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Jul 18, 2023

Lanka SSL introduces industry’s only SLS certified locally manufactured barbed wire

Published on By Lanka Special Steel Limited (Lanka SSL), a renowned and trusted name in premium quality wires and a fully owned subsidiary of E B Creasy & Company PLC, recently introduced Sri Lanka’s

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Lanka Special Steel Limited (Lanka SSL), a renowned and trusted name in premium quality wires and a fully owned subsidiary of E B Creasy & Company PLC, recently introduced Sri Lanka’s one and only SLS certified barbed wire, further complementing its position as a long-standing pioneer and only manufacturer for SLS certified hot dipped galvanized (Gi) wire.

The company continues to strive on its quest for quality and innovation and has invested tremendous amount of effort in various research and development initiatives. Scientific research study concluded in 2019 in collaboration with University of Moratuwa found that the service life of its hot dipped galvanized wire exceeds 25 years, taking into consideration the corrosion rates for different geographical locations in the country

An ISO 9001: 2015, ISO 45001:2018 certified company, Lanka SSL has been at the forefront of the country’s galvanized wire segment with a top-of-mind brand, enjoying a loyal and repetitive clientele closer to three decades. Its products are on par with some of the world’s best, manufactured in its state-of-the-art factory situated at Sapugaskanda. Its hot dipped Gi wire is the only one with SLS 139:2003, and lately its barbed wire with the SLS 31:1988 certification.

Pravin De Silva, CEO and Director of Lanka SSL, said ‘As the pioneer in the steel wire industry having a 25 year history Lanka SSL is always committed to continuously improve its product standards to supply superior quality products to consumers. We are happy to announce that our barbed wire is now the only SLS-31 certified product in the country. We are ambitious to further expand our portfolio and markets, whilst placing quality, innovation, and sustainability at the heart of our operations.

The company is poised for expansions across its portfolio in the coming months. During end last year, it embarked on a renewed and strengthening relationship with TATA Steel Ltd’s Global Wires Division which is a long-standing partnership as the sole agent and distributor for all of its premium quality wire products in the country.

Further, Lanka SSL also introduced the ‘Permaweld’ brand welding electrode for all general purpose welding requirements, distributed across the island by Laxapana Batteries PLC’s Hardware Distribution arm.

Its pursuit for providing unparalleled excellence is well commended and recognized with numerous awards. In March this year, it was awarded the coveted National Gold Award- Extra Large Category (Manufacturing Sector) and the Top Ten Award at the CNCI Achiever Awards 2020 for Industrial Excellence, and another Gold Award at the National Convention of Quality and Productivity 2020 held by SLAAQP.

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People’s Bank today announced the results for its six months ended June 30, 2023 reporting total consolidated operating income and pre-tax profit amounting to LKR 48.2 billion and LKR 9.4 billion, respectively (1H -2022: LKR 80.7 billion and LKR 15.2 billion).

Due to higher interest costs; stemming from the high interest rate environment which prevailed during much of 2022 which led to higher of cost of term deposit funding, consolidated net interest income slipped to LKR 31.4 billion during the six-month period ended June 30, 2023 relative to the same period of 2022. Consolidated net fees & commission income amounted to LKR 7.9 billion which, excluding one off items during 1H-22, represented a near 6.0% growth on a like for like basis.

Reflecting inflation pushed cost pressures, much of which originated in the latter part of 1H-22, saw consolidated total operating expenses rise by 12.98% to reach LKR 30.2 billion (1H-22: LKR 26.7 billion). This compared relatively well with peers which, in part, showcasing Group efforts for greater cost control at every instance so reasonably possible and within its reasonable control.

Total consolidated customers deposits grew to reach LKR 2,565.4 billion – i.e., by 4.7%, whilst consolidated net loans contracted by 6.7% to LKR 1,788.0 billion. This primarily reflected the impact of the rupee appreciation on its foreign currency loan book and, to a notable extent, the cautionary approach taken by both the Bank and the Group in credit growth; more so macro-circumstances considered. Total consolidated assets stood at LKR 3,047.5 billion at period end (end 2022: LKR 3,133.1 billion).

The Bank’s Tier I and Total Capital Adequacy Ratios were 11.7% and 15.9%, respectively at June 30, 2023 (end 2022: 11.9% and 16.3%) whilst, on a consolidated basis, it was 13.1% and 16.8%, respectively (end 2022: 13.3% and 17.2%). The Bank’s solvency levels remain sound ultimately reflecting efforts made since the onset of Basel III on July 1, 2017. Further efforts to bolster its regulatory capital, including for the purposes of additional contingency, is currently in process. In addition, the Bank successfully met all core regulatory measures during the said period.

Commenting on the results of the Bank and the Group, the Chairman of People’s Bank, Mr. Sujeewa Rajapakse, stated that: “We are pleased with the results of the Bank amidst a complex set of challenges and a highly dynamic macroeconomic environment. Notwithstanding the many limiting factors, the Bank has, and will continue to, yield benefits of the many initiatives taken to strengthen the many aspects of the Bank’s business. Looking ahead, with macro level fundamentals showing signs of positive forward movement, our focus now remains in continuing to support Government in economy critical areas. Amongst other, promoting financial inclusion is, and always will be, our priority where we are working to expand access to financial services, particularly in underserved areas, through innovative approaches and digital solutions.

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SDB bank, a unique bank with a clear vision to bolster the local economy by providing customized banking solutions to SMEs and all progressive Sri Lankans, marks the important milestone of its 26th anniversary, this August. For over a quarter of a century, the bank has stood as an example of value-based banking, steering economic growth by empowering individuals and communities. As it embarks on another year of enriching partnerships, SDB bank is proud to celebrate its incredible journey, underscored by its unwavering commitment to progress, sustainability and inclusivity.

Since its inception, SDB bank has been synonymous with progress and empowerment. Guided by a resolute dedication to its founding principles, the bank has fostered a unique bond with its customers. Through turbulent times and moments of triumph, SDB bank has remained a steadfast partner in their financial journeys. This legacy of trust and support forms the cornerstone of the bank’s 26th-anniversary celebrations.

As SDB bank commemorates this millstone, the spotlight shines brightly on its resolute dedication to meeting the evolving banking needs of progressive customers. The bank recognizes the dynamic shifts in the financial landscape and has embraced cutting-edge technologies, positioning itself at the forefront of digital banking and finance. Through these innovative initiatives, SDB bank has effectively democratized access to contemporary banking services, empowering individuals and enterprises to flourish in the digital era.

The bank also wishes to acknowledge its longstanding collaboration with the cooperative network, a pivotal partnership that has significantly contributed to enhancing outreach and fostering collaborative growth opportunities within the communities it serves. This strategic alliance has been a foundational pillar of SDB bank’s remarkable 26-year journey, resulting in many shared successes and mutual triumphs over the years.

As its 26th-anniversary celebrations unfold, SDB bank is gearing up to honour what have become the hallmarks of its incredibly journey – the unwavering trust of its customers and the dedication of its employees. Thus, the bank’s anniversary is being celebrated this year under the theme, “Enriched Through Partnerships” – a heartfelt tribute to the collaborations that have fuelled its growth over the past 26 years.

This spirit of collaboration, fellowship and commitment is being marked with various initiatives – including a blood donation programme at SDB bank’s Head Office and the inauguration of an IT lab at Devahandiya Primary School – which stand as a testament to SDB bank’s holistic approach to community engagement.

The bank also hosted a special 26th Anniversary Celebration event, which served not only as a moment of revelry and camaraderie but also an occasion to formally recognize and appreciate individuals who have been the driving force behind its success. Accordingly, a Commemorative Gold Coin was presented to members of staff who have completed 25 years of service at SDB bank, as a gesture of appreciation for their dedication and unwavering loyalty.

SDB bank’s contribution to Sri Lanka’s economic growth is a testament to its unwavering commitment. Beyond the traditional confines of banking, the institution has emerged as a catalyst for change, focusing on initiatives that foster sustainable development. From SMEs to burgeoning entrepreneurs, SDB bank has tirelessly championed the cause of economic progress at every level of society, breathing life into a kaleidoscope of Sri Lankan dreams and aspirations.

As SDB bank embarks on its 26th year, its focus remains resolute – to continue nurturing progress and fostering inclusivity. Through every challenge, triumph and endeavour, SDB bank has been the steadfast partner of choice for countless individuals and businesses across Sri Lanka. As the bank marches forward, it invites its stakeholders to join hands in creating a future that is not only financially prosperous but also socially and environmentally responsible.

In an industry defined by change, SDB bank’s commitment to values, progress, and sustainability remains unwavering. As the bank celebrates its remarkable journey of 26 years, it also takes this opportunity to reflect on the bonds that have been forged, the dreams that have been realized, and the promise of a brighter tomorrow that lies ahead.

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Uber today announced the launch of a dedicated pick-up spot for riders at the Bandaranaike International Airport (BIA) in Colombo. Travelers arriving in Sri Lanka can now easily find their Uber ride at this designated area and make travel-related stress and guesswork a thing of the past. This is an industry-first for Sri Lanka.

At the Uber pick-up spot located at the Arrival Terminal in BIA, travelers will now have access to kiosks for pertinent information about hailing an Uber. Drivers will also benefit from designated parking spaces and cashless transactions. With improved amenities for driver partners and clear wayfinding signage for travelers to the Uber pick-up spot, this airport partnership will raise the bar for airport travel and benefit riders and drivers alike. BIA will earn LKR 700 and applicable VAT from every pick-up that Uber gets at the airport, adding to a revenue stream from app-based aggregators.

Globally, Uber has changed the airport experience for the better by bringing convenience and affordability. The company has partnerships with over 600 international airports and has a dedicated airport team that works closely with the local airport authorities to bring best-in-class experience and safety for customers every time they choose Uber. The partnership with the BIA will further promote Sri Lanka as a tourist destination to a wide audience of travelers and enable them to use their familiar Uber app to travel from the airport seamlessly.

Shiva Shailendran, Director Operations, Uber India & South Asia, said, “We are always working towards bringing the best of Uber to Sri Lanka. The addition of a dedicated pick-up spot at the Colombo airport will help provide a reliable, recognizable, and seamless mode of transportation from the airport to the city and contribute to Sri Lanka becoming a world-class tourist destination. In addition to our strong rider base in Sri Lanka, travelers from over 70 countries are familiar with Uber, and have it as their preferred choice when traveling abroad. We hope that international travelers as well as returning Sri Lankans, will benefit from the pick-up point and get a world-class experience every time they ride with us.”

Travelers can choose from a wide range of Uber offerings at the airport and get top-rated drivers with high-quality vehicles. Depending on their need, number of people and luggage they’re carrying, they can choose between Zip, Premier, or XL from the app. They also have the option to book multi-stop, multi-hour rides with Uber Rentals.

Now, Uber has added Uber Vans for a larger group of people from the airport. Affordable and easy to locate, this latest offering will make group travels easier. Every Uber Van can accommodate upto 10 individuals along with luggage and can be an ideal choice for long trips and groups traveling together. Available on the Uber app, riders will get vehicles such as Toyota Hiace, Caravan, among others at the tap of a button.

In line with Uber’s commitment to transparency, travelers will continue to benefit from upfront fares at the time of booking and now receive booking assistance at the kiosks if required. The estimated fare shown upfront will have airport parking fee and toll fee included, reducing friction between riders and drivers and enabling seamless travel. Travelers will be able to see the fare-break up and benefit from Uber’s 24/7 safety support.

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