*ACS Capital Research* *News Alert 21.02.2025* *NDB reports highest-ever Group PBT, up 141% surpassing Rs. 24 b mark* The National Development Bank PLC (NDB) yesterday announced a record-breaking profit for the financial year 2024, marking a significant milestone in its growth trajectory. Source:https://www.ft.lk/front-page/NDB-reports-highest-ever-Group-PBT-up-141-surpassing-Rs-24-b-mark/44-773300 *DFCC Bank Dec. profits up 80% from lower provisions and capital gains from ISBs* DFCC Bank PLC reported some solid financial performance for the three months ended in December 2024 backed by strong lending book, impairments on loans which were only a fraction from a year ago and also some sizable amount of capital gains from the sale of the International Sovereign Bond investments. Source:https://www.dailymirror.lk/business-news/DFCC-Bank-Dec-profits-up-80-from-lower-provisions-and-capital-gains-from-ISBs/273-302845 *Hemas Holdings reports Rs. 33.2 b revenue in Q3* Hemas Holdings PLC recorded earnings of Rs. 3 billion- a 36.3% growth in consolidated earnings for the quarter ended 31 December 2024, with revenue up by 6.4% to Rs. 33.2 billion, and operating profits up by 25.7% to Rs. 4.9 billion. Source:https://www.themorning.lk/articles/O4WyWy6Djdw1U7FDAAja *President says 120 MW solar power plant in Sampur to commission in April* President Anura Kumara Dissanayake on Wednesday said the 120 MW solar power plant in Sampur, Trincomalee will begin construction work in April. Source:https://www.ft.lk/front-page/President-says-120-MW-solar-power-plant-in-Sampur-to-commission-in-April/44-773302 *Govt. considers vehicle tax cuts to meet Rs. 700 b revenue* The Government yesterday announced that it may consider revising the newly imposed vehicle taxes downwards, if demand fails to materialise to earn Rs. 700 billion from vehicle related tax revenue by the year end. Source:https://www.ft.lk/front-page/Govt-considers-vehicle-tax-cuts-to-meet-Rs-700-b-revenue/44-773301 *Sri Lanka’s revenue raising drive key to credit profile* The Sri Lankan government’s budget highlights the authorities’ commitment to raising fiscal revenues as a share of GDP- an approach that, if successful, would alleviate a long-standing weakness in the sovereign’s credit profile, says Fitch Ratings. Source:https://www.themorning.lk/articles/mahlNFoJpkNY4ibdYWd4 *Tea exports show modest growth in January* Sri Lanka’s tea exports for January 2025 amounted to 19.37 million kilograms, reflecting a growth of 0.61 million kilograms compared to the same period in 2024 when exports totalled 18.76 million kilograms. Source:https://www.dailymirror.lk/business-news/Tea-exports-show-modest-growth-in-January/273-302846 *JAAF welcomes 2025 budget* The Joint Apparel Association Forum (JAAF) welcomes the new government’s maiden budget, recognising its focus on export-driven growth, investment facilitation, and policy consistency. Source:https://www.themorning.lk/articles/G9pvuQw8VCMDa2fC5lZ1