News & market updates

Aitken Spence PLC reported Profit Before Tax of Rs. 5.6 billion for the nine months to 31 Dec 2025, up 30% year-on-year. Group revenue was Rs. 67 billion and Profit After Tax rose 42% to Rs. 3.4 billion, with Tourism contributing 68% of revenue.

Aitken Spence PLC reported 9M PBT of Rs. 5.6 billion, a 30% increase year‑on‑year, and PAT up 42% to Rs. 3.4 billion for the nine months ended 31 Dec 2025. Tourism drove gains (PBT Rs.2.0b) while Maritime & Freight Logistics contributed Rs.3.3b; plantations, power and services also improved, offset by apparel losses.

The Department of Immigration and Emigration's computer system has been fully restored and passport services at the Battaramulla main office and regional branches have resumed, with regular and one-day passports, visas and urgent requests being processed as usual.

Cinnamon Life at City of Dreams (Cinnamon Life) is offering 'The Spirit of Iftar' buffet at Quizine from 17 Feb to 17 Mar priced at LKR 10,500 nett per person. A Suhoor room-service menu will also be available and no non-Muslim items will be served during dinner service.

IRONMAN® 70.3 Colombo will take place 19–22 Feb 2026 at Port City Colombo, expected to host nearly 1,000 athletes from 49+ countries and boost tourism and local economic activity; Asiri Health is named the event medical partner.

HNB MD/CEO Damith Pallewatte highlights HNB’s Sarusara agripreneur programme (15,000 participants to date, 30,000 target) and a 2026–2030 strategic plan. He warns of banking-sector challenges (liquidity, asset quality, digital risk) and urges ecosystem-building across exports, agriculture, tourism and digital services.

Home Lands launched four new resort apartment projects totaling 1,000 units in Greater Colombo. Five partner banks (Commercial Bank, HNB, Sampath, NDB and DFCC) are supporting the Home Lands Wealth Builder payment plan, offering flexible financing including up to 100% funding.

Treasury Secretary said Sri Lanka has agreements covering nearly 99% of external debt and has restructured over 92%, cutting public debt to about 105% of GDP and is expected to secure an additional $350m from the IMF after the fifth review. Cyclone Ditwah caused $4.1bn in damage (with $1.62bn needed in 2026) and recovery spending has been incorporated into the 2026 Budget without derailing fiscal consolidation.

Central Bank of Sri Lanka clarified that all transactions between residents must be in Sri Lankan Rupees and that it has not authorized merchants to accept or convert payments into foreign currency, with penalties up to Rs25,000,000 and/or up to three years' imprisonment. The instruction explicitly covers payments via credit/debit cards.

The Attorney General told the Court of Appeal that a letter from the SLTDA endorsing projects to promote LGBTIQ tourism will be withdrawn. The Tourism Ministry later clarified the government has not launched LGBTQ-targeted campaigns and will continue promoting cultural heritage, nature, wellness and adventure.

IHCL signed an agreement to develop a 220-key Taj-branded beachfront hotel in Weligama, Sri Lanka, including 80 luxury apartments and multiple F&B, spa and event facilities, in partnership with Beryll Group.

Emirates will expand its Premium Economy network to 99 points by end-2026 and will begin operating its first retrofitted three-class high-density A380 (76 Business, 56 Premium Economy, 437 Economy) from 14 April.

Ajay Banga (World Bank) warns 1.2 billion young people will enter the workforce in the next 10–15 years while only about 400 million jobs are expected, creating a vast shortfall. The World Bank proposes a three-pillar jobs strategy (infrastructure and skills, business-friendly rules, and scaling businesses) focused on infrastructure, agribusiness, healthcare, tourism and manufacturing.

Marriott reported record APEC development in 2025—187 organic deals adding more than 28,000 rooms to its pipeline—and confirmed a Ritz‑Carlton Reserve planned for Pottuvil, Sri Lanka (est. opening 2032).

The Department of Immigration and Emigration has temporarily suspended passport and visa issuance due to a technical system failure; services will resume once the system is restored.

Salam Ramadan 2026 will run 27 Feb–1 Mar 2026 along Green Path, Colombo, and the organisers are inviting vendors, hotels, F&B operators, retailers and service providers to participate in a curated festival with 50+ stalls and citywide activations after attracting 15,000 visitors in 2025.

Kandy Myst by Cinnamon (operated by John Keells Hotels PLC) celebrated its first anniversary after opening on 12 February 2025, offering 215 rooms and becoming the first hotel in Kandy to receive LEED Gold certification.

SLTDA and UN Tourism held Sri Lanka’s first national workshop on tourism economic leakages on 28 Jan, finding close to one-third of value in accommodation, tour operators and wellness leaks out; outcomes will feed a SLTDA-led three-year action roadmap to boost domestic value retention. Tourism generated USD 3.17 billion in receipts in 2024.

NDB Investment Bank (part of the NDB group) acted as exclusive financial adviser and arranger to raise $40m for Maldives Airport Company to refinance part of the capex for a new passenger terminal. Hatton National Bank (lead bank and facility agent) and Nations Trust Bank were other lead lenders in the syndicated facility.

Fitch assigned Aitken Spence Hotel Holdings PLC a first-time National Long-Term Rating of AA+(lka) with a Stable Outlook. Fitch cited strong parent support from Aitken Spence PLC and Melstacorp, but flagged high exposure to the Maldivian economy and rated proposed senior unsecured debentures AA(lka) up to Rs.5bn.

Forbes Travel Guide unveiled its 2026 Star Awards, naming 2,422 winners including 343 Five-Star properties and, for the first time, a Five-Star cruise (The Ritz-Carlton Yacht Collection’s Ilma). Winners span over 100 countries with new honorees in destinations such as Sri Lanka.

Amangalla in Galle Fort and Amanwella in Tangalle were recognized in the Forbes Travel Guide 2026 Star Awards. The honours underline Sri Lanka’s rising profile in high-end travel as FTG expanded its annual list to more than 100 countries.

Courtyard by Marriott Colombo appointed Suranga Peelikumbura as its new General Manager. He brings over 20 years of international hospitality experience (including The Ritz-Carlton Doha and Resplendent Ceylon) and says he will focus on guest experience and community ties.

Prime Minister Dr. Harini Amarasuriya met representatives of the European External Action Service on 10 Feb to deepen the EU–Sri Lanka economic partnership and to expand trade and investment, urging legislative and policy reforms. She also thanked the EU for timely cyclone assistance and briefed the delegation on government economic reforms.

Russel’s (Pvt) Ltd recognized its January 2026 best employees, naming Iresha Priyangani (Most Hardworking), F. Rikasha (Employee of the Month), Anicia Landers (Outstanding Stewardess), Chef Nisal Heshan (Best Chef), S. Dickson (Best Catering Steward) and Ramanadan Udayakumara (Outstanding Steward).

Sri Lanka plans to start direct Colombo–Ahmedabad flights via SriLankan Airlines from April to facilitate travel for devotees between Colombo and Gujarat.

Sri Lanka's CPI score rose to 35 in 2025, lifting the country 14 places to 107th in Transparency International's Corruption Perceptions Index. The score remains below the global average of 43, signalling improved but still limited governance performance.