News & market updates

Sri Lanka's tea exports in January 2025 rose to 19.37 million kg (up 0.61m kg YoY) while FOB value fell to Rs.1,722.78/kg (down Rs.26.14 YoY) even as USD terms edged up slightly. Iraq was the top importer at 3.02 million kg, with Russia and Libya following.

Dividend · Rs 3.50 · XD Mar 5, 2025

First Interim dividend of LKR 3.5/share; XD 2025-03-05; record 2025-03-05; payable 2025-03-25; FY 2024/2025

Dividend · Rs 4.50 · XD Mar 5, 2025

First Interim dividend of LKR 4.5/share; XD 2025-03-05; record 2025-03-05; payable 2025-03-25; FY 2024/2025

Dividend · Rs 15.00 · XD Mar 5, 2025

First Interim dividend of LKR 15/share; XD 2025-03-05; record 2025-03-05; payable 2025-03-25; FY 2024/2025

Verified Market Research projects the global tea extract market to grow from USD 4.55 billion in 2024 to USD 8.23 billion by 2031, at a 7.67% CAGR. Growth is driven by rising demand in beverages, cosmetics, pharmaceuticals and nutraceuticals, with Asia-Pacific (including Sri Lanka) leading supply and adoption.

A Sri Lankan Pavilion at International Green Week 2025 in Berlin showcased Ceylon tea, Ceylon cinnamon and other local food and agricultural products from 12 companies, connecting them with buyers and partners to boost exports. The pavilion was supported by IFC and the EU initiative ACSIIS to promote PGI-certified Ceylon Cinnamon.

English Tea Shop has opened an exclusive duty-free store at Bandaranaike International Airport (Departure Terminal, Shop 13-D), offering its 100% organic teas and handcrafted gifts as the brand’s only exclusive outlet in Sri Lanka.

Kenilworth International, backed by Bank of Ceylon financing, has scaled agricultural drone use in Sri Lanka—cutting spraying costs to ~LKR1,060/acre (vs LKR2,500–3,000) and lifting tea green leaf yields by over 30%.

Colombo market closed marginally higher with ASPI +0.2% and S&P SL20 +0.6% on turnover of Rs.5.5bn. Banking led turnover (30%) and gained 1.25%; notable moves included Sampath +Rs1, Commercial Bank +Rs2, Sierra Cables +Rs0.40, Lanka IOC +Rs0.50 and LOLC -Rs4, with net foreign outflow of Rs.93m.

Malwatte Valley Plantations' Sarnia Estate produces over 1 million kg of made tea annually and has invested in certifications, renewable energy, mechanised harvesting and avocado diversification to address labour shortages and sustain premium tea output.

Moody’s says Sri Lanka’s 2025 budget — with expenditure at 21.8% of GDP, revenue 15.1% and a 6.7% deficit target — will likely widen the fiscal deficit and slow fiscal consolidation, falling short of the IMF-preferred 5.2% deficit while targeting a 2.3% primary surplus.

President and Finance Minister Anura Kumara Dissanayake said the Employers’ Federation agreed to raise the private sector monthly minimum wage to Rs.27,000 in April 2025 and to Rs.30,000 from 2026; he also announced daily wages for estate (tea/rubber/coconut) workers will be raised to Rs.1,700.

Dividend · Rs 0.50 · XD Feb 27, 2025

Second Interim dividend of LKR 0.5/share; XD 2025-02-27; record 2025-02-27; payable 2025-03-07; FY Ending 31st March, 2025

President Anura Disanayake said the 2025 budget will provide state land to SMEs for cultivation and has set aside 250 million rupees for initial studies. He said Central Province alone has 90,000 acres of under-utilized land for potential development.

Inayet Akbarally, chairman and co-founder of Akbar Brothers — Sri Lanka's largest tea exporter for over 20 years — has died aged 88. The Akbar Group also has interests in property, healthcare and renewable energy and expanded operations to Oman in July 2022.

Inayet Akbarally, co-founder of Akbar Brothers, has died at age 88. Akbar Brothers helped make Ceylon Tea globally prominent and has been Sri Lanka's largest tea exporter for over 20 years; Akbar Group also has operations in property, healthcare and electricity generation.

Madulsima Plantations PLC's El Teb Estate reported an overall profit of Rs. 110.76 million in 2022. The Uva tea estate produces high-quality tea, operates a Pelton hydro-power plant and has invested in forestry, crop diversification and community development.

Richard Pieris Group reported PBT of Rs. 5.4 billion for the first nine months to 31 Dec 2024, a 137% increase year-on-year. Plantations PBT was Rs. 3.74bn (+52%), Retail Rs. 1.73bn (+12%) and Plastics/Furniture/Electronics Rs. 1.03bn (+158%).

Sunshine Holdings reported consolidated 9MFY25 revenue of Rs. 45.2bn (up 6.7% YoY) while PAT fell 14.1% to Rs. 4.7bn and the group announced a share split. The healthcare segment drove growth (revenue +17.8% to Rs. 24.8bn) while agribusiness (Watawala) revenue fell 7.1% to Rs. 6.0bn and consumer brands declined 3.1%.

Sunshine Holdings (SUN.N0000) reported consolidated 9MFY25 revenue of LKR 45.2 billion, up 6.7% YoY, while profit after tax fell 14.1% to LKR 4.7 billion. Healthcare revenue rose 17.8% to LKR 24.8 billion; agribusiness (including Watawala) revenue fell 7.1% to LKR 6.0 billion and Consumer Brands declined 3.1%.

Richard Pieris Group posted Profit Before Tax of Rs.5.4 billion for the nine months to 31 Dec 2024, up 137% year-on-year. Plantations PBT was Rs.3.74bn (+52%), Retail Rs.1.73bn (+12%) and Plastics/Furniture/Electronics Rs.1.03bn (+158%).

The Institute of Policy Studies urged Budget 2025 to reallocate agricultural spending toward long-term investment, noting public expenditure on agriculture fell from 6.4% to 2% of total government spending between 2014 and 2023. IPS highlights that irrigation receives 41% of agri spending and subsidies 26%, while rice dominates and funding for high-value/export crops, R&D and value chains is limited.

Public expenditure on agriculture in Sri Lanka fell from 6.4% to 2% of total government spending between 2014 and 2023, with irrigation and subsidies taking 41% and 26% of agricultural spending respectively. Authors recommend shifting funds toward capital investment, targeted fertiliser support, R&D, marketing and water-efficient irrigation using farmer databases like Geo Goviya.

National tea sales average in Jan 2025 rose slightly to Rs. 1,185.43 ($4.03) from Rs. 1,184.82 ($4.05) in Dec 2024, but is down Rs.89.88 YoY while dollar terms are up $0.03. High-grown prices rose YoY; medium-grown fell in rupee but rose in dollar terms; low-grown declined.

Hasitha Jayawardena has been appointed Chairman of Melstacorp PLC, Distilleries Company of Sri Lanka PLC and Madulsima Plantations; Stasshani Jayawardena was appointed Chairperson of Aitken Spence Hotel Holdings PLC and named Deputy Chairperson of Lanka Milk Foods (CWE) PLC. Both continue to hold or assume directorships across the group.

Colombo Stock Exchange closed higher: ASPI +1.38% to 16,734 and S&P SL20 +1.48% to 4,996, with turnover Rs2bn and net foreign outflow Rs75mn. Top contributors included Ceylinco Holdings, Melstacorp and Commercial Bank; several chairperson appointments were made following Harry Jayawardena's death.