Ceylon Exchange Mentoring

According to Bloomberg, the Sri Lankan rupee has seen a remarkable turnaround, surging against the US dollar to emerge as Asia’s best-performing currency on Friday.

The Bloomberg report showed that the LKR strengthened as much as 2.7%, its biggest gain since March 2023, reversing losses from Thursday when it slid to a three-year low.

According to the Central Bank of Sri Lanka (CBSL), its Weekly Economic Indicator showed that the rupee’s year-to-date (YTD) depreciation stood at 4.5% by 15th May before surging to 7.2% by May 22nd, marking the sharpest deterioration of the currency this year.

The panic that gripped Sri Lanka’s foreign exchange market saw importers rush to secure dollars while exporters delayed conversions. The movement came amid heightened market anxiety over the economic fallout from the Middle East war and fears of rising energy prices. Dealers said that the CBSL capped the interbank USD spot rate at Rs. 330. Market speculation also emerged that the CBSL could shorten the mandatory conversion period for export proceeds from 90 days to 30 days.

International Monetary Fund (IMF) Mission Chief for Sri Lanka Evan Papageorgiou on Thursday also expressed confidence in Sri Lanka’s ability to manage economic pressures arising from the Middle East conflict. He said, “Recent global developments have brought renewed pressures, as is the case for many economies in a challenging external environment. Navigating these shocks is never straightforward, but Sri Lanka’s policy framework today is considerably stronger than in the past.” He also stressed the importance of maintaining policy consistency and allowing the economy to adjust to evolving market conditions to sustain the gains achieved under the reform program.

Ambeon Capital PLC (AMC) has marked one of its strongest and most transformative years, delivering a consolidated Profit After Tax (PAT) of Rs. 3.242 billion for FY2025/26 that ended on March 31st 2026, representing a 104% year-on-year growth.

The Ambeon Group as a whole recorded a consolidated revenue of Rs. 19 billion, reflecting a 12% increase over the previous financial year. The growth was driven by consistent contributions from core business segments, which were complemented by enhanced operational efficiencies, disciplined cost management, and strategic portfolio optimisation across the Group.

Sujeewa Mudalige, Chairman of Ambeon Group, commented on the group’s performance, stating, “This excellent performance reflects the strength and maturity of Ambeon Capital PLC as the group's central investment platform. Our disciplined ex*****on, combined with strategic vision and prudent financial stewardship, has enabled us to unlock value across our portfolio and deliver strong, sustainable returns to our stakeholders.”

The group’s diversified portfolio spans information technology, real estate, group treasury, and strategic investments. These investments have been the cornerstone of the group's profitability, contributing Rs 2.425 billion to the group's earnings. The real estate cluster represented by Colombo City Holdings PLC achieved a PAT of Rs. 436 million. The technology cluster, led by MilleniumIT ESP, recorded a PAT of Rs. 59 million. The Financial Services cluster, led by Taprobane Capital Plus within AMC, delivered Rs 453 million.

The group has also expanded its footprint across several high-growth sectors via targeted investments. The Group acquired a 51% stake in Mylands Development PLC and increased its stake in Ceylon Hotels Corporation PLC to 13.33%. It also secured a 14.1% stake in Capital Metals PLC. Additionally, Ambeon Capital also acquired the controlling stake of Harischandra Mills PLC via Ambeon Essentials (Pvt) Ltd. The Group also increased its stake in DFCC Bank PLC to 9.91% and maintains its 9.93% stake in Seylan Bank PLC.