ABANS
Chairperson
Q: How would you describe the group’s contribution to nation building?
A: The Abans Group has made significant contributions to the overall development and wellbeing of the nation by providing employment opportunities, and developing new technologies and processes, which drive economic advancement and competitiveness on a global scale.
Abans engages in CSR activities – especially helping hospitals, conducting community development programmes outstation, and providing laptops and helping the underprivileged with educational needs in rural areas.
The group upholds ethical business practices, fostering trust and stability to benefit both the conglomerate and society. It partners with local businesses and suppliers, thus helping to stimulate local economies while generating revenue and paying required taxes.
Q: Could you outline your group’s journey over the last three decades?
A: Over the past three decades, Abans has undergone a transformative journey marked by significant milestones and expansion across various sectors. Launched in 1981 as a tiny corner shop in Colombo, Abans expanded its retail footprint in the 1990s, opening multiple outlets across the country, establishing itself as a trusted name in consumer electronics.
In the early 2000s, Abans diversified beyond retail, venturing into real estate development, financial services, logistics and automobile distribution.
And in 2010, with technological advancements and digital transformation, Abans launched its online platform, enabling customers to shop from anywhere. Abans also focussed on energy efficient products and adopting eco-friendly practices in its operations.
From 2020, Abans continued to pursue growth opportunities and went on to open a manufacturing plant in Bandaragama.
Abans has evolved from a retail store into a diversified conglomerate with a strong presence in multiple sectors, guided by a commitment to innovation, quality service and community engagement.
Q: What is your outlook for Sri Lanka in the next five years?
A: Sri Lanka faces various challenges and uncertainties in the next five years, but there are also opportunities for sustainable development and progress. Effective governance, and prudent economic management and policies will be essential to realise the country’s potential and improve the wellbeing of its people.
The country has to concentrate, and have better controls over its economic recovery and growth, infrastructure development (transportation, telecommunication and energy), debt management, political stability, environmental sustainability, tourism recovery and so on.
Q: The most important goals for corporates in Sri Lanka to achieve in the medium term are…?
A: The key is to concentrate on economic stability and growth by creating employment opportunities, attracting foreign investment, promoting entrepreneurship, diversifying into exports and expanding into new markets, while maintaining quality standards, reducing carbon emissions and conserving natural resources.
There is a need to develop a skilled and motivated workforce by providing adequate training and development so as to retain talented workers within the organisation.
Q: Can you share your group’s philosophy regarding environmental, social and corporate governance (ESG)?
A: Abans has always been considerate of the environment, having already implemented energy efficiency initiatives, waste reduction and recycling programmes, aiming to minimise negative impacts on ecosystems and contribute to long-term environmental conservation.
On the social responsibility front, Abans has funded educational scholarships by providing laptops and schoolbooks to children from underprivileged backgrounds, supporting healthcare projects by donating medical equipment and TVs to hospitals, and so on.
Abans also adheres to corporate governance principles to ensure transparency, accountability and ethical business practices. This includes maintaining robust internal controls, ethical decision-making processes, and compliance with legal and regulatory requirements.
Good corporate governance helps build trust with stakeholders, investors, employees, customers and the broader community.
From initially having a focus on physical retail stores, Abans has expanded into e-commerce, establishing a robust online presence. This evolution has been crucial
Q: What is the role of technology in your group and its operations? And how has the role of technology evolved in the conglomerate through the years?
A: Technology has played a major role in recent times. It has helped in retail operations and with POS systems to streamline transactions and manage inventory in retail outlets.
We have utilised technology for online marketing, logistics and supply chain management, warehouse management, tracking shipments and optimising routes for transportation, thereby reducing costs and improving delivery times.
We’ve also been able to streamline financial management systems, human resources and administration operations with the advancement of technology.
From initially having a focus on physical retail stores, Abans has expanded into e-commerce, establishing a robust online presence. This evolution has been crucial in reaching a wider customer base.
Abans has also incorporated technology into its product offerings – especially in home appliances, electronics and smart home devices.
These digital transformation initiatives have enhanced operational efficiency, and the focus on customer-centric technologies has made it faster and easier to care for customer services and needs.
Q: And what are your group’s plans for the future?
A: We plan to expand our online presence and encourage digital shopping, while expanding the product range, and strengthening the focus on customer care and satisfaction.
We’re also hopeful when it comes to promoting energy efficient appliances and adopting green technology in a bid to protect the environment.
– Compiled by Yamini Sequeira
Telephone: 2681740/0764 299988 | Email: abanres@abanservice.lk/md@absgdh.lk | Website: www.abansgroup.com
