Economic shocks and events like Cyclone Ditwah have highlighted the importance of balancing growth with resilience. They also underscore the need to consider climate, social, and economic risks in investment planning and long-term development.
In this light, First Capital’s Investor Symposium 2026 heard from Sabrina Esufally – Managing Director at Hemas Consumer Brands and Hemas Holdings, Gihan Cooray – Deputy Chairperson/Group Finance Director at John Keells Holdings, Nishal Ferdinando – Chief Executive Officer and Executive Director at Jatt Holdings, and Dimantha Mathew, Chief Research and Strategy Officer at First Capital Holdings. They shared insights on resilience, growth opportunities, and strategic investment priorities heading into 2026.
Can you describe consumer trends and growth opportunities over the next few years?
Sabrina Esufally: The impact of economic recovery and stability can be seen in consumer spending. Consumer confidence has improved, volumes are growing, and importantly, consumers are returning to the brands they were leaving for cheaper alternatives one or two years ago. This might establish the previous status quo again, but we don’t believe growth will come from pushing scale in highly penetrated categories.
Sabrina Esufally
Future growth won’t be about bigger numbers as much as the small shifts in how people live, such as women wanting more convenient options as they enter the workforce, Gen Z looking for more personal brands to spend side hustle income on, and smaller nuclear families changing what they put in their basket. Customer needs must be met where they shop instead of going after scale for its own sake.
Where does ESG fit into core strategies and long-term value?
Sabrina: CSR tends to be cut first when a company is in trouble, so it shouldn’t be tied to impact. Today’s businesses have to solve a real customer problem at an affordable price point. We can see this in sanitary napkins, where expanding education and access allow us to meet commercial goals while solving a social problem. When purpose and profit reinforce each other, ESG becomes both commercially and socially sustainable.
How do you see Sri Lanka moving from volume-based tourism to value-based city tourism?
Gihan Cooray: Cinnamon Life’s City of Dreams brings more tourists into the city, but it also attracts visitors who may not have had Sri Lanka on their radar. Our early traction is strong, with events hosting 1,000 to 4,000 delegates, so the potential is clear.
This is a small island, so having facilities that can draw large conferences and events makes a difference. By hosting corporate gatherings, MICE tourism, and major events, we not only bring more visitors into Colombo but also expand the overall tourism pie for Sri Lanka. Results like ours show that city-focused development can create lasting impact for both the property and the destination.
Gihan Cooray
What’s working, and what challenges remain to accelerate growth in EVs?
Gihan: EVs offer clear value for individual customers as well as the country by reducing fuel costs and supporting climate goals. Even balancing the grid is almost a good problem to have, because it shows how much renewables can contribute to the overall grid, and grid power is cheaper and cleaner than combustion engines.
Some drivers may worry about their EV’s range, but JKH is working to address this with dedicated charging infrastructure, such as through supermarkets and hotels. BYD also offers a diverse EV and hybrid portfolio that meets a variety of customer needs, so while pent-up demand may settle eventually, EV adoption momentum can continue if supported by policy and ecosystem development.
How could the construction sector ensure post-Cyclone Ditwah recovery spending creates durable economic value?
Nishal Ferdinando: 80% of Cyclone Ditwah’s $4.1 billion in damage is residential and industrial. This $3.2 billion rebuild is an opportunity to “build back better” with resilient designs and modern materials, adding value to the economy.
With adequate inventory, labour upskilling, and new technologies the construction sector can meet demand and avoid delays. If we can avoid settling for outdated materials or losing time, the construction sector can drive sustained economic value, boost local capacity, and potentially expand expertise internationally while supporting disaster recovery.
Nishal Ferdinando
JAT recently acquired Mirotone in New Zealand. How competitive are Sri Lankan construction materials internationally?
Nishal: JAT manufactures locally, but we work in both emerging and developed markets. Despite the apparent gap in resources, we found we were able to compete against global giants, and I would say the key was self-confidence.
Our success was built on niche products, strategic collaborations with leading research institutions, and the use of technologies like AI to accelerate R&D. The acquisition of Mirotone, New Zealand’s top wood coating brand, demonstrates that Sri Lankan companies can compete globally in management, R&D, and product quality, and our example can be replicated elsewhere.
Companies here are capable. They just need to believe in themselves and focus on their core strengths.
How should Sri Lanka balance fiscal consolidation, disaster recovery spending, and growth over the next 24 months?
Dimantha Mathew: Our main issue is debt sustainability. If growth slows to around 3–4%, it’s not enough to reduce debt-to-GDP levels. Unlike last year, we won’t have a big trade surplus to help accumulate dollars, and the currency is also under pressure.
Dimantha Mathew
So the economy faces a tricky balance: we need to strengthen solvency by building reserves and reducing debt, but failing that pushes up risk premiums, which in turn drives interest rates higher. Slower growth and higher rates go hand in hand if this isn’t managed carefully.
That’s where the government’s reform agenda comes in. Policies that attract FDI and involve the private sector could help boost growth, easing some of these pressures and keeping the balance in check.