Wednesday, 26 February 2020 09:05

Business Today Top 30 2018-2019 recognises resilient private sector

Business Today recognised the top 30 best-performing corporates in Sri Lanka for 2018-2019, a year in which resilience, innovation and the search for new markets played a vastly important role.

The 22nd year of the awards, which has asserted confidence in the Sri Lankan economy, was held under the patronage of Chief Guest Prime Minister Mahinda Rajapaksa. Basil Rajapaksa was also present at the occasion.

Sri Lanka Podujana Peramuna Chairman and veteran politician Prof. G.L. Peiris delivered the keynote address.

Hatton National Bank reclaimed the top rank in the Business Today Top 30 after 22 years. Driven by the dynamic leadership of Managing Director and CEO Jonathan Alles and Chairman Dinesh Weerakkody, the bank has progressed steadily with prudent strategic approaches and policies. Continuing its trajectory with a strong performance, Commercial Bank of Ceylon ranked second. Fortified by timely investments and a long-term vision, LOLC Holdings rose to third position. Being resilient within a challenging operating environment, John Keells Holdings ranked fourth while Sampath Bank was fifth after recording steady growth and strides in the SME segment.

Meanwhile, an efficient new corporate structure propelled Ceylinco Insurance to sixth. The astute and dynamic leadership of Chairman Harry Jayawardena led Melstacorp to seventh. A buoyant Dialog Axiata performed well within a challenging operating environment to rank eighth. A strong financial performance pushed National Development Bank up to number nine. A strong strategy and sustainable value creation propelled Nestlé Lanka nine positions to 10th. Central Finance Company came in 11th after recording steady growth, while Vallibel One, with a continued focus on enhancing capacity through investment, ranked 12th. People’s Leasing and Finance (PLC) ranked 13th after measured growth. Nations Trust Bank continued its upward trajectory with a focus on technology to rank 14th. Sri Lanka Telecom ranked 15th as it continued its focus on addressing consumer needs.

Operational improvements boosted Hemas Holdings four positions to 16. While celebrating a milestone of 30 years in operation, Seylan Bank ranked 17th. Adopting a prudent approach, DFCC Bank remained robust at 18th. CT Holdings ranked 19th and remained committed to innovation. With strengthened value propositions, Softlogic Holdings re-entered the Business Today Top 30 at 20th. Driven by continued investment, Commercial Credit and Finance rose to 21th. Hayleys delivered a commendable performance to rank 22nd. With sustained strategic capital investment, Richard Pieris and Company ranked 23rd. Buoyed by a revised go-to market strategy, Chevron Lubricants Lanka ranked 24th. A high quality performance propelled Teejay Lanka, the only apparel manufacturer in the Business Today TOP 30, to 25th.

Access Engineering outperformed expectations and was 26th in the Business Today Top 30 for 2018-2019. Dilmah Ceylon Tea Company, founded by visionary Merrill J. Fernando, entered the Business Today rankings for the first time at 27th. Citizens Development Business Finance (CDB) entered the Business Today Top 30 ranking for the first time at 28th. A consistent approach to growth ensured Expolanka Holdings retain its position at 29. A diversified business model and investment in innovation propelled Pan Asia Banking Corporation (PABC) to record a resilient performance and enter the Business Today top corporate ranking for the first time at 30th.

The selection process for the Business Today Top 30 is based on the published information of companies listed on the Colombo Stock Exchange and social considerations for the financial year ended 31 December 2018 and 31 March 2019, and was compiled with the assistance of KPMG Sri Lanka.

 

(FT)

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