Business
John Keells Group records strong recurring EBITDA of Rs.7.17 billion in Q4
The Group witnessed a faster than anticipated recovery momentum with the performance of most businesses reaching pre COVID-19 levels with business activity and consumer trends being near normal by the end of the financial year.
• Excluding Leisure, Group revenue increased by 17% to Rs.36.15 billion in Q4; up 1% to Rs.122.32 billion in 2020/21.
• Excluding Leisure, Group recurring EBITDA increased by 43% to Rs.7.10 billion in Q4; up 8% to Rs.19.16 billion in 2020/21.
• The pace of recovery in Q4 is demonstrated by the recurring EBITDA of Rs.7.21 billion in the quarter against the full year recurring EBITDA of Rs.15.57 billion.
• Given the positive momentum of the performance of the businesses, notwithstanding the impacts of the current outbreak, a final dividend for 2020/21 of Rs.0.50 per share, was declared to be paid in June 2021. Total dividend declared for 2020/21 amounts to Rs.2.00 per share and a total payout of Rs.1.98 billion. The declaration of this dividend reflects the cash generation capability of the Group’s diverse portfolio of businesses, despite the continued impacts on the Leisure business on the overall performance of the Group.
• A consortium consisting of Adani Ports and Special Economic Zone Limited (APSEZ) and JKH, in the capacity as the local partner, received a letter of intent (LOI) to develop and operate the West Container Terminal at the Port of Colombo as a public private partnership (PPP) project.
• The Supermarket business witnessed a sharp quarter-on-quarter recovery momentum in sales, with the fourth quarter same store sales recovering to pre COVID-19 levels.
• The Consumer Foods industry group recorded a strong recovery during the year, particularly the performance of the Frozen Confectionery business. The Frozen Confectionery business recorded its highest monthly sales volume in the history of its operations in March 2021.
• Whilst the opening of the airports is expected to help revive the tourism industry in Sri Lanka and the Maldives, the performance of the Leisure business will largely depend on the pace of revival of regional and global travel, when travellers regain confidence, particularly with the vaccination drives in many countries. The performance of the Maldivian Resorts segment and the momentum of forward bookings have been very encouraging.
• With the completion of the residential and office towers at ‘Cinnamon Life’, the hand-over process of the units will commence, on a staggered basis, from the first quarter of 2021/22 onwards, resulting in the recognition of revenue and profits from ‘Cinnamon Life’. Project completion is scheduled for the first quarter of 2022/23.
• The Insurance business recorded double digit growth in gross written premiums during the year driven by an encouraging increase in regular new business premiums. The Banking business recorded an increase in profitability driven by focused recovery efforts, cost management initiatives and higher investment income.
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
