Business
Aitken Spence records PBT of Rs. 4.8 Bn with a triple digit growth of 412% and strong growth in EBITDA during Q4 of 2023/24
The leading blue-chip conglomerate, Aitken Spence PLC achieved robust fourth-quarter results, significantly contributing to an improved financial performance for the 2023/2024 fiscal year. The Group reported a strong PBT of Rs. 4.8 billion with a growth of 412%. During Q4 the Group reported an impressive EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortisation) of Rs. 8.8 billion recording a growth of 44%, showcasing the contribution from all sectors towards the fourth quarter results of 2023/2024.
The strong profits of Q4 were primarily driven by the enhanced performance of the Group’s local hotels further augmented by the substantial increase in tourist arrivals to Sri Lanka facilitated by the Group’s destination management segments. The Group’s maritime and freight logistics sector also recorded an improved quarterly performance compared to the fourth quarter of the previous year, and significant improvement over the first three quarters.
For the year ended 31st March 2024, the Group reported a PBT of Rs. 6.7 billion. The Group reported a strong performance across most businesses with the Tourism sector being the major contributor. The Group’s local hotels made a notable recovery with improved occupancies and the overseas hotels contributed with substantial improvement in the cashflows of the Maldives hotels. The significant work and pioneering strategic alliances forged by the Group’s destination management segment to open up Sri Lanka to new markets played a key role in the impressive results. Additionally, while the Maritime & Freight Logistics sector sustained a consistent performance, the sector’s overall earnings were hampered by the negative effect of the weaker exchange rate on revenues which are linked to foreign currency and the steep drop in freight rates witnessed during most part of the year.
During the financial year, the Company secured strategic partnerships to expand its presence in UAE from the Group’s freight segment. Moreover, several new Joint Venture (JV) collaborations were formed to expand services in international freight forwarding, leverage expertise in managing international port operations, offer BPO services to offshore clients, and conduct R&D in food technologies.
Significant accomplishments during the year included the inauguration of a state-of-the-art Container Freight Station (CFS) by the Group’s Logistics segment. This facility, spanning over 100,000 square feet and strategically situated in Mabole, was designed to meet the expanding needs of the regional supply chain community. Additionally, the Group’s apparel segment saw the acquisition of two apparel manufacturing units in Koggala while the Group’s plantation segment advanced with the expansion of the berry cultivation project.
Other key highlights during the financial year 2023-2024;
Aitken Spence won the Best Corporate Citizen Sustainability Awards for Diversified and Best Presentation among other awards. The only company in Sri Lanka to have been recognised among the Top 10 for 18 consecutive years.
Among the Top 3 companies for being the Most Awarded in the diversified category
Aitken Spence was recognised among the Top 10 Most Respected Entities by LMD
Among the Top 10 Most Admired Companies of Sri Lanka organised by AICPA & CIMA and ICCSL (International Chamber of Commerce Sri Lanka).
The Annual Report of the Company was recognised at the ACCA Sustainability Reporting and TAGS Annual Report awards.
Listed in the Colombo Stock Exchange since 1983, Aitken Spence is anchored to a heritage of excellence spanning over 150 years and driven by a team of more than 13,000 across 16 industries in 11 countries: Sri Lanka, Maldives, Fiji, India, Oman, Myanmar, Mozambique, Bangladesh and Cambodia, Singapore and UAE.
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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