LOLC amongst Top 3 corporates
LOLC ascended by one position in the Business Today’s Top 30 edition of 2018-2019 to secure the third position in one of the most acclaimed rankings that recognises the exceptional performance of Sri Lanka’s top corporate entities.
The Business Today Top 30 awards ceremony was held recently at Grand Ballroom of Hilton Colombo with Prime Minister Mahinda Rajapaksa participating as the chief guest. A large gathering of distinguished guests was also present at the glamorous evening, which was organised to celebrate the achievements and greatness of the Top 30 Sri Lankan corporates.
According to Business Today’s Top 30 edition of 2018-2019, the LOLC group was able to secure the third position, mainly due its timely investments in strategic locations with a long-term vision. The steady growth of its three financial institutions, namely LOLC Finance PLC, Commercial Leasing & Finance PLC and LOLC Development Finance PLC, contributed to LOLC’S upward momentum in the ranking.
LOLC’S strategic overseas investments in Cambodia, Myanmar, Pakistan, Indonesia and the Philippines were also instrumental factors that led to the group’s continued performance. Business Today’s Top 30 edition of 2018-2019 identified that the group’s growth in the non-financial sector, which includes Sunbird bio-energy in Sierra Leone, the leisure investments in Sri Lanka and the Maldives as well as the plantations sector investments in Sri Lanka were also key factors.
With the group’s balanced and diversified investments, it has continued to grow in Sri Lanka and overseas and seeking markets beyond Sri Lanka would reap greater benefits, highlights the magazine.
Commenting about the achievement, LOLC Group Managing Director/ceo Kapila Jayawardena stated, “We are deeply honoured to be placed amongst Sri Lanka’s Top 3 corporates. It is truly pleasing to know that we have not only maintained our performance as a leading diversified conglomerate but have continuously improved our performance over the years. LOLC is now a trillion asset and a billion-equity company with consistent profitability. We remain confident in our enormously talented people and prudent strategies as we forge further ahead as a Sri Lankan company with strong international presence.”
The Business Today TOP 30 is based on the published information of companies listed in the Colombo Stock Exchange and social considerations. The companies have been selected on the basis of their performance recorded during the financial year ending December 31, 2018 and March 31, 2019, with the assistance of KPMG.
LOLC, which began as a non-bank financial institution, has rapidly evolved to become one of the largest and most diversified conglomerates in Sri Lanka. The portfolio of the LOLC group encompasses a wide spectrum, from financial services to leisure, plantations, trading and manufacturing, renewable energy and other strategic investments. Whilst becoming a household name in the local financial industry, LOLC has also successfully expanded beyond Sri Lanka and is positively impacting the lives of thousands of people across many regional nations.
With its expansive footprint, LOLC has fully established itself as a strong regional financial conglomerate and the group is poised to be a global financial catalyst with a multicurrency, multi geographic microfinance and SME platform in the future.