Business
John Keells Group Q2 EBITDA records growth of 93% to Rs.6.41 billion; significant turnaround in the Group’s Leisure business
Group EBITDA recorded a significant improvement to Rs.6.41 billion during the quarter under review, which is a 93 per cent increase against the comparative period [2020/21 Q2: Rs.3.32 billion].
• The Group’s businesses, except for Consumer Foods and the Supermarket business, recorded a strong growth in profitability compared to the second quarter of the previous year, despite the quarantine curfew which prevailed for a period of six weeks due to the third wave of COVID-19 cases which impacted business activity.
• It should be noted that the corresponding quarter in the previous year was a relatively more ‘normal’ quarter, with no COVID-19 related disruptions, where the country benefited from a faster recovery momentum post the outbreak of the first wave with most of our businesses reaching pre COVID-19 levels.
• Since the gradual easing of the restrictions from end September 2021 and supported by the high vaccination rates of the population, business activity has seen a strong recovery.
• The Leisure industry group, in particular, recorded a significant turnaround in performance with the Q2 2021/22 EBITDA almost at break-even levels at a negative Rs.46 million compared to a negative Rs.1.19 billion in the corresponding quarter of the previous year.
• The Maldivian Resorts segment continued its encouraging recovery momentum from the previous quarter where the occupancy at our hotels was higher than anticipated during this quarter, while the forward bookings for the upcoming season indicate a recovery to pre-COVID-19 levels.
• The quarantine curfew during the quarter under review significantly impacted the previously witnessed recovery momentum in volumes and same store sales in the Consumer Foods businesses and the Supermarket business, respectively.
• The mobile phones business, which is included under Retail, recorded a strong increase in profitability driven by a strong growth in volumes.
• The handover process of the residential apartment units at ‘Cinnamon Life’ continued during the quarter, resulting in recognition of revenue and profits from sales in the project. Revenue and profit recognition in Cinnamon Life will continue throughout the financial year as the
2 handover of the residential apartments and commercial office spaces already sold will be completed, in addition to new sales recorded.
• Further to the execution of a Letter of Intent to develop and operate the West Container Terminal in the Port of Colombo, the Build, Own and Transfer Agreement between the Sri Lanka Ports Authority and Colombo West International Container Terminal (Private) Limited, the project company, was executed for a lease period of 35 years.
• The Group’s carbon footprint per million rupees of revenue decreased by 26 per cent to 0.52 MT while the water withdrawal per million rupees of revenue decreased by 9 per cent to 11.93 cubic meters.
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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