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SLT takes a convincing lead:
Recognising Corporate Excellence
The Business Today TOP 10 Awards for the financial year 2008-2009 was
held last week at the Hilton Colombo. The chief guest was senior advisor
to the President, Basil Rajapaksa. The Award ceremony recognised and
honoured the Sri Lankan Companies that have shown strong performance and
consistency during the past year and proven their business prowess by
outshining others.
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(left to right): Mathi K. Parthipan - Chairman/Managing Director
of BT Options, Hari Selvanathan - Deputy Chairman of Carson
Cumberbatch, Harris Premaratne - CEO of Sampath Bank, Rajendra
Theagarajah - CEO of Hatton National Bank, G. C. Wickremasinghe
- Director Aitken Spence & Company, Amitha Gooneratne - CEO of
Commercial Bank of Ceylon, Harry Jayawardena - Chairman of
Distilleries Company of Sri Lanka, Chief Guest Senior Advisor to
the President Basil Rajapaksa, Ajita de Zoysa - Chairman of
Associated Electrical Corporation, Leisha De Silva Chandrasena -
Chairperson of Sri Lanka Telecom, Jayampathi Bandaranayake -
Chairman of Ceylon Tobacco Company, Ronnie Peiris - Group
Finance Director of John Keells Holdings, Arthur Senanayake -
Chairman of Sampath Bank, Keith Bernard - Business Today TOP 10
Analyst and Sidath Kodikara - Chief Operating Officer of
Cargills (Ceylon). |
With a convincing lead in points, Sri Lanka Telecom (SLT) was ranked
number one in Business Today TOP 10 for 2008-2009.
SLT has made major contributions towards the development of telecom
infrastructure in the country, achieving a Group Turnover of Rs. 47
billion, posting an After Tax Profit of Rs. 7.4 billion, in the past
year.
Securing second place was Commercial Bank of Ceylon. The Bank’s
overall strong performance in its operations in both Sri Lanka and
Bangladesh was a key factor in acquiring its current ranking. John
Keells Holdings, came in at number three, while Ceylon Tobacco Company
returned to the list of top corporate performers at number four.
Occupying the positions from number five to nine, respectively, were
Associated Electrical Corporation, Distilleries Company of Sri Lanka,
Hatton National Bank, Aitken Spence & Company and Cargills (Ceylon).
Tying the tenth position was Carson Cumberbatch and Sampath Bank, having
obtained equal scores.
For the corporate sector 2008-2009 was a challenging year. The global
financial crisis, fluctuations in oil prices and the final stages of the
high intensity conflict had a significant impact on the country’s
economy. Within such a context, sustaining and driving performance
perhaps is a trait preserved by only the best and most daring
businesses, and in Sri Lanka there are many examples of those who
understand the art of remaining resilient, adapting and growing under
trying conditions.
The Business Today TOP 10 is a process to identify and recognise
these torchbearers of Sri Lanka Inc, who in retrospection prove to be
worthy of their place in the Business Today TOP 10 and continue to serve
as beacons of corporate excellence and admiration.
Business Today true to its reputation as the magazine of the
corporate world has since 1998 annually conducted its own survey of top
corporate performers and recognised and honoured the best of the best.
The survey is strictly based on published financial information of
companies listed on the Colombo Stock Exchange.
As repeatedly observed in the past, competition for a position in the
Business Today TOP 10 ranking is intense and closely contested.
This is evident by the feedback received during the eleven years of
ranking. Companies that regularly secure a place in the list have done
so by demonstrating an undying determination to sustain performance and
by maintaining an unwavering focus on chosen strategy.
The Business Today TOP 10 companies should be proud of their success,
and those aspiring for a place in the list may find inspiration in and
take a cue from the more recent entrants to the list. Companies who have
claimed a place in the Business Today TOP 10 know what it takes to excel
and will passionately protect or improve their position.
Business Today is guided by the principle of offering equal
opportunity and a level playing field for all public quoted companies of
acceptable and comparable size to seize a place in the ranking, the only
condition being that they qualify and score well on the Business Today
TOP 10 disclosed criteria. A simple observation was that some business
conglomerates that were. once the icons and pride of corporate Sri Lanka
and who had been in the Business Today TOP 10, have of late shown signs
of fatigue. Their hesitance to respond to change and poor aptitude to
ensure. relevance in times of change are making them look more like,
bystanders on an expressway.
Business Today hopes these conglomerates would soon get on the road
and pick up their pace to lead Sri Lanka into the future.
It is by interesting coincidence that the latest Business Today TOP
10 ranking finds two companies obtaining identical scores to enter the
list at number ten.
Carson Cumberbatch and Sampath Bank are the two companies, and though
practice and convention may suggest that only ten companies be selected,
the tenth place is offered to both companies as they rightfully qualify
to be within the Business Today TOP 10 for the year 2008-2009. |
