENTY ranking this year is a clear reflection of this exceptional performance. It demonstrates the strength of leading corporate entities while highlighting the awakening of dormant businesses.
Based on published financial information of companies listed on the Colombo Stock Exchange, the Business Today TOP TWENTY were selected on the following criteria; Sales Turnover, Growth in Sales Turnover, Profit, Growth in Profit, Return on Equity, Growth in Earnings per Share, Market Capitalisation, Value of Shares Transacted and Value Addition. The total points scored this year reflect a significant increase as opposed to last year, highlighting the unprecedented growth in the banking, telecommunication, service and retail sectors.
The Business Today TOP TWENTY awards ceremony was graced by many distinguished guests and invitees that included leading personalities from the business fraternity, diplomats, foreign dignitaries, military, politicians and policy makers of Sri Lanka.
John Keells Holdings retained the number one position for the second consecutive year, thereby reinforcing its stance as the giant of corporate Sri Lanka. The strategic direction of its Chairman, Susantha Ratnayake has contributed significantly to the growth of the Group. Known to be a doer with a nothing is impossible attitude, he is clearly a strength to the private sector of the country.
Distilleries Company of Sri Lanka secured the second position in the ranking. Strengthened by its legacy to inspire the Group is aligned to achieve greater levels of performance with Chairman D H S Jayawardena's dare to be different attitude, where opportunities are identified with acute sharpness, the Group's contribution to overall national growth is deemed to rise in the future.
At number three is Commercial Bank of Ceylon having surpassed Rs 5 billion in profits, a first for domestic non-State financial institutions in Sri Lanka. Renewed financial policies, in particular the removal of exchange controls provided ample opportunities for financial institutions in Sri Lanka. As such Commercial Bank of Ceylon is ideally placed to perform well provided that they make the right decisions and carry them through effectively.
Bukit Darah was placed fourth in the rankings while Hatton National Bank secured the fifth position.
Dialog Axiata was placed at number six followed by Sri Lanka Telecom at number seven. Lanka Orix Leasing Company, DFCC Bank and Sampath Bank ranked at eight, nine and ten respectively.
Aitken Spence was placed at number 11, while Diesel and Motor Engineering followed at number 12.
Richard Pieris and Company re-entered the Business Today TOP TWENTY ranking at number 13 followed by Hayleys at number 14. Colombo Dockyard, NDB Bank and Cargills (Ceylon) secured the 15th, 16th and 17th positions respectively while Hemas Holdings entered the Business Today TOP TWENTY for the first time at number 18, Chevron Lubricants Lanka and Seylan Bank completed the Business Today TOP TWENTY ranking at number 19 and 20 respectively.
The Business Today TOP TWENTY companies were selected with the assistance of KPMG Ford Rhodes, Thornton & Company on the basis of their financial performance during the financial year ending December 31, 2010 and March 31, 2011. Since 1998, Business Today, has acknowledged Sri Lanka's leading corporate performers who have shown immense strength and resilience and thereby strengthened the economy to take the nation to greater heights. |
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