A testament to market strength, strategic leadership, and national financial progress
First Capital Holdings PLC, a subsidiary of JXG (Janashakthi Group) and a pioneering full-service investment institution, and Lanka Rating Agency Ltd (LRA), an independent credit rating authority of Sri Lanka, are pleased to announce the upgrade of the company’s long-term credit rating to ‘A+’ from ‘A’, with a Stable Outlook.
This upgrade reflects First Capital’s sustained profitability, sound capital structure, robust governance, and strategic leadership in Sri Lanka’s evolving capital market landscape.
The rating upgrade follows an in-depth review of First Capital’s financial performance, risk management frameworks, and market positioning. The company has consistently demonstrated strength in its core operations particularly in government securities trading, capital markets advisory, and wealth management backed by strong compliance standards and operational discipline.
The agency’s assessment underscored the company’s strength amidst macroeconomic challenges and its ability to deliver consistent value across economic cycles, positioning it as a benchmark institution in Sri Lanka’s capital markets.
As a Primary Dealer licensed by the Central Bank of Sri Lanka, First Capital Treasuries PLC (a subsidiary of First Capital Holdings PLC) has long served as a pillar in Sri Lanka’s fixed income securities market. The company has significantly contributed to deepening liquidity, enhancing price discovery mechanisms, and supporting institutional and retail access to government securities. Complementing this, its other businesses are market-leading entities, including asset management, overseeing over LKR 120 billion in assets as well as corporate finance and advisory services, corporate debt securities, and equities.
With over four decades of market presence, First Capital Holdings PLC has played a critical role in advancing financial inclusion, improving capital formation, and reinforcing confidence in the country’s financial infrastructure.
Mr. Dilshan Wirasekara, Managing Director/CEO, First Capital Holdings PLC, stated, “The upgrade to ‘A+’ is a milestone that reflects our sustained focus on delivering stability, innovation, and long-term value for our clients and stakeholders. We thank Lanka Rating Agency for their rigorous assessment and constructive engagement throughout the rating process.
LRA has played an important role in enhancing transparency and market discipline in the financial service sector. Their analytical depth and professionalism bring credibility to Sri Lanka’s credit rating landscape, contributing positively to the development of the national financial architecture.”
Dr. Kenneth De Zilwa, Chief Executive Officer, Lanka Rating Agency Ltd, commented, “First Capital Holdings’ upgraded rating is the result of their prudent financial stewardship, strategic foresight, and consistent operational strength. The company has demonstrated leadership not just in numbers, but in standards.
I would also like to commend the leadership at First Capital Holdings PLC for maintaining high levels of governance, accountability, and transparency. Institutions like First Capital are critical to rebuilding national confidence and resilience in Sri Lanka’s capital markets, and we are proud to stand alongside them in that journey.”
First Capital Holdings PLC reported a net profit after tax of LKR 5.0 billion for the year 2024/25, compared to LKR 10.2 billion in the previous year. The Group’s total assets reached LKR 99.3 billion, supported by a robust equity base of LKR 9.8 billion. In March 2025, the company declared a dividend payment of Rs. 7.50 per share amounting to Rs. 3.0 billion reflecting a dividend payout of 65%.
Strong financial outcomes were driven by performance across the Primary Dealer and Dealing Securities divisions, which capitalized on declining interest rates to generate substantial trading gains in both government securities and listed equities.
The ‘A+’ rating reflects a strong outlook for First Capital Holdings amid a dynamic macroeconomic environment. Key factors supporting the rating include sustained capital retention, effective risk controls, and limited exposure to related parties. Continued performance of subsidiaries and the financial standing of JXG (Janashakthi Group) First Capital’s parent entity, will also be important drivers of future ratings.
About First Capital Holdings PLC
First Capital Holdings PLC is a listed full-service investment institution in Sri Lanka, operating as a primary dealer, corporate finance advisor, wealth manager and stockbroker. With strong emphasis on upholding stability, fostering a competitive advantage, and providing an exceptional customer experience, together with the support of JXG (Janashakthi Group), First Capital focuses on staying true to its ‘Performance First’ ethos. The company has been honoured with the highest recognition as the ‘Brand of the Year’ at the SLIM Brand Excellence Awards 2024. With over four decades of expertise in providing capital market solutions, the Credit Ratings of First Capital Holdings PLC and First Capital Treasuries PLC were upgraded by Lanka Credit Rating Agency Ltd (LRA) to ‘A+’ from ‘A’, with a Stable Outlook.
About Lanka Rating Agency Ltd
Lanka Rating Agency Ltd (LRA) is a credit rating agency regulated by the Securities and Exchange Commission of Sri Lanka (SEC) under the SEC Act No. 19 of 2021. LRA provides independent, objective, and transparent credit risk assessments, supporting informed investment and lending decisions across sectors.
With a focus on national financial stability, LRA contributes to building Sri Lanka’s economic resilience by elevating standards of transparency, promoting responsible borrowing, and fostering investor confidence.
