October 20, 2023
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4min

 



 

 

People’s Leasing & Finance PLC (PLC), the leader in Sri Lanka’s non-banking financial services sector, has proudly secured a multitude of prestigious global awards underscoring its commitment to excellence in transparent integrated reporting.

Accordingly, PLC’s Annual Report for 2022/23 titled ‘Multi-Dimensional’, emerged triumphantly at the ARC Awards in the USA, earning three coveted Gold Awards in the categories of Financial Data: Financial Services: General, Infographics: Financial Services: General, Chairman/President’s Letter: Financial Services: General, and a Bronze Award for Non-Traditional Annual Report: Financial Services: General. PLC’s remarkable achievements were further underscored by receiving the Grand Award for Infographics, among gold-winning submissions from diverse sectors. PLC also emerged as the company that received the highest number of gold awards amongst other competitor organizations from Sri Lanka.

The ARC Awards, organized by Mercomm Inc., USA, is renowned as the global benchmark for Annual Reports, often referred to by many as the ‘Academy Awards of Annual Reports’. This year, the competition attracted an impressive 1,560 entries from 34 countries, spanning across six continents and 24 time zones.

Chairman of PLC, Mr. Pradeep Amirthanayagam commented, “These awards highlight our ability to merge exceptional reporting accuracy with creative storytelling and coherent presentation, for the benefit of all our stakeholders.”

Mr. Shamindra Marcelline – CEO at People’s Leasing & Finance PLC also expressed his positive sentiments noting, “Our dedication to excellence in financial reporting and integrated reporting is a testament to our commitment to responsible and transparent business practices. These awards motivate us to strive for even greater heights and deliver exceptional value to our stakeholders.”

PLC’s consistency in excellence is not new; it has previously clinched gold awards at the ARC Awards for three years consecutively. These awards affirm PLC’s commitment towards excellence in financial reporting and the innovative and easily comprehensible presentation of data.

People’s Leasing & Finance PLC, a licensed non-banking financial institution in Sri Lanka, is renowned for its innovation and unwavering commitment to providing tailored financial solutions. With a solid foundation, a diverse product portfolio, and a commitment to excellence, PLC has emerged as a leader in the financial services sector. As a subsidiary of the People’s Bank, PLC continues to strengthen its position as a trusted and respected provider of financial services, fostering growth and prosperity for the people of Sri Lanka.

 


 

 


September 18, 2023
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6min

 



 

 

People’s Leasing & Finance PLC (PLC), a pillar of strength and stability in Sri Lanka’s financial sector, successfully concluded the 1st Quarter of the fiscal year 2023/24 with a year-on-year increase in Profit of 80.9% in the midst of a challenging economic landscape.

PLC’s top line interest income recorded an impressive 10.2%, reaching Rs. 7,465 million owing to the increased investment income during the quarter. However, the company’s net interest income showed a modest fall when compared to the first quarter of 2022/23. This was mostly the result of higher interest expenses brought on by the repricing of deposits to higher rates in line with higher policy rates. Despite the stated decrease in net interest income, PLC was able to end the first quarter with a profit after tax (PAT) of Rs. 331 million as opposed to Rs. 183 million recorded in Q1 2022/23 thanks to the significant year-on-year reduction in Impairment Charges as well as reduction in operating expenses, demonstrative of an intensified commitment to internal sustainability.

Similarly, PLC Group also recorded a PAT of Rs. 552 million during Q1 2023/24, reflecting a year-on-year increase of 21.5% mainly driven by the significant reduction in the Group’s impairment charges and other losses for loans and receivables.

Even in the face of a highly inflationary environment, PLC successfully reduced total operating expenses by 3.5% compared to the corresponding quarter in the year prior due to a determined effort to increase efficiency through digital initiatives, right-sizing of branches, and improvements in internal processes. PLC recognized the significance of recalibrating its balance sheet in a setting not favourable to business expansion and took strategic measures to ensure the right sizing of its balance sheet resulting a total asset base of Rs. 155,380 million as of 30 June 2023. Backed by these strategic moves, total asset base of the PLC Group also remained resilient at Rs. 179,948 million as of 30 June 2023.

In an extremely volatile and complex business setting PLC adopted a highly disciplined liquidity management approach to ensure financial stability whilst maintaining capital adequacy ratios well ahead of the statutory minimums at the end of Q1. The majority of PLC’s funding needs were met through improved collections enabling PLC to remain watchful in growing its deposit base in a high-interest environment. Despite these measures, the deposit base of PLC remained robust at Rs. 93,228 million as of 30 June 2023, showcasing strong customer confidence. The Group deposit base also remained strong at Rs. 100,439 million, as at 30 June 2023.

Meanwhile, PLC retained its No.1 position as Sri Lanka’s Most-Loved Brand in Leasing and Finance category, as ranked by Brand Finance in LMD Brands Annual. The company’s steadfast dedication to excellence was also evident in its ascent from 51 to 36 in the esteemed “Most Respected Entities” ranking by LMD within just one year, further cementing its position as one of Sri Lanka’s most respected and trusted financial services providers.

Expressing confidence and reiterating PLC’s commitment to its customers, Mr. Shamindra Marcelline – CEO remarked, “Our Q1 performance underscores our ability to navigate a complex, dynamic and challenging business landscape. It also demonstrates our unwavering commitment to our valued customers and the strength of our operational fundamentals. Even in the face of adversity, we remain steadfast in delivering financial solutions that empower individuals and businesses, contributing to the economic prosperity of all Sri Lankans.”

The company’s prudent risk management and increased focus on improving collections led to Impairment Charges for loans and other losses notably decreased by an impressive 74.0% over Q1 2022/23, with impairment charges for the period under review totalling Rs. 442 million. In a high-interest regime with limited opportunities for business growth, total Loans and Receivables portfolio of the Company and the Group stood at Rs. 104,051 million and Rs. 116,292 million respectively as at 30 June 2023.

PLC is a leading Non-Bank Financial Institution in Sri Lanka and the flagship subsidiary of the People’s Bank, which is one of the largest state-owned banks in the country. PLC commenced business operations in 1996 and was listed on the Colombo Stock Exchange in 2011. PLC has grown to become a diversified non-bank financial powerhouse with six subsidiaries in allied areas of specialization, including an overseas venture in Bangladesh.

 



 

 


July 14, 2023
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9min

 



 

 

Exterminators PLC, Sri Lanka’s premier pest tech and environmental technology company, is embarking on a digital transformation journey powered by artificial intelligence (AI) to enhance its operational activities to further improve efficiency, enhance accuracy, increase customer and employee satisfaction, and create value for its shareholders. In 2014, ‘Exterminators PLC’ began the digitalization process by designing, developing, and articulating ‘South Asia’s 1st mobile app and followed up with the e-Scheduler and digital rodent and termite bait stations in 2018. The company introduced the ground-breaking ‘eConnect’ web-based customer web portal in 2019, becoming yet another first in South Asia, and thereafter many more digital technologies were integrated into the organisational digital transformation project.

The company was recognised globally for its leadership in digitalization by being invited as a guest speaker to present its story on ‘Digital Pest Management’ in the Connecting Asia’ international pest management conference held in Pattaya, Thailand, recently with the participation of 12 countries in Asia. Since the digital transformation began a decade ago at Exterminators and the integration of artificial intelligence in recent times, the company has revolutionised the operational activities throughout the organisation to further streamline processes, optimise resource allocation, and provide personalised services to its customers. By automating repetitive tasks such as data entry and analysis the company was able to reduce employee opportunity costs (time) and, in return, was able to focus on more complex and critical aspects of their work.

The company plans to further invest in AI so that it will be able to analyse AI algorithms based on historical data to predict pest infestations, allowing Exterminators PLC to proactively allocate resources and prevent outbreaks well in advance. Analysing data from various sources, such as pest behaviour, sanitation, good housekeeping practises, and customer feedback, helps the company make more informed decisions and implement targeted pest management strategies and best practises. This proactive approach enhances the overall effectiveness of pest management measures and significantly enhances internal and external customer satisfaction. It also reduces the need for traditional chemical treatments, minimising the risk to humans and the environment.

Exterminators PLC’s dynamism and adaptability to new trends in the external environment have enabled it to stay ahead of the digital growth curve as well. The company has effectively absorbed new trends in digitalization applicable to its business model, which have led to a greater customer experience and sharper solutions. The integration of digital solutions has also enabled the company to optimise its cost structures, creating immense value for shareholders. The notable fact about the company’s digital drive is that it encompasses multiple processes such as customer connectivity, sales and technician functions, treatment record keeping, and creating synergies via smart route optimisation.

E-CONNECT is a web-based platform that provides customers with a single access point to information, which enhances the customer experience, establishes transparency, and improves operational efficiency. E-Connect allows clients to log into a virtual online account, access information instantly, send a link with the client’s invoices or statements, view scheduled services, reschedule services, view notes on previous services, and communicate with the client virtually. A mobile app is a useful tool for sales and technicians performing services at the customer’s premises, as it keeps digital work orders and customer accounts ‘in sync’ with events at the office. Furthermore, it facilitates a paperless environment, thereby mitigating the negative impact on the planet while generating savings in terms of time and money. The mobile app’s key digital features include the ability to synchronise technician schedules and add additional service stops to field technician routes from the office, view the history of services and estimates, track technicians’ locations by activity, and capture photos as evidence of inspection.

E-SCAN Digital scanning app is a feature added to our mobile app with the purpose of taking the workload off the employees. This eliminates the need to manually file treatment records, pest sighting reports, checklists, etc. and instead allows technicians to scan and update information through their mobile devices. As a result, all treatment records are available at the click of a button with real-time updates. E-scan will scan pest inspection and treatment points, rodent and insect bait stations, observations, material used, and provide synchronised instant access to all these details on the E-connect customer web portal. Drag and drop scheduling: This is the most dynamic scheduler to serve the pest control industry. It allows employees to schedule pest control service appointments for technicians with drag-and-drop technology. The scheduler efficiently completes tasks such as appointment re-scheduling, changing the technician for the appointment, or adding new services that would normally require multiple steps and time, and it helps the company create route optimisation synergies.

Route optimisation and intelligent scheduling: Intelligent Routing is a tool that allows the company to put together the most efficient routes for the technicians’ daily schedules. It can be used to select the routes and their date ranges and choose from the module’s various optimisation options. Users can schedule routes while considering technician shifts, lunch hours, workdays, holidays, etc. Smart intelligent scheduling also helps optimise routes for a chosen time range, set a buffer time for the best time range, develop efficient routes, and reduce energy consumption. Digital rodent bait stations: Commercial barcoding allows our technicians to scan barcodes and update information through their mobile devices. Barcodes can be scanned either through the camera function on a smartphone or through a Bluetooth scanner used by itself or connected to a mobile device. The information from the scanned barcodes is then organised into different categories, such as inspection point status, target pest species identification, observations, and materials used.

Marlon Ferreira, the Founder and Managing Director, stated, in the primitive days, fire played a significant role in human evolution, and today artificial intelligence (AI) has begun to play a similar role in human evolution. Artificial Intelligence (AI) will fundamentally change the way of life in the next 6–18 months. As one of the global pioneers in digital transformation in our industry, we will certainly be at the forefront and take leadership in integrating artificial intelligence (AI) in our industry and beyond our industry in Sri Lanka and globally, while emphasising the need to mitigate negatives and enhance positives for people and the planet.

 



 

 


June 14, 2023
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4min

 



 

 

People’s Leasing & Finance PLC (PLC) in collaboration with the Vocational Training Authority (VTA), successfully empowered a group of deserving youth offering “Haritha Nena” vocational scholarships. Entry criteria for the rural youth identified from the economically disadvantaged households was NVQ Level – 3 qualification. The objective of this programme was to empower the skilled workforce of the nation, increase their employability and attract prospective foreign revenues for the nation while contributing to the advancement of United Nation’s Sustainable Development Goals (SDGs). Two vocational education programmes were completed at the Vocational Training Centres located in Narahenpita (Colombo Region). and Wegiriya (Kandy Region).

In a context where the rising global temperature has created an increased demand for hybrid automobiles that offer positive environmental impacts including high fuel efficiency and low emissions, there is a significant shortage for skilled labour in the field of hybrid motor mechanics. Hence, “Haritha Nena” vocational scholarship programme also aimed at meeting the unmet demand by empowering a group of youths on Hybrid Automobile Technology covering 100 course hours. All youth who successfully completed the programme received NVQ Level – 4 qualification.

The last session of each programme was held at both centers and graced by Mr. Sanjeewa Bandaranayake, Head of Sustainable Finance, Ms.Roshni Motha, Manager – Sustainable Finance Unit, Mr. Hishan Welmilla, Manager – Marketing & Communication, Mr. Senaka Munasinghe, Branch Manager of PLC Kandy, Mr.Minthaka Deeyagahage, FD & Savings Officer and staff members of the Sustainable Finance Unit in the presence of instructors from the VTA.  Both sessions were resourced by Mr. G.P. Sirikumara, Assistant Manager – Credit Risk & Analytics of PLC covering fundamentals on financial literacy, prudent management of cash flows of a newly set up SME business as well as interactive knowledge sharing on preparation of a sound business proposal to qualify for a credit facility from a reputed bank or a financial institution. In total, 35 deserving youth were benefitted through this worthy corporate social responsibility initiative.

People’s Leasing & Finance PLC is a leading Non-Bank Financial Institution in Sri Lanka and a subsidiary of People’s Bank, one of the largest State-owned banks in the country. Commencing operations in 1996. People’s Leasing was listed on the Colombo Stock Exchange in 2011. People’s Leasing has grown to become a diversified non-banking financial powerhouse with six subsidiaries in allied areas of specialization, including a venture overseas in Bangladesh

 



 

 


November 15, 2022
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2min

 



 

 

Sports and Welfare Society of People’s Leasing and Finance PLC (PLC), the pioneer Non-Bank Financial Institution (NBFI) in Sri Lanka, marked the World Children’s Day themed “Sihina Dakina Ape Lowak”.

As a responsible employer, the event was organized as an initiative to recognize and reward the talents of the children of PLC employees from islandwide branch footprint in five different age categories up to the age of 17 years.

Accordingly, demonstrated singing, dancing and artistic talents of over 250 children were independently evaluated by six teachers from Sirimavo Bandaranaike Vidyalaya and D.S. Senanayaka College.  The award ceremony was ceremoniously held on the 27th of October 2022 at the BMICH with the participation of 45 winners. Winners were rewarded with medals, certificates and gift vouchers at a ceremonial event graced by the Chief Guest of the event, Shamindra Marcelline Chief Executive Officer / General Manager of PLC and the corporate management team. Prior to the ceremony, the winning children were able to enjoy a sightseeing tour on a double-decker bus in Colombo city.

PLC is a subsidiary of the People’s Bank, one of the largest state-owned banks in the country. Commencing operations in 1996 as a specialised leasing company, PLC was listed on the Colombo Stock Exchange in 2011. PLC has six subsidiaries in allied areas of specialization including an overseas venture in Bangladesh.

 

 



 

 


September 15, 2017
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4min

Colombo, September 15, 2017: Hayleys PLC and its subsidiaries are pleased to announce the purchase of 61.73% of shares of Singer (Sri Lanka) PLC, for a consideration of LKR 10.9 billion, making it the single largest acquisition for a listed company in Sri Lanka in recent times.

This strategic acquisition by Hayleys PLC and its subsidiaries is anticipated to yield substantial opportunities for new business synergies within the Hayleys Group. Both Hayleys PLC and Singer (Sri Lanka ) PLC collectively account for over 280 years of experience in the Sri Lankan market.

Commenting on the transaction Mr. Mohan Pandithage, Chairman and Chief Executive, Hayleys PLC stated, “This is a historic milestone for the Hayleys Group. It is in alignment with our Group’s growth-oriented approach to the Sri Lankan market, as we have been seeking a strategic partner to strengthen the Group’s retail sector. Leveraging on the diversity of the Hayleys’ products and services portfolio and combining it with the time-tested and extensive expertise of Singer Sri Lanka, we anticipate unprecedented new business opportunities for both entities moving forward.”

Elaborating further he added, “It is the vision of Hayleys to offer enhanced lifestyles to Sri Lankans, with extensive ranges of innovative, high quality lifestyle products which are affordable to all segments of society. The diversity of our products and services portfolio will now be driven to greater heights, opening doors to new business opportunities for both entities moving forward. We will leverage Singer Sri Lanka’s brand and extensive retail network, with its strong customer base to pave the way for significant upscaling of the Group’s domestic retail sector presence.

Mr. Dhammika Perera, Co-Chairman, Hayleys PLC, stated, “This acquisition is no doubt the biggest in Sri Lanka. Given the strength of Singer Sri Lanka, one of the most iconic and trusted retail brands in the country, we believe that with this move, the Hayleys Group will be able to leverage and amalgamate the expertise and know-how of two corporate giants and boost the Group’s growth trajectory.”

Hayleys, the largest Sri Lankan conglomerate nearing its 140th year, has a global presence in 15 countries across all 5 continents. It is the most diversified conglomerate in the country. This acquisition creates a total of 16 Public Listed Companies under the Hayleys Group umbrella.

Established in 1878, Hayleys PLC is one of Sri Lanka’s largest, multinational business conglomerates driving a globally competitive business portfolio cutting across manufacturing, agriculture and services. The Group is internationally recognized as a leader in innovation and currently operates manufacturing and service facilities in Sri Lanka, Indonesia, Myanmar, Maldives, Thailand, Bangladesh and Singapore. Its Marketing facilities are located in Australia, India, Malaysia, Italy, Japan, The Netherlands, UK and USA. The Group accounts for approximately 3.53% of Sri Lanka’s export income, and 3.4% of tea and 3.8% of rubber production. It is one of the leading foreign exchange earners of the country, and sources 95% of its raw material manufacturing requirement locally, while providing employment to over 28,000 employees.

The Board of Directors of Hayleys PLC comprises Messrs Mohan Pandithage (Chairman and Chief Executive), Dhammika Perera (Co-Chairman), Rizvi Zaheed, Sarath Ganegoda, Rajitha Kariyawasan, Dr. Harsha Cabral PC, Dr. Mahesha Ranasoma, Lalin Samarawickrama, Ruwan Waidyaratne, Hisham Jamaldeen , Aravinda Perera and Noel Joseph.



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Lanka Business News is amongst the leading online Business News portals in Sri Lanka, unique for its focus on contemporary business news relevant across multiple industries operating in the country. We present not only the news, but a perspective based on observations and possible implications of a prevailing news item. LBN also provides an insight to the impact of a global economic or industrial development, thus helping stakeholders make informed and calculated decisions.




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