News & market updates

UAE Ambassador Khaled Nasser Al Ameri said UAE-Sri Lanka ties will be deepened to boost trade, technology and tourism, noting Sri Lanka's $110m tea shipments to the UAE in 2022. He urged Sri Lankan entrepreneurs to pursue UAE opportunities in IT/digitisation, fintech, renewable energy, logistics, health products and tourism.

The Embassy of Sri Lanka promoted the country's tourism offerings and pure Ceylon tea and cinnamon at Travel EXPO 2024 in Ankara (14–17 Nov) to raise Sri Lanka's visibility, attract visitors, and explore trade and investment partnerships.

UN Global Compact Network Sri Lanka and UNDP held a Science-Based Targets initiative workshop urging corporates to set validated SBTs to reduce emissions and strengthen resilience; Teejay Lanka and Talawakelle Tea presented local case studies and Hayleys representatives shared experiences to boost corporate decarbonisation and reporting.

UN Global Compact Network Sri Lanka and UNDP held an SBTi workshop with 48 companies to support setting science-based decarbonisation targets; Teejay Lanka (TJL.N0000), Talawakelle Tea Estates (TPL.N0000) and Hayleys (HAYL.N0000) presented local case studies.

The Planters' Association of Ceylon congratulated the NPP government and new Plantation Minister Samantha Vidyarathna and called for balanced long-term policies and government support for labor, mechanization, modernization, crop diversification and export competitiveness to secure plantation sustainability.

Sri Lanka Tourism will roll out a unified national brand in January 2025, with creative assets finalised next month and peak promotional activity in May 2025, aiming to market Sri Lanka as a year‑round destination and attract higher‑spending visitors.

Sri Lanka's tea production in October fell 8.05% YoY to 21.14 million kilos. Cumulative Jan–Oct 2024 production rose marginally (0.54% YoY) and growers report steep rises in production costs (fertiliser, electricity, labour, packaging).

Richard Pieris Group posted a PBT of Rs. 3.59 billion in 1H 2024/25, a 184% increase from Rs. 1.26 billion a year earlier. The group said plantation performance and its manufacturing units (sleep solutions and hardware) were major contributors to the growth.

The Planters’ Association of Ceylon congratulated the NPP on its electoral victory, welcomed Samantha Vidyarathna as Plantation Minister and called for balanced long-term policies to secure sustainability and address labour, productivity and modernization in the plantation sector. The Association pledged support for collaboration on mechanisation, crop diversification and infrastructure to boost competitiveness of tea, rubber and spices.

Tea Exporters Association urged the new government to retain the SVAT scheme, warning that its proposed abolition from 1 April 2025 would hurt Ceylon Tea competitiveness and over 400,000 smallholders. It noted tea crop fell from 340m kg to 256m kg (2013–2023) and aims to raise tea export revenue to $2bn by 2030.

Richard Pieris Group reported a first-half Profit Before Tax of Rs.3.59 billion, a 184% increase from Rs.1.26 billion a year earlier. The group said plantation performance and its manufacturing units (sleep solutions and hardware) were major contributors to the growth.

Officials from Hino Motors Japan, Toyota Tsusho and Toyota Lanka visited Russel’s Tea Services to inspect the HINO vehicle fleet and review the company's Wellness Tea segment, which the firm also exports to the USA.

Madulkelle Tea and Eco Lodge will begin exporting home-grown vanilla, coffee and pepper to Europe from early next year after planting 4,500 vanilla trees, 4,000 coffee plants and 1,000 pepper plants and expanding plantation area by about six acres. The hotel also runs an out-grower scheme and has hired agricultural staff to boost organic production.

Sunshine Holdings (SUN) reported consolidated revenue of Rs.30.1bn for 1HFY25, up 6.8% YoY, while PAT fell 19.6% to Rs.2.9bn mainly due to higher taxation in the agribusiness segment. Healthcare was the largest contributor (53.7% of revenue) and the group completed an IFC equity infusion into Sunshine Healthcare Lanka to scale operations.

Dividend · Rs 8.00 · XD Nov 21, 2024

First Interim dividend of LKR 8/share; XD 2024-11-21; record 2024-11-21; payable 2024-12-10; FY 31st March 2025

Dividend · Rs 2.00 · XD Nov 21, 2024

First Interim dividend of LKR 2/share; XD 2024-11-21; record 2024-11-21; payable 2024-12-10; FY 31 DECEMBER 2024

Madulkelle Tea & Eco Lodge will start exporting home-grown vanilla, coffee and pepper to Europe from early next year after planting 4,500 vanilla trees, 4,000 coffee plants and 1,000 pepper plants and expanding its plantation area.

HVA Foods PLC has signed an exclusive distributor partnership with Germany’s Müggenburg Group to introduce its range of herbs and botanicals into Sri Lanka. The collaboration targets value-added tea production and expansion into nutraceuticals and supplements, leveraging George Steuart Group links.

Colombo Stock Exchange ASPI rose 0.57% to 12,800 on Friday with turnover Rs2 billion and net foreign inflows of Rs199 million. Top turnover generators included Royal Ceramics, Dipped Products, Lanka Milk Foods, John Keells and Sampath Bank; banking stocks showed mixed moves.

HVA Foods PLC has signed an exclusive distributor partnership with Germany’s Müggenburg Group to introduce its range of herbs and botanicals into Sri Lanka, supporting value-added tea production and expansion into nutraceuticals and supplements.

SriLankan Airlines partnered with the Sri Lanka High Commission to host Singapore Press Club delegates visiting Sri Lanka, highlighting the airline's Colombo–Singapore operations and its role in boosting tourism ties and bilateral cooperation.

Wanderlust magazine named Sri Lanka the world's "Most Desirable Island" (Gold) in its latest Travel Awards, up from eighth place last year. The accolade highlights attractions from heritage sites and national parks to tea plantations and the new Pekoe Trail.

Sri Lanka was voted 'Most Desirable Island in the World' at the Wanderlust Reader Travel Awards 2024, receiving more than 200,000 votes. The country rose from eighth last year to win Gold, with voters citing its historic sites, national parks and tea highlands.

Colombo Stock Exchange closed down: the ASPI fell 0.60% to 12,719 on turnover of Rs3.1 billion. John Keells contributed Rs1.2bn to turnover; most banks (HNB, COMB, SAMP, NDB, DFCC) were down while Dilmah Ceylon Tea, Co-operative Insurance, Singer and Vallibel One were among top gainers.

Salesforce will drive AI-led digital transformation in Sri Lanka, promoting its Agentforce suite and CRM platform (Customer 360, MuleSoft, Slack) to local firms such as Campus Direct, Cinnamon Hotels, Keells Super and Dilmah Tea to boost automation and customer engagement.

OKLO Private Limited won four awards at the National ICT Awards 2024, including Gold for SmartAuction and Gold for SmartTravel, Best Digitalisation Process Enabler and the Overall Bronze. Its SmartAuction and SmartTravel platforms serve major tea traders and DMCs, supporting clients with over USD 1.2B–1.8B in transactions.

SLASSCOM's AI Asia Summit 2024, powered by Deloitte, returns on 5 November 2024 backed by a coalition of 25+ industry bodies and government partners. The summit will focus on practical AI applications across banking & finance, manufacturing, agriculture and hospitality, with major chambers and tech partners involved.