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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

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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.



Business

SriLankan Airlines Alerts Customers to Social Media Scams

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18 March 2026; Colombo – SriLankan Airlines wishes to alert customers to social media scams circulating on Facebook, WhatsApp and other platforms, often sent from both known and unknown contacts, featuring fake offers that misuse the SriLankan Airlines name, logo and brand.

 

SriLankan Airlines will never request payments, OTPs, credit card details, bank information or any other financial details via social media channels.

 

Customers are advised to always verify that any promotional offer is linked to the airline’s official website, www.srilankan.com, or shared through the verified social media accounts of SriLankan Airlines, as scammers often use fake links with unusual characters or spellings, or impersonate the airline through fake social media accounts.

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JSL & Fentons Joint Venture to Construct Double Circuit Transmission Line from Mannar Grid Substation to Mullikulam Collection Grid Substation

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Approval has been granted at the Cabinet meeting held on 03-02-2025 to implement the formal procurement procedure to select a contractor for the construction of a 28 km long double circuit transmission line with the capacity of 220 kW, from Mannar Grid Substation to Mullikulam Collection Grid Substation under the Lot B of the Mullikulam Wind Power Transmission Project.

Bids have been invited following the International Competitive Procurement Procedure and five (5) bids have been received.

Accordingly, based on the recommendations submitted by the High-Level Standing Procurement Committee after evaluating the aforementioned bids, the Cabinet of Ministers has approved the resolution furnished by the Minister of Power and Energy to award the contract to the JSL & Fentons Joint Venture – Intend (Jyoti Structure Limited, India and Hayleys Fentons
Limited, Sri Lanka), substantially responsive minimum bidder, for an equal amount of Sri Lankan Rs. 2,269.18 million (without VAT).

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Fuel crunch forces midweek shutdown; courts told to show leniency

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Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the oil crisis continues for another month

Economic pressure likely to push already-strained businesses into a liquidity crunch

By Sanath Nanayakkare

Sri Lanka is slowing to a midweek halt as a deepening fuel shortage has compelled the government to suspend most public sector operations every Wednesday, while courts have been advised to take a lenient view of attendance requirements amid transportation difficulties caused by fuel rationing.

The directive, issued by the Commissioner General of Essential Services, suspends most state functions one day a week until further notice in an attempt to conserve scarce fuel reserves. Authorities have also urged the private sector to adopt a similar arrangement.

Officials say the measure is aimed at reducing commuter traffic into major cities, particularly Colombo, where thousands of public servants travel daily from suburban areas.

Explaining the decision to select Wednesday, officials said declaring Friday a holiday could have effectively denied the public access to government services for three consecutive days when combined with the weekend.

However, the development underscores the fragility of Sri Lanka’s economic recovery as households continue to grapple with rising prices of essential goods.

The impact is already visible on the streets. Long queues have formed outside fuel stations while public buses have been seen overcrowded, with passengers clinging to footboards. Many commuters were also seen attempting to secure rides through the ride-hailing platforms Uber and PickMe, where drivers were demanding higher fares as demand surged.

Recognising these difficulties, the Judicial Service Commission (JSC) has issued a circular instructing judges to take transportation constraints caused by fuel rationing into consideration when making legal determinations.

Judges have been advised to consider the possibility that lawyers, litigants, witnesses and even suspects may be unable to attend court due to limited fuel availability.

While court proceedings are expected to continue, judicial officers have been asked to assess such situations on a case-by-case basis.

The JSC has also directed courts to make greater use of virtual platforms whenever possible. This is expected to apply particularly to proceedings such as extending remand orders, thereby avoiding the need to transport prisoners physically to court.

Authorities believe that conducting such hearings online could significantly reduce fuel consumption associated with prison transport. The temporary measures will remain in effect until further notice.

Meanwhile, officials say special fuel allocations may be considered for critical sectors including tourism, the Colombo Port, agriculture, health services, the plantation industry and public transportation in order to sustain essential services and economic activity.

However, the broader economic outlook remains uncertain. Business leaders warn that companies already burdened with higher taxes, rising operational costs and thin margins could face severe liquidity pressures if global oil prices remain elevated.

Industry observers say some firms may be compelled to seek loan moratoria if the disruption linked to the conflict involving Iran continues for another month.

Public concern has also been heightened by recent comments from Iranian officials indicating that Tehran has not sought a ceasefire in the ongoing conflict.

For President Anura Kumara Dissanayake, the unfolding fuel shortage is emerging as one of the most serious challenges facing his administration. Although the government has been holding internal consultations, critics say an all-party conference has yet to be convened to formulate a unified national response to the crisis.

Within business circles and sections of the public, questions are increasingly being raised about whether the government possesses the institutional capacity and experience required to manage a prolonged energy shock.

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