Business News

Lion Brewery’s global success contributes to Sri Lanka’s foreign exchange gains

Published

1 year ago

June 24, 2024

Lion Brewery (Ceylon) PLC, in its latest Annual Report, has reported achieving a significant 20% growth in its international business and a substantial 28% revenue growth in USD year-on-year.

This achievement is particularly noteworthy given the challenging global economic conditions. The international business has not only been a significant driver of revenue for the Company but also a notable source of foreign exchange for Sri Lanka. This success was largely attributed to the restructuring of the international business strategy, focusing on key growth regions such as Africa, South Asia and the Middle East, while exiting less profitable regions.

The Brewery’s decision to streamline its market presence from 35 to 17 countries has allowed for concentrated investment and effort in markets with the highest growth potential.

Reflecting this sentiment, Chairman Amal Cabraal stated in the report: “We consolidated resources and focused them on key growth markets, allowing us to invest significantly more in these selected markets.”

In Africa, countries such as the Democratic Republic of Congo and Rwanda have been standout performers, benefiting from Lion Brewery’s targeted portfolio strategy and deep market insights. Further, Kenya’s rapid economic growth and expanding consumer base present immense opportunities. Similarly, in the Middle East, the Company has effectively expanded its distribution network, especially in the UAE, where the region’s rapidly growing expatriate population and Government investments in infrastructure and development, have created a favourable environment for the Company’s products. CEO Rajiv Meewakkala emphasised in the report: “Our international business continued its double-digit growth with strong performance in all key markets,” underscoring the importance of this sector in the company’s overall strategy.

By focusing on high-potential markets and optimising its international business operations, Lion Brewery has positioned itself for sustained growth and market leadership. As highlighted in the report, this strategic shift, coupled with an emphasis on innovation and market penetration, highlights the Company’s commitment to excellence and its role as a significant contributor to Sri Lanka’s economy.

Business News

Commonwealth Enterprise and Investment Council expresses solidarity with Sri Lanka

Published

4 days ago

December 2, 2025

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The Commonwealth Enterprise and Investment Council (CWEIC) has conveyed its condolences to Sri Lanka over the loss of life and extensive damage caused by Cyclone Ditwah, urging all Commonwealth nations to support the country’s recovery as the scale of devastation continues to unfold.

In a statement signed by CWEIC Chairman Lord Marland and Deputy Chairman Lord Swire, the council said: On behalf of the Commonwealth Enterprise and Investment Council, we extend our sincere condolences to the President and people of Sri Lanka for the tragic loss of life and the widespread destruction caused by Cyclone Ditwah.

With the death toll now exceeding 300, hundreds more people missing, and thousands left without homes or livelihoods, the impact on your nation is devastating, and affecting all parts of the country.

As Commonwealth friends, we acknowledge the suffering that Sri Lanka has already endured through natural disasters; floods, droughts, landslides, and the 2004 tsunami.

Sri Lanka has survived through the extraordinary efforts of countless volunteers and ordinary people. Once again, we see this remarkable resilience and cooperation from Sri Lankans who are working to restore order, basic services, and supplies where possible.

We appeal to all Commonwealth countries to support the recovery efforts, and we will keep Sri Lanka in our thoughts and prayers at this difficult time. CWEIC has a significant presence in Sri Lanka, and our Strategic Partners stand ready to assist in any way we can during this difficult time. We will continue to support international efforts and appeal to Commonwealth nations to contribute to Sri Lanka’s recovery.

Business News

DFCC to buy retail business of Standard Chartered Bank Sri Lanka for Rs3.7bn

Published

3 weeks ago

November 14, 2025

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DFCC Bank said it has reached a deal to buy the retail and wealth management business of Standard Chartered Bank in Sri Lanka for 3.7 billion rupees.

The transaction is expected to be concluded in early 2026, subject to regulatory approvals, DFCC Bank said in a stock exchange filing.

“The proposed acquisition forms part of DFCC Bank’s strategic growth agenda to strenghten its retail and wealth management franchise, build scale and create sustainable value for customers, employees and shareholders alike,” the filing said.

The transaction will be funded by internal funds.

Business News

Historic Partnership: Bybit Joins Hands with Master Trading Academy to Strengthen Crypto Education in Sri Lanka

Published

3 weeks ago

November 13, 2025

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Master Trading Academy (MTA), one of Sri Lanka’s leading and most trusted professional trading education institutions, has announced a strategic partnership with Bybit, the world’s second-largest and fastest-growing cryptocurrency exchange. This groundbreaking collaboration marks the first time a global crypto exchange has partnered with a Sri Lankan crypto education academy, creating a major milestone in the country’s digital finance landscape.

Through this partnership, MTA and Bybit are launching a comprehensive Crypto Education Program designed to equip aspiring traders, investors, and blockchain enthusiasts with the knowledge and practical skills required to engage confidently in the global crypto market. The course, valued at LKR 36,000, will be offered completely free of charge to 120 selected participants, who will be trained in three batches of 40 students.

Registrations are now open.