Lankan companies’ performance reflect resilience, recovery
In 2024, leading Sri Lankan companies have shown remarkable resilience and adaptability, achieving significant financial success despite the nation’s ongoing economic challenges.
Key players such as Hayleys PLC, Commercial Bank of Ceylon, LOLC Finance, Vallibel Finance, and the Bank of Ceylon have demonstrated strong financial performances, as highlighted in their annual reports, according to Finance Ministry sources.
Hayleys PLC reported an economic value creation of Rs. 150 billion for the 2023/24 fiscal year. Contributing 5 per cent to Sri Lanka’s total export income, it generated US$591 million in foreign exchange, with exports accounting for 54 per cent of its revenue.
Chairman and CEO Mohan Pandithage emphasised the company’s strategy of offering sophisticated solutions and its deep connections to both local and global markets, enabling it to remain a key player in the country’s economy.
The Bank of Ceylon recorded a staggering 192.4 per cent increase in pre-tax profits in the first quarter of 2024, driven by effective financial strategies and its ability to capitalise on Sri Lanka’s recovering economy. This strong performance highlights the bank’s role in the nation’s overall financial recovery, as indicated by a report from the finance ministry.
The Commercial Bank of Ceylon, one of the largest private-sector banks in the country, saw a mixed performance during the first half of 2024. Although the bank’s gross income decreased by 2.71 per cent year-on-year to Rs. 163.12 billion due to lower market interest rates, its net interest income surged by 56.53 per cent to Rs. 58.62 billion, supported by better cost management.
LOLC Finance, Sri Lanka’s largest non-banking financial institution, posted a strong profit of Rs. 21.5 billion for the 2023/24 fiscal year, a 39 per cent growth year-on-year.
This performance was driven by strategic mergers and a focus on digital transformation, which enhanced its operational efficiency and customer service.
Vallibel Finance also showed resilience, with an 18.1 per cent increase in its deposit base, reaching Rs. 58.6 billion, while its earnings per share (EPS) rose by 59.9 per cent. Strong risk management allowed the company to grow in a challenging economic environment.
As Sri Lanka’s economic recovery continues, these companies are expected to play key roles in fostering stability and growth in the future.
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