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Aitken Spence records a strong EBITDA of Rs. 30.1 billion with a growth of 30.3% for FY23

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The leading blue-chip conglomerate, Aitken Spence PLC reported an impressive EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortization) of Rs. 30.1 billion with a growth of 30.3%, showcasing the contribution from all sectors for the year ended 2022/2023. It is noteworthy that excluding foreign exchange gains, The Group’s EBITDA recorded a growth of 77.0%.

The Group’s Profit from Operations for the year witnessed a 15.8% increase, rising from Rs. 16.4 billion to Rs. 19.0 billion. Furthermore, during the financial year that ended 31st March 2023, the Group’s Profit from Operations, excluding foreign exchange gain, recorded a substantial growth of 85.2% over the previous year.

The Group reported a profit before tax of Rs.11.2 billion which was a decline of 21.3% for the year ended 31st March 2023. This was primarily influenced by the decrease in foreign exchange gains compared to the previous year and the steep increase in interest costs due to the high interest rates that prevailed throughout the year. However, when adjusted for foreign exchange gains, profit before tax exhibited a growth of 31.9% for the year ended 31st March 2023. This adjusted measure offers a fairer assessment of performance, considering the extreme volatility of the exchange rate witnessed during the last financial year.

The Group’s strategic emphasis on geographical diversification has yielded fruitful outcomes, as evidenced by the overseas sector’s substantial contribution of over 60% to the Group’s profit before tax. During the reviewed year, the Maritime & Freight Logistics Sector emerged as the leading contributor to the Group’s profitability, accounting for 69.8%, followed by the Tourism Sector with a contribution of 20.8%, the Strategic Investments Sector with 4.8%, and the Services Sector with 4.6%. The remarkable growth of the Maritime & Freight Logistics Sector played a pivotal role in bolstering the overall performance of the Group. All five segments within this sector demonstrated their strength and resilience by making positive contributions.

Furthermore, the Group’s performance received significant boosts from segments such as apparel manufacturing and the hotels segment in the Maldives. By implementing targeted marketing strategies and making strategic adjustments, Turyaa Chennai underwent a substantial transformation in its performance, leading to the hotel achieving a profit before tax for the first time in its history.

Improved results of the Plantation segment also contributed positively towards the Group’s performance. This is despite recognising a substantial increase in deferred tax liability due to the increase in income tax rates, particularly in the plantation and hotel sectors. The excessive delays faced in the settlement of dues from the Government in the power generation segment is causing a strain on the Group’s finances with unwarranted finance cost being borne by the sector. Despite this Aitken Spence has been operating its 10MW waste-to-energy power plant based in Kerawalapitiya as halting operations would mean that the country’s Colombo District will once again be faced with a severe garbage crisis that could potentially lead to social and environmental problems.

The Group faced a significant challenge due to the fluctuation of foreign exchange rates. The profitability of the Group was adversely impacted by a considerable increase in interest expenses, which had a negative effect on capital-intensive segments like the hotels segment and the power generation segment, which heavily rely on borrowings to finance their infrastructure.

“Our foresight and insightful outlook and astute decision-making have led us to make strategic investments in foreign exchange-generating businesses. This long-term vision has proven to be remarkably advantageous during the challenging year, as these investments have played a crucial role in ensuring uninterrupted operations across all business segments within our Group. By taking a diligent approach to growth, we ensure that any expansion initiatives are well-suited to the Group and have the potential to contribute positively to the socio-economic development of our country”, commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.

Other key highlights during the financial year 2022-2023

Acquisition of a solar power plant, adding 10MW to the renewable energy generation capacity at an investment of Rs. 1.4 billion. Presently, the Group contributes to providing for just over 1.4% of the country’s peak energy demand with renewable energy.

Invested in a joint venture for freight forwarding in Cambodia, further expanding its geographical footprint.

Commenced construction of a 100,000 sq. ft container freight station at a cost of Rs.1.6 billion. The strategically located facility will significantly expand existing capacity to handle more cargo.

‘Diversity, Equity & Inclusion (DE&I)’ under the theme ‘Freedom to be me’ was launched during the financial year. As a progressive step in this direction, parental leave was enhanced, including the duration of maternal leave been extended to 100 days and the introduction of paternal leave.

Inculcate a culture of innovation to inspire Spensonians to unleash their capacity for innovation and creativity through various initiatives such as SpenceInnova. These ideas designed and developed have been successfully implemented in various business operations.

Voluntary endorsement of the UN Global Compact marked 20 years in May 2022.

Publicly pledged to attain net zero emission status by 2030, becoming signatories to the Science Based Targets initiative (SBTi). These endeavors exemplify the Group’s steadfast commitment to addressing climate change and integrating sustainable practices into its operations.

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 9 countries: Sri Lanka, Maldives, Fiji, India, Oman, Myanmar, Mozambique, Bangladesh and Cambodia.



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Ceylon Chamber Re-elects Chairperson Krishan Balendra at 187th AGM

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Seated Left to Right - Vinod Hirdaramani, British High Commissioner Andrew Patrick, Krishan Balendra, Bingumal Thewarathanthri, Shiran Fernando

The Ceylon Chamber of Commerce announced the re-election of Chairperson Krishan Balendra and the election of its Board for the Year 2026/27 at the Chamber’s 187 th  Annual General Meeting on June 25. High Commissioner of Britain to Sri Lanka, Andrew Patrick, attended as Chief Guest.

The 2026/27 office-bearers are Chairperson Krishan Balendra, – Chairperson John Keells Holdings PLC, Vice Chairperson Bingumal Thewarathanthri – CEO, Standard Chartered Bank Sri Lanka, and Deputy Vice-Chairperson Vinod Hirdaramani – Chairman, Hirdaramani Group.

Jayanthi Dharmasena – Managing Director, Hayleys Agriculture Holdings Ltd., Kasturi Chellaraja Wilson – Chief Operating Officer, Head of APAC – 5Hour International Corporation Singapore, Shibani Thambiayah – Managing Director, Renuka Hotels PLC,Supun Weerasinghe – Director/Group CEO – Dialog Axiata PLC, and Shiran Fernando – Secretary-General and CEO will serve as Board Members. Rohana Dissanayake – Group Chairman and Managing Director of David Pieris Motor Company Pvt. Ltd. will also join the Board, replacing Bernhard Stefan – Managing Director – Nestlé Lanka PLC, who relocated overseas.

In his remarks, Balendra noted that over the past year, the Chamber adopted a more solutions-oriented approach to advocacy, focusing not only on identifying challenges but also on developing constructive recommendations in collaboration with government, industry stakeholders, and development partners, with this approach yielding stronger results. “Through our engagement in the Budget 2026 process, eighteen recommendations proposed by the Chamber were incorporated into the national budget, covering areas such as trade facilitation, investment promotion, digitalisation, infrastructure, and improving the ease of doing business.

This builds upon the strong momentum established in previous years and demonstrates the value of evidence-based, constructive engagement.

The Chamber also contributed to addressing emerging global trade challenges, including tariff-related issues affecting Sri Lankan exports. By representing private sector perspectives in Presidential Committees, we supported efforts to safeguard export competitiveness and strengthen trade resilience.”

Beyond advocacy, it significantly expanded its engagement footprint, strengthening bilateral partnerships across more than twenty countries, and supporting more than 1,800 SMEs through training, advisory services, and market access initiatives.

He added that over the next year, the Ceylon Chamber is committed to deepening engagement with members, strengthening global partnerships, enhancing support for SMEs, and accelerating efforts to promote exports and attract investment, and is committed to working with the Government and stakeholders to ensure a resilient and prosperous Sri Lanka.

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Kandy’s singing couple striking a harmonious chord

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Vijitha Kingsley Bandara and Umesha Kalhari Navaratne

In the hill capital of Kandy, a husband-and-wife duo has won the admiration of music lovers with their shared passion for singing and their dedication to the art.

Vijitha Kingsley Bandara and Umesha Kalhari Navaratne have become familiar voices among audiences in Kandy, entertaining crowds with their musical talents while building a reputation as a versatile singing couple.

Kingsley began his musical journey at the age of 17, performing at outdoor musical shows before gaining opportunities to showcase his talent at several hotels in the Kandy area. His performances for local and foreign tourists further enhanced his reputation as a singer. He later took his musical talents overseas, entertaining audiences in several countries.

For the past 12 years, Kingsley has been engaged in singing at establishments operated by the Devon Group and The Grand Kandyan Hotel in Kandy, following an opportunity extended by Group Chairman Gamini Weeraratne.

Supporting him both in life and music, Umesha has also established herself as a singer, performing at Devon establishments. She also runs a home-based cake-making venture.

The couple, who continue to receive appreciation from music enthusiasts, said they are ready to accept invitations to perform at musical events across the country. They can be contacted on 071-1519130.

Text and Pic by SK Samaranayake

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ComBank unveils GIG+ for Lanka’s digital workforce

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Recognising the rapid emergence of the gig economy in Sri Lanka, the Commercial Bank of Ceylon has introduced ‘ComBank GIG+’ – a specialised banking solution designed for freelancers, digital entrepreneurs, social media influencers, and individuals and businesses earning in foreign currency through overseas engagements to receive their foreign earnings, including PayPal-linked withdrawals, through a structured banking account.

ComBank GIG+ reflects a decisive shift in the country’s employment landscape, where a growing number of professionals are leveraging global digital platforms and remote work opportunities to build independent income streams. From freelance service providers operating on platforms such as Fiverr, Upwork and Freelancer.com, to content creators monetising audiences across YouTube, TikTok, Meta and X, this segment represents a dynamic and increasingly influential contributor to foreign exchange inflows.

ComBank GIG+ is tailored to meet the specific needs of these digital earners, offering account options in Sri Lanka Rupees as well as major foreign currencies including USD, EUR, GBP and AUD. The account is available to Sri Lankan citizens aged 18 and above residing in the country, as well as duly registered business entities, subject to verification of foreign currency income derived through recognised digital and remote work channels.

Commenting on the introduction of ComBank GIG+, Hasrath Munasinghe, Chief Operating Officer of Commercial Bank said: “The rise of independent digital earners represents a structural shift in how value is created and exported from Sri Lanka. With ComBank GIG+, we are establishing a banking framework that not only recognises this segment, but also integrates it more meaningfully into the formal financial system. This enables individuals and businesses operating beyond traditional employment models to build a verifiable financial track record, access formal financial services, scale their operations, and contribute more visibly to the country’s economic growth.”

The launch of ComBank GIG+ is particularly timely following Sri Lanka’s recent enablement of PayPal linked withdrawals, which has simplified the process of bringing overseas digital earnings into the country.

In addition to facilitating PayPal-linked withdrawals and foreign currency inflows, the Bank said the ComBank GIG+ account offers a range of value-added benefits including first-year fee waivers on credit cards and digital banking services, preferential foreign exchange rates for qualifying conversions into Sri Lanka Rupees, and the opportunity to establish a structured banking relationship that may support future access to financing and other financial solutions. These features are designed to enhance financial efficiency while supporting the day-to-day banking needs of digitally active customers.

By aligning its product innovation with evolving global work patterns, Commercial Bank continues to strengthen its position as a forward-looking, technology-driven institution. The introduction of ComBank GIG+ underscores the Bank’s commitment to supporting new economic segments, enhancing financial inclusion, and enabling Sri Lankan talent to participate more effectively in the global digital economy.

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