Business
Aitken Spence creates history by recording its highest ever profit of Rs 14.2 billion
For year ended 2021/2022
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 14.2 billion for the twelve months ended 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year. This phenomenal performance was driven by the Group’ diverse presence in eight countries spanning sixteen segments of operation. The diversity of the Group’s operations and the transformational leadership and rigorous management of processes and costs showcased by all segments in achieving these results are testimony to the Group’s ability to perform even under trying socio-economic conditions.The asset rich Aitken Spence Group grew its total asset base by 34.3% during the year to Rs. 197.3 billion at year end, with Rs. 127.9 billion of these assets being non-current assets, predominantly property, plant and equipment. The diversity of the Group is further augmented by the fact that 46.7% of those total assets are from overseas operations. Aitken Spence net assets per share stood at Rs. 162.44 as of 31st March 2022, which is a 33.3% growth over the previous year.
The Group’s EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortization) for the year was an impressive of Rs. 23.1 billion compared to Rs. 4.9 billion recorded the previous year.The maritime and freight logistics sector contributed to the Group’s performance by recording its highest profit of Rs. 4.9 billion, a growth of 92.1% for the twelve months ended 31st March 2022. The Group’s freight management and liner shipping segments together with enhanced overseas port management operations were the main reasons for an exceptional performance from this sector.
The Group’s tourism sector showed an outstanding turnaround in performance to record a profit before tax of Rs. 2.5 billion for the twelve months ended 31st March 2022 compared to a loss before tax of Rs. 7.9 billion the previous year. This was supported by a noteworthy contribution from the Group’s overseas hotels and an improved performance from the Sri Lankan hotels, while the new charter operations from the Eastern European and Central Asian markets facilitated by the Group’s destination management segment also boosted earnings.The Group’s strategic investments sector recorded a profit before tax of Rs. 6.1 billion for the twelve months ended 31st March 2022 compared to Rs. 2 billion last year. The improved performance was driven by the plantations segment that recorded the highest ever profit in its history. A full year’s operation of the waste-to-energy power plant, the three recently acquired hydro power plants were among the major driving forces of the profits of this sector, while the foreign currency translation gain recorded in the holding company also enhanced profitability.
The Group’s services sector recorded a profit before tax of Rs. 708 million for the twelve months ended 31st March 2022 compared to Rs. 392 million last year. Improved performance was seen in the elevators segment that made noteworthy contributions to the sector.
“Despite facing several global and domestic challenges during another tumultuous year, Aitken Spence recorded the highest ever profit before tax in its entire history which is a significant milestone for the Group. The geographic diversity of the Group was key to delivering phenomenal results underlined by our approach ‘if we do not risk anything, we risk even more’. This has been our ethos and guide in making bold decisions to move early to seize opportunities”, commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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