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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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DIMO KNIGHTS 2026 Reinforces a Culture of Recognition and Growth

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DIMO celebrated DIMO KNIGHTS 2026, recognizing employees whose exceptional dedication, leadership, innovation, and commitment continue to shape the organization’s success. More than an employee recognition event, DIMO KNIGHTS reflects DIMO’s unwavering commitment to cultivating a workplace where people are empowered to thrive, reinforcing the Employee Value Proposition of ‘Making Work Enjoyable and Rewarding’ while bringing its Corporate Purpose of Fuelling Dreams and Aspirations to life.

Held under the theme “Illuminating Leadership, Inspiring Achievement,” the event celebrated individuals who exemplify DIMO’s values and inspire excellence across the organization. By recognizing those who consistently go above and beyond, DIMO continues to foster a high-performance culture where people are empowered to innovate, lead, and create meaningful impact.

A highlight of the evening was the keynote address delivered by Mr. Ravi Kant, former Managing Director and Vice Chairman of Tata Motors India, who shared valuable insights on leadership, organizational transformation, and building resilient organizations capable of sustaining long-term success.

Commenting on the event, Ms. Dilrukshi Kurukulasuriya, Executive Director / Chief Human Resources Officer of DIMO, said: “Our Tribe is the driving force behind DIMO’s continued success. DIMO KNIGHTS is more than a celebration of outstanding performance; it is a reflection of the culture we strive to build every day. By recognizing and empowering our people, we reinforce our Employee Value Proposition of ‘Making Work Enjoyable and Rewarding’ while bringing our Corporate Purpose to life. When our people grow, innovate, and thrive, they create lasting value for our customers, partners, and the communities we serve.”

DIMO KNIGHTS reinforces the organization’s people-first philosophy by fostering a culture of appreciation, continuous learning, and purposeful leadership. The programme reflects DIMO’s conviction that when employees are empowered, recognized, and inspired to excel, they shape the future of the organization through innovation, collaboration, and sustained excellence, strengthening a high-performing culture that delivers lasting value, drives sustainable business success, and reinforces DIMO’s position as an employer of choice.

The evening recognized employees across a wide range of categories, celebrating outstanding performance, innovation, collaboration, customer focus, and leadership. The ceremony culminated with the presentation of the prestigious Innovator of the Year and Employee of the Year awards, with the Employee of the Year accolade presented to Mr. Chathura Gunasekera.

As DIMO continues to invest in developing exceptional talent, initiatives such as DIMO KNIGHTS reaffirm the organization’s belief that sustainable business success begins with its people. By creating an environment where individuals are recognized, empowered, and inspired to achieve their full potential, DIMO continues to cultivate a purpose-driven, high-performing workforce that is equipped to shape the future of the organization while delivering lasting value to all stakeholders.

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Sri Lanka’s lifestyle coffee culture boom and the two faces of its economy

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Cutting the cake for outlet number 100 - a symbol of urban commercial revival set against a backdrop of wider household economic recovery.

By Sanath Nanayakkare

On Baseline Road in Colombo, Barista Coffee recently opened its 100th outlet. For a modern café culture spreading across shopping centers, office districts, and provincial towns, this milestone is a major commercial success. It shows a thriving urban service sector and a growing class of lifestyle consumers who use coffee shops as places to work, socialise, and meet.

This is a curious new picture emerging from Sri Lanka’s post-crisis economic recovery: the coffee cup is getting bigger, even as the household tea cup tells a very different story.

Yet, looking past the espresso machines, a different reality unfolds in the country’s kitchens.

International financial institutions note that while Sri Lanka’s macro-economy is recovering, household welfare and employment remain below pre-crisis levels. Poverty rates sit at roughly double what they were in 2019, and food prices doubled over a three-year span, forcing families to cut back on essentials.

This creates a striking local paradox, especially given Sri Lanka’s proud heritage as a global tea producer. While the world pays top dollar for Ceylon Tea, local market studies and industry reports have long pointed out an unfortunate disparity: many ordinary families find high-quality tea too expensive, often settling for lower-grade alternatives at home.

The growth of a 100-outlet coffee network does not mean prosperity has spread evenly across the island. Instead, it proves that there is a specific, well-resourced segment of consumers with the purchasing power to sustain a premium lifestyle economy, even as many other households carefully calculate the cost of everyday groceries.

Barista’s 100th store is not a bad-news story; it is a testament to acute entrepreneurial grit, shifting consumer behavior, and the vital revival of the nation’s urban service sectors. But it serves as an uncompromising reminder that macroeconomic stabilisation is not synonymous with household recovery.

As Colombo’s coffee culture looks toward its next hundred outlets, the true pulse of the nation’s economic health will not be measured by the espresso machines humming in sleek urban hubs, but by the quiet arithmetic happening in millions of kitchens beyond its doors – where the fundamental question remains whether a family can comfortably afford a better cup of Ceylon Tea.

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Aitken Spence Hotel Holdings Rs. 5 billion debenture issue oversubscribed on opening day

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Aitken Spence Hotel Holdings PLC announced that its maiden listed, rated, unsecured, senior

redeemable debenture issue was oversubscribed on its opening day, 15th September 2026.

The Company sought to raise Rs. 3 billion through an initial issuance of 30 million debentures at Rs.

100 each, with an option to issue a further 20 million debentures in the event of oversubscription of the initial issue, increasing the total issue size to Rs. 5 billion.

The Company said it had received applications for more than 50 million debentures, the full amount on offer, prompting the issue to close at 4:30 p.m. on the opening day (15).

The basis of allotment will be announced to the Colombo Stock Exchange as per regulatory requirements in due course.

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