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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.



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Dialog & IESL open National Startup Challenge to empower Sri Lanka’s entrepreneurs

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Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, joins the Institution of Engineers, Sri Lanka (IESL) to launch the IESL National Startup Challenge, creating a national pathway for aspiring entrepreneurs to transform innovative ideas into commercially viable, investment-ready startups. The initiative reflects a shared commitment to strengthening Sri Lanka’s entrepreneurship ecosystem through structured development, expert mentorship and practical support that enables promising ideas to progress towards market readiness and scale.

Launched through the IESL Entrepreneurship Forum at the Dialog Auditorium on 5 October 2026, the competition invites Engineering Undergraduates, Engineering Practitioners and participants in an Open Category for Non-Engineers to submit ideas across 12 innovation verticals aligned with national priorities, emerging technology and market trends, and inclusive innovation. Participants will progress through idea development, pitching, incubation, prototyping, validation, minimum viable product development and business scaling, supported by industry experts, mentors and ecosystem partners. The programme will culminate in a Top 10 selection, with the first-place winner receiving an award of LKR 1 million.

As title sponsor and a key ecosystem enabler, Dialog is contributing practical expertise and resources beyond sponsorship, providing technical expertise, mentors and digital resources to help participating teams develop, validate and scale their solutions. Each of the Top 10 teams will also receive a Dialog Digital Startup Support Package valued at LKR 250,000, comprising selected Dialog digital products and services.

“Dialog is committed to enabling Sri Lanka’s next generation of innovators by connecting entrepreneurial ambition with the technology, expertise and practical resources needed to turn ideas into scalable ventures. Through the IESL National Startup Challenge, Dialog is extending its digital capabilities, mentorship and ecosystem support to help promising teams progress from concept to validation and investment readiness,” said a representative of Dialog Axiata PLC.

Eng. Jasmine Nanayakkara, Chairperson of the Entrepreneurship Forum at the Institution of Engineers, Sri Lanka, added, “The IESL National Startup Challenge is designed to turn innovative ideas into viable businesses by connecting aspiring entrepreneurs with industry expertise, mentorship and continuous practical support. More importantly, it is about creating an ‘Engineer to Entrepreneur’ transformation and nurturing a stronger entrepreneurial culture within the IESL community. By encouraging our engineers and aspiring founders to create, commercialise and scale solutions, we aim to contribute to new ventures, new opportunities and meaningful job creation for Sri Lanka’s skilled and educated next generation. We are grateful to Dialog for partnering with IESL to create this pathway for innovation, entrepreneurship and national economic growth.”

Driving innovation across Sri Lanka, the National Startup Challenge also brings together a strong network of partners, including The Ceylon Chamber of Commerce as Ecosystem and Mentoring Partner, Helago as Official Mobility Partner, Helakuru as Official Digital News Partner, and Real Life as Official Climate Action Partner.

The IESL National Startup Challenge represents a collaborative effort to strengthen Sri Lanka’s innovation and entrepreneurship ecosystem by creating a structured pathway from promising ideas to market-ready businesses. Applications are now open via www.iesl.lk/announcements, giving aspiring entrepreneurs an opportunity to access the resources and funding they need to succeed. Applications close on 16th November 2026. For more information, contact mgr.pub@iesl.lk / 071 109 4393.

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Why Convenience Is Reshaping Household Cleaning Habits

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Keeping a home clean involves more than dealing with one kind of mess. Kitchens face grease and cooking splashes, bathrooms develop soap scum and limescale, while frequently used areas around the home collect marks, fingerprints and everyday dirt.

For households looking to simplify this routine, multi-surface cleaners offer a practical solution by allowing one product to tackle multiple cleaning needs across suitable surfaces.

One home, many everyday messes

In the kitchen, grease, splashes and burnt-on food can build up around hobs and hotplates. Cupboard doors and appliance exteriors can also collect smudges and marks through daily use.

Bathrooms present different challenges, including limescale, soap scum, toothpaste residue and water marks around sinks, washbasins and shower doors.

Even outside these rooms, surfaces such as door handles, baseboards, table mats and PVC areas can require regular attention.

Making everyday cleaning simpler

This is where the versatility of products such as CIF Cream becomes useful.

CIF Cream can help tackle a range of common household cleaning challenges across suitable surfaces, from grease and burnt-on food in the kitchen to limescale and soap scum in the bathroom.

Its uses can also extend to other suitable areas and items around the home, including cupboard doors, appliance exteriors, PVC surfaces and more, when used according to product directions.

For busy households, the benefit is straightforward: a versatile cleaner can help reduce the complexity of everyday cleaning by addressing several common cleaning needs with one product.

Consumers should always follow product instructions and check suitability before using any cleaner on a particular surface.

CIF products are now available at Cargills, Keells, Glomark and Celeste, as well as online through Daraz and uStore, at a retail price of Rs. 900 for 500ml. Shop CIF online at https://ustore.lk/collections/cif or https://www.daraz.lk/cif/

As household routines continue to evolve, multi-surface cleaning provides a simple approach to keeping different areas of the home clean — one versatile solution for many of the everyday messes that come with daily life.

 

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Dreams in motion for group of young Olympiad contenders

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SriLankan Airlines set dreams in motion for 24 young students selected to represent Sri Lanka at the 2026 International Mathematics and Science Olympiad, held in Indonesia from 2 to 7 October 2026, helping make their journey to Indonesia and back an extra special one.

The students were selected through a four-stage national selection process covering school, zonal, provincial and national levels, with the highest-performing students progressing at each stage.

As a special initiative for Children’s Day, the Ministry of Education sponsored the air travel of all 24 students for the first time. Returning to Sri Lanka with an impressive haul of three Silver Medals and 10 Bronze Medals, the young contestants competed alongside students from 23 countries.

SriLankan Airlines was privileged to be part of their special journey, helping make their experience even more memorable as they represented Sri Lanka on the international stage.

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