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.
09 March 2026; Colombo – SriLankan Airlines would like to inform passengers that it is resuming daily services to Riyadh tonight and Dubai tomorrow, while continuing to closely monitor the situation in the Middle East and prioritising the safety and wellbeing of its passengers and crew.
The following flights are scheduled to operate:
For more information please contact: 1979 (within Sri Lanka); +94 11 777 1979 (international); WhatsApp +94 74 444 1979 (chat only); your travel agent; visit www.srilankan.com; or follow us on social media.
Global oil prices have jumped above $100 (£75.11) a barrel for the first time since 2022 as the escalating US-Israeli war with Iran has fuelled fears of prolonged disruption to shipments through the Strait of Hormuz.
Iran on Sunday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signalling that a week into the conflict hardliners remain in charge of the country.
The US and Israel launched fresh waves of airstrikes across Iran over the weekend, hitting multiple targets including oil depots.
Major disruption to energy supplies from the region threatens to push up prices for consumers and businesses around the world.
Early on Monday in Asia, Brent crude was around 15.5% higher at $107.16, while Nymex light sweet was up by more than 17% at $106.77.
Stock markets in the Asia-Pacific region fell sharply in early trading on Monday, with Japan’s Nikkei 225 index down by more than 5% and the ASX 200 in Australia more than 3.5% lower.
Many in the markets predicted that oil would hit the $100 a barrel mark this week.
In the event it took about a minute to jump 10%, and then another 15 minutes to rise a further 10% in early Asian trading.
Last week the markets had been relatively relaxed about the seeming nightmare scenario for millions of barrels of crude and liquefied natural gas trapped in the Gulf, unable or unwilling to transit the Strait of Hormuz.
But the escalations over the weekend, alongside scenes of destruction of energy infrastructure both in Iran and across the Gulf, saw the markets take rapid fright.
The question now is where does this go? Some analysts argue that if the shutdown in the strait lasts until the end of March, we could see record oil prices above $150 a barrel.
The existing rise is likely to further increase petrol prices, and those of important derivative products such as jet fuel and vital precursors for fertilisers.
The physical supplies from the Gulf are mainly consumed in Asia.
Already however there are signs that Asian consumers are bidding up prices for US gas, with some tankers originally heading for Europe turning around in the mid-Atlantic.
US President Donald Trump responded to the jump in prices by saying that short term rises were a “small price to pay” for removing Iran’s nuclear threat.
His energy secretary told US broadcasters on Sunday that Israel, not the US, was targeting Iran’s energy infrastructure, amid some concern about rising domestic pump prices caused by the war.
(BBC)
The Ceylon Motor Traders’ Association (CMTA) has issued a stark cautionary note to prospective vehicle buyers, warning that the initial price advantage of reconditioned imports often masks significant long-term financial risks.
By highlighting a “structural imbalance” in the current duty valuation system – which allows near-identical vehicles to be imported under a 15% automatic depreciation bracket – the CMTA argues that the lack of manufacturer-backed warranties and tropicalised specifications in the grey market could lead to a “reconditioned trap” for unsuspecting consumers. For the savvy buyer, the association suggests that the true cost of ownership is increasingly tilting the scales in favour of brand-new vehicles from authorised agents.
If two identical 2026 models are sitting on different lots, and one is significantly cheaper because it was technically “registered and de-registered” abroad, the frugal buyer’s instinct is to take the discount. But the CMTA argues that this 15% depreciation benefit – intended for genuine used cars – is being leveraged as a loophole for zero-mileage vehicles.
For the savvy buyer, this raises a fundamental question of transparency. If the entry price of a vehicle is built on a “procedural” technicality rather than actual wear and tear, where else is the transparency lacking? Does the lower price reflect a genuine saving passed to the consumer, or does it mask a lack of manufacturer-backed after-sales support?
When a buyer chooses an authorised agent, they are essentially purchasing an insurance policy against the unknown. With a five-year manufacturer warranty, the financial burden of a faulty transmission or a software glitch stays with the global giant that built the car, not the local owner. In an era where vehicles are increasingly “computers on wheels,” the technical specialised tools and genuine parts held by authorised agents are no longer a luxury – they are a necessity for longevity.
The CMTA’s perspective also invites the buyer to look at the “Big Picture.” Every time a vehicle is imported under an under-declared value or an artificial depreciation bracket, it isn’t just a loss for the Treasury; it is a blow to the country’s foreign exchange discipline.
“A savvy buyer today is more informed than ever. They realize that a “cheap” import with no service history and no tropicalised specifications may eventually become a “minus” on the balance sheet. Frequent repairs and lower resale value can quickly evaporate the initial few lakhs saved at the point of purchase. Ultimately, the choice between brand new and used is a choice between certainty and speculation,” the Association says.
The CMTA is advocating for a level playing field where duty is based on true transaction value. Until that day comes, the burden of due diligence rests on the consumer. To be a “savvy buyer” in 2026 means looking past the showroom shine and asking: Who stands behind this car if something goes wrong tomorrow?
In conclusion, CMTA says,” For those seeking long-term peace of mind, the “brand new” path – supported by a transparent duty structure and a solid warranty – remains the gold standard for steering Sri Lanka’s complex automotive landscape.”
Before signing the papers on a reconditioned vehicle, the CMTA suggests buyers evaluate the four “minus” factors against a “brand new” purchase:
By Sanath Nanayakkare
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