The Winning Edge

Acknowledging corporate triumphs

Sri Lanka’s journey over the past few years has been one of hardship, losses and immense challenges. Yet, it has also been a testament to resilience, determination and a collective will to overcome adversity.

While economic recovery remains fragile, encouraging signs of progress have emerged.

The official rate of inflation has eased, foreign exchange reserves have improved and business confidence is slowly but surely being restored. However, hurdles remain – including the need for sustained economic reforms, successful debt restructuring and greater foreign direct investments (FDI) to drive long-term growth.

The business community has demonstrated adaptability, navigating one of the toughest economic periods in decades. The election of a new president and formation of a reform oriented government signal a notable political shift, which could bring greater accountability and much needed reforms, though the true impact of recent initiatives remains to be seen.

With fresh leadership at the helm, Sri Lanka stands at a crossroads. Strategic reforms could reinvigorate the economy, restore investor confidence and create a more business friendly environment.

One thing however, is certain: Sri Lanka’s economic future under the new administration will hinge on striking the right balance between reforms, stability and fostering an environment where businesses can thrive.

Despite ongoing uncertainties, Sri Lanka’s greatest asset remains its resilient corporate sector. As the nation journeys through a path to recovery, the unwavering perseverance of its people and businesses will be the driving force behind any resurgence.

Amid ongoing challenges, the IMF has acknowledged signs of an economic recovery – an encouraging indicator of progress. Adding to the positive momentum, the global lender of last resort completed its third review of Sri Lanka’s US$ 2.9 billion bailout in December 2024, though cautioning that the economy remains fragile.

The IMF’s Director of the Communications Department Julie Kozack recently emphasised that Sri Lanka has made sufficiently strong progress in its debt restructuring efforts.

Kozack said: “We do see macroeconomic policy reform starting to bear fruit. Commendable outcomes include rapid disinflation, robust reserve accumulation and initial signs of economic growth while preserving the financial system’s stability.”

In its Policy Agenda for 2025 and Beyond report, the Central Bank of Sri Lanka said that decisive policy measures and collective determination have restored macroeconomic stability, laying the groundwork for a stronger and more resilient economy.

However, one persistent challenge remains – the ongoing brain drain continues to impact the country’s business and economic prospects as irreplaceable talent seeks opportunities overseas.

While the outlook has improved compared to when last year’s Most Awarded publication was released and the long awaited return to normalcy seems to be within reach, the lingering question remains: how long will it last?

Against this backdrop, Commercial Bank of Ceylon (ComBank) reclaims the top spot in the fifth annual edition of the Most Awarded rankings, winning 115 awards (an increase from 106 in the previous year). ComBank dominated the rankings in the inaugural 2020 edition as well.

In second position is Talawakelle Tea Estates, which climbs up the ladder from third place with an impressive 93 awards – a rise of 27 awards from the preceding year.

Occupying the third spot with 49 awards each are Amana Takaful and Asia Broadcasting Corporation (ABC). Amana makes a notable move from eighth place in the previous year (with 34 awards) while ABC debuts as a new entrant in the rankings.

Unilever Sri Lanka takes a remarkable leap, rising from 22nd to No. 5 with 48 awards. Softlogic Life Insurance follows closely in sixth place with 43 awards while People’s Bank secures No. 7 with 42 accolades.

Kelani Valley Plantations takes eighth place with 37 awards and Hayleys Fabric ranks ninth with 35. Sharing the 10th spot is Hatton National Bank (HNB), Pan Asia Banking Corporation and People’s Leasing & Finance with 33 awards each.

In the race to the finish line, the gap between first and second place has narrowed slightly, from 23 in the previous year to 22 in 2024. The banking sector, led by ComBank and Amana Takaful, takes centre stage in the 2024 rankings, alongside conglomerate Unilever Sri Lanka, tea plantation Talawakelle and media network ABC.

This edition also features 28 movers and shakers, up from 25 in 2023. Leading the charge is Fonterra Brands Lanka, which climbs 92 places to No. 40 in the Hall of Fame for 2024.

Meanwhile, the top 50 rankings welcome 17 new entrants – an increase from just four in the preceding year.

And the sector rankings underscore the dominance of banking, and food and beverage, which lead the pack with 451 and 299 awards respectively. These two sectors outshine others including manufacturing (280), diversified (214), plantations (140), finance and leasing (125), life insurance (117) and technology (105), all of which have cumulative counts exceeding 100.

The 2024 rankings highlight the significant contribution of the nation’s listed companies spearheaded by ComBank. These corporations account for slightly over half of the 2,831 awards listed (totalling 1,440).

Led by Asia Broadcasting Corporation, private entities earned 878 awards while the multinational sector secured 389 accolades (with Unilever Sri Lanka at the top).

State sector entities, led by People’s Bank, garnered 124 awards.

– Compiled by Tamara Rebeira