Business
Aitken Spence records PBT of Rs. 8.5 billion for first half of 2022/23, with quadruple-digit growth over previous year
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 8.5 Bn for the six months ended 30th September 2022. This is an exponential quadruple-digit growth compared to Rs. 266.7 Mn recorded for the same period during the previous year. Aitken Spence PLC reached an EBITDA (Earnings inclusive of equity accounted investees before interest expenses, tax, depreciation and amortization) of Rs. 17.0 Bn for the first half of the financial year, which was also 272% higher than the EBITDA of Rs. 4.6 Bn recorded during the first half of the previous year
This exceptional performance was driven by the Group’s diverse presence in eight countries spanning sixteen segments of operation. It is noteworthy that these results were achieved in a scenario in which the Group’s finance costs increased by over 150% due to the high interest rates on the LKR and USD prevailing during the period, compared to the low interest rate regime in the previous year.
The Group secured a revenue of Rs. 43.3 Bn for the first half of the financial year, which is a 133.3% growth over the revenue of Rs.18.6 Bn recorded for the same period of the previous year. This unprecedented growth in business operations provides a positive indication towards the much awaited resurgence of the tourism sector.
The Group’s maritime & freight logistics sector contributed the highest sector PBT of Rs. 5.1 Bn for the six months with an impressive growth of 188.6%. Enhanced overseas port management operations, the increase in freight rates witnessed industry-wide coupled with the benefit of the foreign currency denominated revenue, were the main reasons for an exceptional performance from this sector. The improved performance across all companies of this sector was commendable.
The Group’s strategic investments sector recorded a PBT of Rs. 4.4 Bn driven by a triple digit growth of 703.3% for the six months ended 30th September 2022. The improved performance was driven by the Group’s plantations, printing and packaging and apparel manufacture segments and the sizable exchange gain recorded in the holding company contributed substantially towards this increase in the profits of the strategic investments sector. During the quarter under review, expanding the Group’s portfolio of renewable energy plants, the Group acquired 100% shareholding in one of the largest utility scale solar farms in the country for a significant investment of Rs. 1.4 Bn. This endorses the Group’s commitment to local and global sustainable development goals and towards achieving net zero status.
The Group’s tourism sector showed a significant improvement as they recorded a decrease in losses of 42.5% for the six months ended 30th September 2022, despite the multiple crises that directly impacted the tourism industry. A noteworthy turnaround was witnessed in the Group’s destination management segment and an encouraging recovery from the Group’s overseas hotel segment coupled with the rupee devaluation positively impacted this sector.
The Group’s services sector recorded a 7.9% growth in PBT led by the insurance and property development segments for the six months ended 30th September 2022.
“Our compelling performance for the first six months of this financial year is a reflection of the Group’s ability to transform and show resilience amidst tumultuous economic challenges that continues to prevail. There is much uncertainty, but Aitken Spence will continue to ensure that its business models are sustainable and will enrich our communities and our environment,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director Aitken Spence PLC.
Aitken Spence is the first conglomerate in Sri Lanka to make a public commitment to the Science Based Targets initiative to achieve net zero emissions and is a frontrunner in the renewable energy space in Sri Lanka providing 1.2% of the country’s peak energy demand through renewable sources. The organisation pioneers change in the diverse industries that it operates in and remains committed to transform the future.
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 12,500 across 16 industries in 8 countries: Sri Lanka, Maldives, Fiji, India, Oman, Myanmar, Mozambique and Bangladesh.
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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