Business
Aitken Spence achieves 44% growth in 3Q PBT from non-tourism sectors
Aitken Spence PLC non-tourism multi-industry sectors reported a Profit-Before-Tax (PBT) of Rs. 1.3 Bn in 3Q, a growth of 44% compared to the previous year in the midst of challenging economic conditions. These sectors also reported an EBITDA (Earnings Before Interest Expense, Tax, Depreciation and Amortisation) of Rs. 1.7 Bn compared to Rs. 1.4 Bn of EBITDA recorded during the third quarter of previous year.
An Aitken Spence press release said: ‘The overall contribution from the non-tourism sectors was notable during the second lockdown period of the country. Companies in the maritime and freight logistics, power, money transfer, elevator agency, printing and packaging, and plantation sectors performed exceptionally well compared to last year with an increase in PBT for the quarter while maintaining positive performance during the nine months ending 31st December 2020.
‘The Group’s latest iconic venture, Sri Lanka’s first waste-to-energy project with an investment of approximately Rs. 15 Bn will be formally launched this month by the Prime Minister. This project will provide a sustainable solution to the Colombo city’s waste management problem while adding renewable energy to the country’s energy profile.
‘Outstanding performance was seen from the strategic investments sector that recorded a profit before tax growth of 248%. The Group’s plantations segment recorded an excellent performance during the quarter with a substantial profit growth. During the quarter Elpitiya Plantations PLC clinched the award for Best Integrated Report – Plantations sector at the CMA Excellence in Integrated Reporting Awards 2020. The company was also presented with a certificate of Merit.
‘The printing and packaging segment recorded a significant improvement in its performance generating healthy profits during the quarter compared to the negative returns generated in the third quarter of the previous financial year. Furthermore, the maritime and freight logistics sector also performed remarkably to record a 10% increase in profits before tax for the period.
‘The Group’s tourism sector EBITDA for 3Q was a loss of Rs. 447.2 mn. However, subsequent to the reopening of Maldives, the hotels segment is gradually recovering alongside the local tourists handled by the Sri Lankan tourism sector. Amidst many challenges, Aitken Spence Hotels were awarded at the prestigious Luxury Lifestyle Awards – Heritance Aarah (Maldives) named the winner in the category of the Best All-Inclusive Resort in Asia and Desert Nights Camp (Oman) winner of the Best Luxury Hotel in Oman.
‘The destination management arm of the Group Aitken Spence Travels recently facilitated the first of many weekly charter flights from Kazakhstan an arrangement that will continue until April and which is expected to generate significant foreign exchange earnings to the country.
‘The Group recorded a loss from operations of Rs. 0.2 bn for the third quarter compared to the profit from operations of Rs. 1.8 bn recorded in the same quarter of the previous year. The Profit-Before-Tax (PBT) for the third quarter was a loss of Rs. 0.5 bn compared to a profit of Rs. 1.2 bn in the previous year, which was due to the pandemic weighing on the tourism sector.
‘Aitken Spence was the only Group that had two companies – Aitken Spence PLC and Aitken Spence Hotel Holdings PLC in the top 10 ranking in LMD’s Most Awarded. Aitken Spence PLC was recognised among the 10 Best Integrated Reports at the CMA Excellence in Integrated Awards 2020.
“Amidst the challenges faced this year and especially during the third quarter of 2020-2021, the innovative and pragmatic thinking that we had introduced during the initial months of the pandemic came to fruition whilst seeing a remarkable growth in the non-tourism sections. We expect a stronger resilience in the next quarter and financial year,” said Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.
‘Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a blue-chip conglomerate anchored to a heritage of excellence spanning over 150 years. Driven by over 13,000 employees and has a strong regional presence across 9 countries, in hotels, travels, maritime, freight and logistics solutions, plantations, power generation, insurance, printing, apparel and other services.’
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.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
