Business
Aitken Spence achieves 33% growth in 2Q PBT from non-tourism sectors
Aitken Spence PLC non-tourism sectors reported a Profit-Before-Tax (PBT) of Rs 1.13 Bn in 2Q, a growth of 33% compared to the previous year in the midst of challenging economic conditions. These sectors also reported an EBITDA (Earnings Before Interest Expense, Tax, Depreciation and Amortisation) of Rs 1.59 Bn prior to the impact of forex compared to 2Q of previous year.
The Group’s non-tourism sectors continued their positive performance since commencement of full operations after the lockdown in May 2020. The non-tourism sectors include companies in the plantations, renewable energy, maritime & freight logistics, apparel, insurance, elevator agency, printing & packaging, money transfer and maritime education & management segments.
The Group’s new iconic venture, Sri Lanka’s first waste-to-energy project with an investment of Rs. 13 Bn will commence operations by the end of the year, overcoming all setbacks experienced due to the Covid-19 pandemic. This project will provide a sustainable solution to the Colombo city’s waste management problem whilst adding renewable energy to the country’s energy profile.
The Group’s plantation segment recorded an excellent performance during the quarter with a profit growth of over 140%. The maritime & freight logistics sector also performed remarkably to record a 17% increase in profits for the period. The apparel manufacturing segment delivered a six-fold growth in profits whilst the printing & packaging segment recorded a turnaround during the quarter. Further outstanding performances were seen from the insurance, elevator agency, and money transfer segments in the services sector that recorded a profit growth of 35%.
The Group’s tourism sector EBITDA for 2Q was a loss of Rs. 940 Mn since it was largely affected by curtailments in international travel that impacted the Group’s destination management, hotels and airline GSA. However, these companies commenced operations post-lockdown by serving the local customers and introduced new and exciting experiences to serve this clientele. By offering customised excursions with unique experiences to the local market, the destination management segment of the Group handled nearly 9,000 local clients during the quarter.
With the easing of the lock down restrictions, Aitken Spence Hotels in Sri Lanka commenced operations in the second quarter catering to the local clientele. All hotel properties were highly patronised and recorded satisfactory occupancy levels throughout the quarter. Due to the second wave of Covid-19 in October, operations have once again been curtailed; however, it is hoped that a new-normality will prevail with the implementation of all required health protocols.
Most of the hotels and resorts representing the Heritance and Adaaran brands in the Maldives commenced operations and are seeing an upward trend in the bookings. Maldives as a destination has attracted over 40,000 tourist arrivals since the opening of the country to international traffic post Covid-19 lockdown. Turyaa Chennai and Al Falaj Oman, remains operational throughout the period recording moderate occupancy levels and food and beverage revenue through the domestic traffic secured by these hotels. Aitken Spence Group recorded an EBITDA of nearly Rs. 600 Mn for both tourism and non-tourism sectors for the Quarter.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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