first quarter of 2021 Archives

August 27, 2021

Colombo, 27^th August 2021:

Kelsey Developments PLC illustrated its spirit of endurance recording LKR 50 Mn in revenue for the first quarter of the financial year 2021-22. The Company secured cumulative reservations for an expected sales value of LKR. 3,212 Mn as of 30^th June 2021, which will be recognized in the following months.

“Our team consistently strived to pursue growth targets while ensuring the safety and wellbeing of all involved. This was not an easy task, yet we succeeded in continuing business operations to achieve sustained growth, in the interest of all our stakeholders. We are confident the country will overcome all challenges and our advantageous position as a member of Janashakthi Group, will strengthen our ability to continue our growth momentum,” commented Eardley Perera, Chairman of Kelsey Developments PLC.

Kelsey Homes’ sales reservations for the period were driven by the projects CENTRAL PARK JA-ELA, VERDANT VILLAS NEGOMBO, URBAN GATEWAY KOTTAWA and URBAN HEIGHTS WATTALA. Meanwhile, in spite of operational difficulties stemming from the pandemic situation, the Company successfully completed the sale of housing units of both phase I & II of the CENTRAL PARK-JA-ELA project in 2020/2021. At present, the company is successfully carrying out the sale of housing units of the phase III of the project, while also focusing efforts on sale of other ongoing projects. The sales value of existing inventories is LKR. 2.94 Bn. Furthermore, the company has entered into a Sales and purchase agreement to acquire a property in Nugegoda and intends to launch a residential apartment project in the coming months.

“With an insight driven strategy to create value for all stakeholders we crafted our strategy to meet the current demand for housing in the country. We are aware that the volatile economic environment amidst the pandemic requires a prudent and time-sensitive approach to operations and will continue to focus our efforts on meeting prevalent challenges in a timely manner,” said Lalinda Kalubowila, Chief Executive Officer of Kelsey Developments PLC.

Kelsey Homes owns a legacy spanning over 35 years with 200 completed projects and over 2,000 happy homeowners. The Company is known for creating luxurious living spaces that raise the bar in modern living. The company is geared to seek lasting growth through adopting prudent strategies to fuel ongoing and future projects, innovation and drawing strength from the parent company, Janashakthi Group.

June 23, 2021

Increases market share to 2.7% and achieves a GWP growth of 131%

Wednesday 23^rd June 2021, Colombo: Arpico Insurance PLC, a fully-owned subsidiary of one of Sri Lanka’s largest blue-chip conglomerates, Richard Pieris & Company PLC, takes a giant leap in the field of Life Insurance in Sri Lanka during the first quarter of 2021 by increasing their market share to 2.7% – up from the 1.8% of the previous year. Furthermore, the Company recorded a massive Gross Written Premium (GWP) growth of 131% over the same period of 2020, in addition to posting the highest-ever monthly performance in its nine-year history during March 2021, surpassing all previous achievements.

Commenting on the milestone, Kelum Senanayake – CEO, Arpico Insurance said, “We are delighted with the exceptional performance and to have witnessed the best quarter of our company’s history, especially amidst the economic downturn caused by the Covid 19 pandemic. In terms of GWP, we have achieved a growth of 131% over the first quarter of 2020 – the highest GWP growth amongst the Top 10 Life Insurance Companies in Sri Lanka. In addition, we have also achieved a 104% growth in the Number of Policies (NOP) issued over the same period of 2020, becoming the only company in the industry to record triple-digit growth in GWP and NOP figures during this period. I am pleased to state that the company’s performance is even well above our previous estimates, setting us on a trajectory of aggressive growth and progress for the rest of the year”.

He further added “despite the pandemic, the Life Insurance industry saw a robust growth of 16% during 2020 and we strongly believe that we have done our part to support this growth by continuing to go the extra mile for our policyholders, expanding our customer touchpoints and offering innovative insurance solutions such as Arpico CovidCare – Sri Lanka’s only insurance cover that is dedicated to Covid-19, which even covers the costs of the PCR test and the Covid-19 vaccine, in addition to numerous other benefits such as obtaining the cover for an entire year with one, easy premium”.

In a strategic move, the company recently established its fourth business sector comprising of a gamut of industry veterans with extensive experience in the field of life insurance in a fresh bid to serve a larger section of customers across the island and to gain market share and customer preference. The company continues to strengthen its portfolio and presently offers a range of world-class insurance solutions such as endowment, health insurance, term assurance, education, investment, retirement, group assurance, loan protection and relief plans amongst others. Arpico Insurance has also tied up with several prestigious banks and financial institutions to bolster their product portfolio and provide innovative offerings to their valued customers.

A subsidiary of Richard Pieris & Company PLC, one of the largest and most successful diversified business conglomerates in Sri Lanka with a history of almost 90 years, 50 subsidiary companies and 30,000 employees, Arpico Insurance PLC is a prominent and respected Life Insurance Company incorporated in 2011 and is regulated by the Insurance Regulatory Commission of Sri Lanka. With an unwavering commitment to serve with integrity, compassion and professionalism, Arpico Insurance is a Company that is among the top 10 Life Insurers of Sri Lanka and a Company that takes pride in being committed to provide Life Insurance for all, which is echoed in their slogan – Insurance for the Living.

April 30, 2021

Huawei announced its business results for the first quarter of 2021 recently, which were in line with forecast.

In Q1, Huawei generated CNY 152.2 billion in revenue, a 16.5% decrease year-on-year. Its network business maintained steady growth, while consumer business revenue declined, in part as a result of selling the Honor smart device brand in November 2020. Huawei’s net profit margin was up 3.8 percentage points^[1] year-on-year at 11.1% – the result of the company’s ongoing efforts to improve quality of operations and management efficiency, as well as a patent royalty income of US $ 600 million.

“2021 will be another challenging year for us, but it’s also the year that our future development strategy will begin to take shape,” said Eric Xu, Huawei’s Rotating Chairman. “We thank our customers and partners for their ongoing trust. No matter what challenges come our way, we will continue to maintain our business resilience. Not just to survive, but do so sustainably. As always, we will remain focused on the needs of our customers and keep delivering practical business value.”

Huawei is driving efforts to fully unleash the value of 5G. It is helping carriers around the world roll out their 5G networks, meeting the demands of consumers and industries alike, while boosting its own delivery efficiency. It continues to improve its software engineering capabilities and ramp up investment in the software sector to gradually increase the proportion of software and services in its total revenue mix.

“As always, we remain committed to technological innovation and investing heavily in R&D as we work to address supply continuity challenges caused by restrictions in the market”, stressed Xu. “We will continue making breakthroughs in basic science and pushing the frontiers of technology.”

[1] The financial data disclosed here are unaudited figures compiled in compliance with the International Financial Reporting Standards; exchange rate at the end of March 2021: US$1 = CNY6.5670 (source: external agencies)

Kelsey Homes records strong performance in First Quarter of 2021

Arpico Insurance records massive growth during the first quarter of 2021

Huawei business remains resilient in the first quarter of 2021