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Wednesday, November 11 2026
Wednesday, November 11 2026
MONETABRIEF – Sri Lanka's maize import controls has pushed up costs, triggering an increase in chicken feed a top poultry firm said while the central bank also reflated a previously stable economy with currency debasement.
Ceylon Grain Elevators, a public listed feedmilling and poultry group said, it has raised feed prices.
"Revenue from feed also improved, supported by price revision," Ceylon Grain Elevators told shareholders in the September quarter accounts.
"However, feed sales volume remained constrained by intense market competition, particularly as more farmers shifted towards self-mixing feed to benefit from cost advantages."
The firm was also hit by maize import controls, which critics say dates back from the corruption and collusion between collectors (the so-called maize mafia) during previous regimes. Maize import taxes were doubled.
The Middle East war had tightened logistical and supply constrained and Sri Lanka had double maize taxes.
"These pressures were further intensified by delays in the issuance of maize import permits and an increase in the Special Commodity Levy on maize from Rs. 25 to Rs. 50 per kilogram," Grain Elevators said.
"Although feed prices were revised upwards, the adjustment were insufficient to fully offset the increase in raw material costs.
"Consequently, the higher feed costs adversely affected overall profitability, offsetting the improved performance of the chicken and Broiler DOC segments."
Sri Lanka's poultry firms struggle to keep people supplied with protein amid the import controls from agricultural officials to boost collector and famer profits at the expense of the children of the less affluent, who suffer from protein malnutrition.
After feed price hike, revenues rose 16 percent to 8.5 billion rupees in the September quarter, cost of sales rose at a faster 24 percent to 6.9 billion rupees. Gross profits grew 10 percent to 1.59 billion rupees.
Selling and distribution expenses rose 48 percent to 159 million rupees.
Net profit after tax fell 15.6 percent to 808 million rupees. Earnings were 13.47 rupees per share. (Colombo/Nov11/2026)
| 3 month bill | 9.26% | 1bp ▲ |
| 12-m bill | 9.95% | 2bp - |
| Gold (Ounce) | $4015 | - ▼ |
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