Business

Aitken Spence reports a cumulative first nine months PBT of 10.3 Bn with a growth of 214%

Published

4 years ago

2023/02/10

The leading blue-chip conglomerate, Aitken Spence PLC reported a cumulative Profit Before Tax (PBT) of Rs. 10.3 Bn for the nine months ended 31st December 2022, which was a significant growth of 213.7% over last year. The highest contribution to the Group’s profit before tax was from the Maritime & Freight Logistics sector which accounted for 68.4% of Group PBT.

The Group’s earnings (inclusive of equity accounted investees) before interest expenses, tax, depreciation, and amortisation (EBITDA) for the nine months ended 31st December 2022 was an exceptional performance of Rs. 24.0 Bn showcasing a growth of 144.9%. However, the translation of which to PBT was dampened by the 182.2% increase in finance cost to Rs. 8.3 Bn, due to the high interest rate regime which prevailed during the reporting period.

Despite the 192.7% increase in the income tax charge for the nine months, the Groups’ Profit After Tax (PAT) increased to Rs 7.3 Bn, a growth of 223.1%.

Income tax expense for the nine months ended 31st December 2022 increased to Rs 2.9 Bn, stemming mainly from the significant increase in corporate tax rates that was implemented effective 1st October 2022.

The Group’s Maritime and Freight Logistics sector’s stellar performance of a cumulative PBT of Rs. 7.0 Bn was led by the growth witnessed by freight, airline cargo GSA, integrated container and ship agency segments. This was followed by the Group’s Strategic Investment sector that recorded a cumulative PBT of Rs. 3.6 Bn with a growth of 395.1% mainly owing to the improved performances of the Group’s apparel manufacturing and printing and packaging segments and the foreign exchange gains recorded by the holding company.

However, 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’s Services sector also recorded a strong cumulative PBT of Rs. 566.9 Mn with a double-digit growth. The Group’s Tourism sector recorded a loss of Rs. 944.1 Mn for the nine months ended 31st December 2022, mainly due to the challenges faced by the Sri Lankan hotel segment.

It is crucial that there are targeted marketing campaigns for key tourist generating source markets. Sri Lanka Tourism Development Authority (SLTDA) together with industry experts have identified seven countries based on the ability and potential to generate tourism and bring the much-needed foreign revenue into the country. The Group’s Destination Management segment carried out independent campaigns and through such campaigns introduced new source markets to Sri Lanka such as charter flights from Uzbekistan which commenced recently.

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Business

Ceylinco Life agent among three global finalists for award

Published

16 hours ago

2026/09/27

Thilina Walpola

Ceylinco Life’s Ambalantota branch agent AIP Manjula

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

Published

16 hours ago

2026/09/27

Thilina Walpola

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

SLT-MOBITEL Enterprise launches Premium Cloud

Published

16 hours ago

2026/09/27

Thilina Walpola

Riyaaz Rasheed, CEO, SLT-MOBITEL, and Faiz Shakir, VP Sales – Nutanix, Southern Asia, unveil SLT-MOBITEL Enterprise Premium Cloud Powered by Nutanix to support enterprise digital transformation

SLT-MOBITEL Enterprise, the enterprise services arm of Sri Lanka Telecom PLC, has launched its Premium Cloud service powered by Nutanix, aimed at helping Sri Lankan businesses modernise their IT infrastructure and accelerate digital transformation.

The service was unveiled at the Lanka Tech Summit 2026 held recently at ITC Ratnadipa, Colombo.

The Premium Cloud combines hybrid multi-cloud capabilities with enterprise-grade performance, enabling businesses to run mission-critical workloads, scale cloud deployments and strengthen business continuity through disaster recovery capabilities.

Hosted on SLT-MOBITEL’s Tier III data centre infrastructure, the platform is designed to provide enhanced security, reliability and flexibility while supporting the growing technology requirements of enterprises.

SLT-MOBITEL Enterprise said the platform would also support organisations seeking to adopt AI-ready capabilities and improve the management and performance of IT workloads.

A key feature of the launch was SLT-MOBITEL Enterprise joining the Nutanix Elevate Service Provider Program (NESPP), which the company said made it the first service provider in the region to join the programme.

Powered by Nutanix’s hybrid multicloud platform, the service enables application and data mobility across on-premises environments, public clouds and edge locations.

The company said the partnership combined Nutanix’s cloud technology with SLT-MOBITEL’s local expertise and support, strengthening its multi-cloud portfolio.