Economy

Sri Lanka’s state enterprises record overall Rs. 259 billion profit in first half of 2026

Published

4 hours ago

November 11, 2026

Sri Lanka’s major state-owned enterprises (SOEs) recorded a combined profit of Rs. 259.3 billion during the first six months of 2026, compared to Rs. 227.8 billion during the corresponding period in 2025, according to the Ministry of Finance.

The increase of Rs. 31.5 billion, or approximately 13.8%, reflects improved overall financial performance despite losses at several state institutions and economic pressures arising from the conflict in the Middle East.

The figures were revealed in the Finance Ministry’s Mid-Year Fiscal Position Report 2026, released on October 31.

State banks and financial institutions were among the major contributors to profits.

The Bank of Ceylon reported a profit before tax of Rs. 62.7 billion, while People’s Bank recorded Rs. 32.6 billion and the National Savings Bank Rs. 22.6 billion.

The Employees’ Trust Fund Board reported a profit of Rs. 36.5 billion, while the National Insurance Trust Fund recorded Rs. 12.8 billion.

Among other major state enterprises, the Sri Lanka Ports Authority reported a profit of Rs. 34.5 billion, followed by the Ceylon Petroleum Corporation (CPC) with Rs. 29.2 billion.

Airport and Aviation Services (Sri Lanka) Limited recorded Rs. 24.9 billion, while the National Water Supply and Drainage Board reported Rs. 16.2 billion.

Economy

Overseas Sri Lankans send home USD 735.6 million in October

Published

2 days ago

November 9, 2026

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Workers’ remittances to Sri Lanka reached USD 735.6 million in October 2026, recording an increase compared to both the previous month and the corresponding period last year.

According to the latest Weekly Economic Indicators report released by the Central Bank of Sri Lanka (CBSL), remittances increased from USD 734.4 million in September 2026.

The October figure also represents an increase of USD 23.6 million compared to the USD 712 million recorded in October 2025.

This reflects a year-on-year increase of approximately 3.3% in remittance inflows.

Workers’ remittances remain an important source of foreign exchange for Sri Lanka, contributing to the country’s external financial position.

Economy

Sri Lanka to sign US$ 100 million loan agreement with ADB for economic recovery

Published

2 weeks ago

October 28, 2026

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The Sri Lankan government is set to enter into a US$ 100 million loan agreement with the Asian Development Bank (ADB) to support economic recovery and reforms, following the completion of formal loan negotiations.

The Cabinet of Ministers has approved a proposal submitted by President Anura Kumara Dissanayake, in his capacity as Minister of Finance, Planning and Economic Development, to proceed with the loan agreements.

The financing will consist of US$ 50 million in policy-based lending and US$ 50 million in investment financing, provided through the ADB’s Ordinary Capital Resources.

The funds will be utilised to implement the Macroeconomic Recovery Sector Development Programme for Promoting Resilient and Inclusive Economic Opportunities.

According to the government, the Department of External Resources has completed formal negotiations with the ADB regarding the proposed financing.

The latest decision follows Cabinet approval granted on September 7, 2026, to allocate US$ 100 million towards the economic recovery programme.

Economy

Sri Lanka’s first passenger drone arrives ahead of maiden flight

Published

3 weeks ago

October 22, 2026

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Sri Lanka’s first passenger transport drone has arrived in the country, with its maiden flight scheduled to take place at Colombo Port City by the end of October, the Civil Aviation Authority of Sri Lanka (CAASL) has announced.

The drone can carry two passengers and has a flight duration of approximately 30 minutes.

Sri Lanka became the first country to adopt the Global Fast Track Programme launched by Chinese technology company EHang to accelerate the introduction of pilotless electric vertical take-off and landing (eVTOL) aircraft in international markets.

Colombo Port City has been designated as the initial operational zone for the project, which aims to introduce passenger transport services using the aircraft, subject to the necessary regulatory and safety approvals.

Potential routes under consideration include scenic flights over Sigiriya and Pidurangala, as well as passenger transfers between Bandaranaike International Airport in Katunayake and hotels in Colombo.

The initiative is also expected to explore other applications, including tourism and maritime logistics.