LMD OCTOBER 2025 COVER STORY
Corporate Titans
Tamara Rebeira pays tribute to the stalwarts of business in Sri Lanka as they have stood their ground through multiple turbulent chapters
“These corporate survivors have withstood sporadic civil conflicts, political instability, natural disasters, a pandemic and most recently, an unprecedented economic collapse – and to make matters worse, mayhem on the global stage”
In an era where organisations rise and fall with dizzying speed, survival has become an achievement. Yet in Sri Lanka, a group of pioneering corporates has done much more than merely endure – they’ve thrived for over half a century by adapting to changing times while preserving the values that defined them in the first place.
These corporate survivors have withstood sporadic civil conflicts, political instability, natural disasters, a pandemic and most recently, an unprecedented economic collapse – and to make matters worse, mayhem on the global stage.
From family owned businesses that began as humble trading houses to listed conglomerates steering multi billion rupee portfolios, they have proven that resilience is as critical as top and bottom lines.
In short, they are Sri Lanka’s corporate titans.
SEIZING THE OPPORTUNITY Several trace their origins to the colonial era while others came of age in the decades following independence. And together, they represent the nation’s multifaceted economic journey.
As Sir Winston Churchill once said, “a pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
For Sri Lanka’s oldest business houses, seizing the opportunity has become second nature.
Yet, this fight for survival has been anything but easy; these organisations have braved the storms that have shaken the nation to its core. Regardless, they’ve done more than weather the storm – they have innovated, diversified and expanded.
So what do these behemoths have in common?
The answer is adaptability. As Charles Darwin famously remarked, “it is not the strongest of the species that survives, nor the most intelligent but the one most responsive to change.”
When Sri Lanka opened its economy in 1977, legacy companies pivoted to embrace globalisation. When sustainability became more than a mere tick in the box, they began investing in environmental, social and corporate governance (ESG) frameworks, biodiversity projects and energy transition. And when digital disruption swept across industries, they launched e-commerce and fintech platforms, and data driven supply chains.
THE INVISIBLE GLUE Enduring companies and firms preserve their core values while inspiring progress.
In ‘Built to Last: Successful Habits of Visionary Companies,’ coauthor Jim Collins observes: “A visionary company almost religiously preserves its core ideology, yet simultaneously changes and adapts with the times.”
For Sri Lanka’s corporates, this balance has been as critical as their balance sheets. The values of trust, reliability and ethical practice have provided stability during turbulent times. And since progress called for openness, professionals were brought in to help them fall in line with global best practices and foster innovation.
Equally important has been the human factor.
Generations of employees who spent entire careers in these businesses have created loyalty, institutional memories and continuity. For many, working in a legacy company was more than a job – it became a career identity.
“As Sir Winston Churchill once said, ‘a pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty”
WEATHERING STORMS Corporate stalwarts have stood firm through some of the nation’s most turbulent chapters.
The nationalisation wave of the 1970s disrupted private enterprise, the civil war that raged for nearly three decades undermined operations and stalled investments, and the global financial crisis of 2007/08 threatened export markets.
More recently, the Easter Sunday tragedy of 2019, which dealt a devastating blow to tourism and hospitality, was followed by the COVID-19 pandemic that fractured supply chains across the globe and brought the world of commerce to a virtual standstill.
And then there was the unprecedented economic crisis of 2022, which saw shortages, debt defaults and political upheaval… a bankrupt nation in every sense of the word.
Yet, through each of these storms, Sri Lanka’s oldest corporates have found ways and means to not merely survive, but to adapt and innovate as well. As Warren Buffett aptly said, “only when the tide goes out do you discover who’s been swimming naked.”
Tested by countless high tides, Sri Lanka’s legacy companies have proved their resilience.
“As Charles Darwin famously remarked, ‘it is not the strongest of the species that survives, nor the most intelligent but the one most responsive to change”
LESSONS FROM AFAR Japanese conglomerates such as Mitsubishi (1870) and Sumitomo (1615) have survived centuries of change. American icons including Coca-Cola (1886), Ford (1903) and IBM (1911) endured depressions, wars and technological revolutions. European stalwarts such as Nestlé (1866) and Siemens (1847) continue to thrive despite political and market upheavals.
The common denominator across continents is a willingness to evolve.
One of the primary challenges for family owned businesses worldwide is succession. Many collapse after the founder steps aside. Yet, many of Sri Lanka’s longest standing companies have balanced these generational transitions with an infusion of professional management.
In some cases, the heirs have taken the reins and steered their companies into new realms; and in others, professional managers have been brought in to ensure growth and accountability. This model has enabled many companies to preserve their family values while competing in a marketplace that’s become increasingly competitive.
Across the world, the average lifespan of large companies and firms has declined dramatically over the past century. In the US for instance, the average tenure of an S&P 500 company has fallen to only 15 years today, compared to 67 years in the 1920s. Meanwhile, the World Economic Forum (WEF) notes that only around half of Fortune 500 companies survive beyond the 50 year mark.
Here at home, family businesses face their own challenges in the context of succession. Research shows that while they contribute enormously to the national economy, only three in 10 or thereabouts transition successfully to the second generation and a mere 10 percent endure to the third.
“For many, working in a legacy company was more than a job – it became a career identity”
THE OLD GUARD Sri Lanka’s corporate heritage is also anchored by some of its oldest enterprises.
George Steuart & Company (1835) – now nearly 190 years old and the nation’s oldest organisation – began as a trading house during the British colonial era. Today, it spans tea, healthcare, property, finance and more.
Mackwoods (1841), which has been associated with tea over the decades, reflects the deep roots of the island’s plantation economy. Cargills Ceylon (1844) has evolved from a trading post into a household name through its supermarket chain, food processing ventures and banking arm.
Meanwhile, Darley Butler (1848) has had a steady presence in consumer goods and pharmaceuticals for more than 170 years. And the Delmege Group (1850) has built its reputation in shipping, insurance and consumer products.
Millers (1844) remains a stalwart in food distribution and is aligned with Sri Lanka’s growing consumer economy while MTD Walkers (1854) helped pioneer infrastructure development as one of the country’s earliest engineering firms.
Sri Lanka Telecom (1858) – now SLT-MOBITEL, embodies continuity through transformation from telegraphs to fibre optics. And Carson Cumberbatch (1860) has grown from a trading entity into one of Sri Lanka’s most diversified conglomerates – it spans plantations, breweries, investments and real estate today.
The iconic furniture maker H. Don Carolis & Sons (1860) has become synonymous with fine craftsmanship and design, representing over a century and a half of Sri Lanka’s woodworking heritage.
Together, these enterprises form the bedrock of Sri Lanka’s corporate story – reminders that heritage is not simply about age.
“As Warren Buffett aptly said, ‘only when the tide goes out do you discover who’s been swimming naked”
THE FUTURE The challenges ahead are no less daunting. Digital disruption is set to transform supply chains, customer behaviour and financial systems, while climate change will reshape agriculture, tourism and energy.
Moreover, global competition will intensify and compel Sri Lankan businesses to innovate at an even faster pace.
Demographic shifts will demand inclusive workplaces and gender balanced leadership, and the placement of cultural transformation alongside technological change at the forefront of corporate priorities. Yet, the lessons of the past century suggest that Sri Lanka’s legacy companies are equipped to meet the demands of the future.
They understand that survival depends on adaptation without losing sight of core values. As Mahatma Gandhi once said, “the future depends on what you do today.”
The big picture therefore, is that companies that have stood the test of time are more than businesses – they’re institutions that grew along with the nation’s story; they are a reminder that endurance is not about avoiding crises but learning to transform through them.
As Sri Lanka looks to rebuild its economy and reimagine its global footprint, these corporate survivors serve as icons of resilience through adaptability, innovation rooted in values and generational legacies.
In the words of philosopher and professor of business administration Edward Freeman, “great companies endure because they manage to remain true to their core while constantly moving forward.”
And that is the essence of Sri Lanka’s corporate giants: built to last, not simply over 50 years but for centuries to come.
