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Aitken Spence records strong performance with EBITDA of Rs. 7.8 Bn for 3Q 2023/24

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The leading blue-chip conglomerate, Aitken Spence PLC reported an EBITDA (earnings before interest cost, tax, depreciation, and amortisation) of Rs. 7.8 billion for the third quarter of 2023/24, a growth of 11.8% over that of the third quarter of the previous year. The Group’s EBIT (Earnings before total interest) for the quarter stood at Rs. 5.3 billion which was a year-on-year growth of 20.7%.

The Group achieved a Profit Before Tax (PBT) in the third quarter of 2023/24, nearly doubling that of the same period of the previous year, reaching Rs. 3.4 billion, while the cumulative first nine months PBT stood at Rs. 1.7 billion.

The rise in quarterly profits was primarily driven by a 15.0% surge in revenue, reaching Rs. 30.7 billion for the period September to December 2023. The notable growth was predominantly observed in the tourism sector, which experienced a year-on-year increase in revenue of 40.3%.

The Group’s Tourism sector was the highest contributor towards the overall EBITDA in the quarter recording Rs. 5.1 billion, with the Maritime and Freight Logistics sector following with an EBITDA of Rs. 1.3 billion. The Group’s Strategic Investments sector and Services sector demonstrated consistent performance throughout the quarter as well.

The Group’s Tourism sector experienced a marked improvement in performance, in Sri Lanka attributable to the surge in tourist arrivals to the country by 143%, resulting in an increase in occupancy rates in the local hotels and the number of tourists handled by the destination management company. The Maldives too witnessed an increase in tourist arrivals during the quarter enhancing the results of the Maldives resorts.

The Group’s Maritime and Freight Logistics sector though significantly contributing towards the bottom line; faced challenges as global freight rates declined, compounded by the adverse effects of the LKR’s appreciation. This situation affected a significant portion of the sector’s businesses, given that many of the sector’s business activities are conducted overseas or are linked to the USD and other foreign currencies.

In November-December 2023, Aitken Spence PLC joined the Sri Lankan delegation to COP 28 as private sector sponsors. For the first time, the Ministry of Environment opened the national delegation attending the conference of parties to the UN Framework Convention on Climate Change (UNFCCC) to include youth, NGOs and private sector sponsors as participants.

Accordingly, Aitken Spence supported this effort and made a presentation on private sector’s role to achieve Sri Lanka’s Nationally Determined Contributions (NDCs) and hosted a panel discussion on accelerating the private sector’s action towards climate ambitions in Sri Lanka.

Furthermore, Aitken Spence is the first conglomerate in Sri Lanka to join the Science Based Targets initiative (SBTi), committing to work towards net zero status of emission. During the quarter the company focused on building necessary capacity and awareness to develop their net zero pathway.

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



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Ceylon Chamber’s Investment Summit 2026 to steer Sri Lanka beyond stabilisation

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President Anura Kumara Dissanayake will inaugurate the Sri Lanka Economic and Investment Summit 2026 today, at the Shangri-La Colombo

Sri Lanka’s national economic discourse takes center stage today as the country’s premier private-sector body, The Ceylon Chamber of Commerce, hosts the Sri Lanka Economic & Investment Summit 2026 at the Shangri-La Colombo.

Convening on October 12 and 13, the two-day summit brings together an influential gathering of senior policymakers, international financiers, multilateral development partners, and private-sector captains to chart the island’s next phase of macroeconomic growth.

Held under the theme “Positioning Sri Lanka in a Changing Global Economy: Resilience, Reform, and the Future of Economic Policy,” this year’s forum marks a critical inflection point in the nation’s post-crisis trajectory.

As Sri Lanka shifts its emphasis from immediate financial stabilization toward sustainable, long-term expansion, the summit aims to address the structural imperatives necessary to secure high-impact foreign direct investment (FDI), deepen regional trade integration, and unlock emerging sectors of economic activity.

The core agenda over the two days focuses on building resilience across volatile global market cycles while executing targeted policy reforms. Key working sessions will examine:

Regional Value Chains & Trade Integration: Leveraging Sri Lanka’s strategic Indian Ocean geography to capture higher-value export flows and commercial linkages.

Energy & Infrastructure Transformation: Accelerating renewable energy integration and modernizing national utility policy.

Digital Economy & Public Modernization: Deploying digital technologies across public administration and financial services to enhance operational efficiency and transparency.

Sectoral Priorities: Modernizing healthcare infrastructure and agricultural value-addition to build a robust domestic economic base.

A defining feature of this year’s summit is the strong convergence between state policy and global commercial expertise. Keynote addresses and panel discussions will feature prominent leaders, including Prime Minister Dr. Harini Amarasuriya and T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd.

They will be joined by senior delegations and policy experts from major global institutions, including:

= The Asian Development Bank (ADB)

= The International Finance Corporation (IFC)

= Standard Chartered Bank

= Zydus Lifesciences

The active participation of the country’s highest executive and legislative leadership across both days underscores a clear policy commitment to private-sector-led growth. By establishing a direct, high-level platform for dialogue between investors and policymakers, the Ceylon Chamber’s summit seeks to refine regulatory frameworks, improve the ease of doing business, and establish a clear, predictable environment for capital formation in the years ahead.

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White House blocks Microsoft from foreign worker hiring programme

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The White House has often made extreme claims regarding international workers and immigration

Microsoft and several other technology firms have been barred by the White House from hiring skilled international workers on a permanent basis through a widely used visa programme.

US Vice-President JD Vance on Thursday accused Microsoft alongside other firms of committing fraud through the use of the H-1B visa programme and a related process for workers from abroad to become permanent US residents.

Vance claimed that Microsoft, one of the most valuable companies in the US, has been effectively replacing American workers with “foreign indentured servants.”

Microsoft said most of the H-1B visas filed over the last financial year were for existing workers, who are paid the same as local staff.

“No company in the US has abused this system more than Microsoft,” Vance said.

He also made similar accusations about Adobe, Cognizant, Infosys, Tata, Wipro, HCL and Capgemini.

The US government will not process any new or pending Permanent Labor Certification Program (PERM) applications from Microsoft or the seven other companies, Secretary of Labor Keith Sonderling said during the same conference.

Sonderling said companies like Microsoft, as well as US universities, have turned into “visa mills” that were “flooding” the US with foreign workers.

The BBC has contacted all of the companies for comment.

The total number of H-1B visas, a precursor to anyone seeking to go through the PERM process, is capped at 85,000 per year.

A spokeswoman for Microsoft noted to the BBC that “the vast majority of Microsoft employees in the United States are Americans.” The company employs more than 200,000 people worldwide.

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ComBank unites stakeholders to prepare agri sector for El Niño

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El Nino awareness programmes conducted by the Bank

In response to emerging climate risks, the Commercial Bank of Ceylon has launched a proactive initiative through its Development Credit Department, to equip Sri Lanka’s agricultural sector against the potential impacts of the 2026 El Niño climate pattern.

Seeking to move the industry from reactive loss management to early climate preparedness, the Bank partnered with leading state universities to execute a two-part educational and technological intervention in September 2026.

The initiative comes at a critical juncture. Sri Lanka’s Department of Meteorology reported an 80% probability of El Niño conditions emerging between June and August 2026, with effects expected to persist through November and beyond. As highlighted by the Food and Agriculture Organization (FAO), El Niño acts as a risk multiplier for rural livelihoods, food production, and water supply.

To mitigate these threats, the Bank’s initiative creates a collaborative network uniting academic institutions, agricultural extension services, technology providers, farming communities, and the financial sector. The awareness programme on El-Niño and its impact on agriculture was supported by 12 Commercial Bank branches, and engaged with more than 1,100 farmers at 15 diverse locations, including Vattapalai, Muththajankaddu, Palampas, Oddusuddan, Siyambalanduwa, Lindula, Neluwa, Kalawana, Pannala, Madampe, Mannar, Vavuniya and Kumalamunai.

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