indexMoney.jpg

Ceylinco Investments & Realty Ltd., (CIR) has performed quite well recently, with impressive achievements in both its finance and real estate businesses. The company’s success is largely due to a prudent management policy and sound investment decisions.

A subsidiary of Ceylinco Consolidated, the company is currently engaged in real estate development, accepting fixed/savings deposits from the public, and lending. Its lending portfolio includes granting of vehicle loans, lifestyle loans, loans against deposits, land easy-payment loans, housing loans, business loans and leases.

CIR’s impressive financial performance is reflected in its profits, which have been steadily growing in recent years. In fact, it achieved a profit of Rs.19.3 million during the financial year 2006/2007, a notable increase from the Rs.6.4 million recorded the previous year. Deposits have also been increasing steadily, reflecting customer confidence. Its fixed deposit base stood at Rs.1.8 billion as at end-December 2006.

Such achievements are all the more remarkable considering the fact that it was one of the failed finance companies that were given over by the Central Bank to be rehabilitated by the Ceylinco Group. Incorporated in 1969, it was earlier known as Panadura Finance & Enterprises Ltd., and fell into such bad times that depositors were at risk of losing their funds.
However, Ceylinco was able to turnaround the business within a short time after acquiring it in 1991. They paid the funds due to all depositors, repaid the loan provided by the Central Bank to rehabilitate the company, and succeeded in placing it on a proper footing. They also obtained a license from the Central Bank to operate it as a fully-fledged finance company. Following its change of name to Ceylinco Investments & Realty Ltd., in November 2003, the company rapidly earned a reputation in the competitive fields of real estate development and financial services, said Deputy Chairman, CIR, Sanka Wijesinghe.

In pursuing its vision “to be a leading financial institution in Sri Lanka”, CIR has mobilized a large amount of funds at a reasonable return to investors. Following such an encouraging response, the company decided to diversify into the property development sector. Its success is largely attributable to its emphasis on customer satisfaction.

In accordance with its mission “to develop innovative products and to improve the quality of service”, the company has successfully launched new financial products in the recent past. It is also planning a branch expansion, and has already obtained approval from the Central Bank to open a branch in Ja-Ela, said Wijesinghe.

CIR recently completed two major joint venture projects, namely the Realty Plaza shopping complex at Ja-Ela and the Realty Plaza Shopping and Apartment Complex at Naiwala. The former is a fully-fledged shopping complex in the fast-growing suburban area of Ja-Ela. Declared open in March this year, the complex includes 119 shops, car park, state-of-the-art cinema, bank, food court, clothing/fashion area and an entertainment/play area. Both this project and the Realty Plaza Shopping and Apartment Complex at Naiwala have been quite successful, and have greatly contributed to the development of their respective areas.

At present, plans are underway to build a third joint venture shopping and apartment complex at Nawala, which has been granted BOI status. Wijesinghe said construction on this venture is scheduled to commence in January 2008, and expected to be completed in early 2010. CIR has also undertaken a few housing projects.

Ceylinco Consolidated, of which CIR is a member, is the largest business conglomerate in Sri Lanka with over 250 companies engaged in a wide array of businesses.