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Aitken Spence reports its highest ever Q3 PBT of Rs. 3 Bn

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The leading blue-chip conglomerate, Aitken Spence PLC reported its best ever third quarter (Q3) performance with a Profit-Before-Tax (PBT) of Rs. 3 Bn in Q3 2021-22, a significant turnaround from the third quarter Q3 of the previous year. The Group’s businesses including the tourism sector is showing positive momentum. Across all sectors, the Group’s earnings before interest expense, tax, depreciation and amortisation (EBITDA) was Rs. 5.2 Bn compared to Rs. 1.2 Bn in Q3 of the previous year. The Group also recorded an EBITDA of Rs. 9.8 Bn for the nine months ended 31st December 2021. Despite considerable economic headwinds, the organisation’s agile strategy was reflected in the Group’s overseas businesses that contributed 78% to the overall PBT in Q3 and 64% in the nine months ended 31st December 2021.

The Group’s tourism sector came through with an exceptional turnaround in performance during the third quarter by recording a PBT of Rs. 1.6 Bn compared to a loss of Rs. 1.8 Bn in the Q3 of the previous year. The Group’s hotels were in full operation with a noteworthy contribution from the overseas hotels and an encouraging recovery from the local hotels together with the commencement of charter operations from the Eastern European market facilitated by the Group’s destination management segment. Aitken Spence Travels recently facilitated the first charter operation from Uzbekistan, another new source market for Sri Lanka.

During the third quarter the Group’s maritime and freight logistics sector yet again recorded a strong PBT of Rs. 1.1 Bn mainly from the freight management and liner shipping segments together with increased overseas port management operations. The Group’s strategic investments sector recorded a PBT of Rs. 181 Mn and the Group’s services sector recorded a PBT of Rs. 91 Mn. The waste-to-energy power plant and the three hydro power plants that were acquired last year, and the improved performances seen in the printing and apparel segments substantially contributed towards profits of the sector.

The Group recorded an impressive PBT of Rs. 3.3 Bn for the nine months ended 31st December 2021, which is a noteworthy turnaround from the loss recorded in the previous year. The results are significant in comparison to the PBT of Rs. 2.4 Bn that was recorded during the comparative period of the pre-pandemic financial year 2019-2020.

“Our performance this quarter is a reflection of the Group’s resilience and perseverance that propelled us amidst the most unprecedented challenges we have ever faced as a company. It’s rewarding to see a strong performance across all sectors of the Group, particularly for the tourism sector that showed remarkable turnaround. It was nothing short of an uphill battle and I must commend each and every Spensonian and our management teams and I thank all our partners in business for supporting our efforts. We continued to invest and prioritised the wellbeing of our employees and key stakeholders in the management decisions we made and it’s encouraging to see these results.”

During the quarter under review, Aitken Spence was recognised in several awarding platforms. The company won the most awards at the Best Corporate Citizen Sustainability Award 2021 organised by the Ceylon Chamber of Commerce.

The annual report of Aitken Spence PLC presented under the theme ‘Conquering Chaos’ won the bronze award under the diversified category and was recognised in the top 10 companies’ annual reports at the 56th Annual Report Awards, organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). Furthermore, the company’s annual report was selected as one of the ‘Ten Best Integrated Reports’ at the Certified Management Accountants of Sri Lanka (CMA) Excellence in Integrated Reporting Awards 2021. Aitken Spence PLC was also ranked among the Top 15 companies for ‘Transparency in Corporate Reporting’ by Transparency International Sri Lanka (TISL).

Aitken Spence PLC was recently recognised in the global ranking of Top 100 Companies in Sustainability 2022, in an independent assessment carried out by the ‘Sustainability’ magazine which is an established international publication. Aitken Spence is the only Sri Lankan company to have been included in this ranking of global industry leaders such as Schneider Electric, Microsoft, Nissan, Lenovo, Novo Nordisk, Accenture, McKinsey & Company, PWC, Ernst & Young and KPMG.

Listed in the Colombo Stock Exchange since 1983, Aitken Spence is anchored to a heritage of excellence spanning over 150 years and driven by more than 12,000 employees across 16 industries in 8 countries: Sri Lanka, Maldives, Fiji, India, Oman, Myanmar, Mozambique and Bangladesh.



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CIF, the world’s favorite multi-surface cleaning brand, arrives in Sri Lanka

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CIF, the globally recognized multi-surface cleaning brand, has officially entered the Sri Lankan market, expanding the range of international home-care solutions available to local consumers.

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

Used by households around the world, CIF is known for its powerful cleaning performance and ability to tackle everyday dirt and some of the toughest cleaning challenges around the home.

Its introduction to Sri Lanka comes as consumers increasingly seek cleaning products that combine performance, convenience and versatility, particularly solutions that can be used across multiple areas and surfaces within the home.

One cleaner. So many possibilities.

From stubborn kitchen grease and grime to limescale around sinks and dirt that builds up on frequently used surfaces, CIF is designed to provide powerful cleaning performance while helping make every day cleaning simpler.

The brand’s multi-surface proposition allows consumers to address a range of household cleaning needs with one versatile solution, bringing greater convenience to modern cleaning routines.

CIF’s entry into Sri Lanka also brings the brand’s global philosophy closer to local consumers eventually helping people restore and rediscover the beauty of the places and things around them through effective everyday cleaning.

With its combination of global recognition, multi-surface versatility and powerful cleaning performance, CIF’s arrival provides Sri Lankan consumers with a new international option in the household cleaning category.

The world’s favorite multi-surface cleaning brand is finally here in Sri Lanka.

Just CIF it!

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A sustained wave of Indian assistance to Sri Lanka showcases defining shift in developmental diplomacy

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Transport Minister Bimal Rathnayake and Indian High Commissioner Santosh Jha at the plaque unveiling ceremony for the Moragahakanda Bridge project, supported by Indian grant assistance.

By Sanath Nanayakkare

An evolving approach to regional diplomacy was brought into sharp focus with the recent foundation-laying ceremony for the Moragahakanda Bridge in Matale.

Jointly launched by Indian High Commissioner Santosh Jha and Minister of Transport, Highways and Urban Development Bimal Rathnayake, this 175-metre span is far more than a routine civil engineering project. It serves as the physical manifestation of a broader USD 450 million reconstruction package deployed by India in the wake of Cyclone Ditwah, which severely fractured the island’s transport arteries.

Foreign aid is too often discussed in cold, macroeconomic abstractions. Yet, every so often, a consistent pattern of targeted assistance alters the landscape of bilateral relations, offering a clear window into how regional partnerships evolve out of necessity and goodwill.

Across the country today, a remarkable narrative of multi-layered cooperation is unfolding.

From critical post-disaster infrastructure and maritime routes to grassroots agricultural uplift and institutional capacity-building, India’s developmental footprint is shifting unmistakably toward an organic, people-centric model of shared resilience.

What distinguishes this latest wave of assistance is its deliberate pivot from emergency support to permanent, climate-resilient transformation. When Cyclone Ditwah initially paralysed regional connectivity, India’s immediate response was marked by the rapid deployment of temporary Bailey bridges.

Today, that swift humanitarian intervention has matured into a structural blueprint: the Moragahakanda project stands as the vanguard of 13 permanent bridges being built across Sri Lanka’s provinces by IRCON International Limited, complemented by upcoming railway upgrades and modern signaling systems backed by a USD 250 million Line of Credit.

The true signature of this diplomatic shift lies in its breadth, operating simultaneously across multiple tiers of society:

Institutional Governance: Delegations of Sri Lankan parliamentarians and senior administrative officers regularly travel to India to study public policy frameworks, legislative systems, and administrative practices.

Economic Lifelines: Financial mechanisms, such as viability gap funding for the Nagapattinam-to-Kankesanthurai passenger ferry service, continue to shrink geographical distances, reviving coastal commerce and tourism.

Grassroots Empowerment: Specialised capacity-building programmes tailored for local stakeholders – ranging from state officials to rural dairy farmers -ensure that development reaches deep into the island’s hinterlands.

By aligning immediate disaster relief with long-term infrastructure, institutional capacity, and human capital, India and Sri Lanka are demonstrating how neighbours can build safer, more connected futures together, grounded firmly in mutual respect and tangible progress.

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Bring your own bag to book fair, CEA urges

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By Ifham Nizam

The Central Environmental Authority (CEA) yesterday urged visitors to the Colombo International Book Fair to bring reusable bags to carry their purchases, as part of a drive to reduce single-use plastic waste at the event.

CEA Director General R. S. P. Kapila Rajapaksha said large quantities of plastic, particularly “sili sili” bags, had been used to carry books at previous book fairs.

“We urge visitors to bring an environmentally friendly, reusable bag when they come to buy books. This simple step can help reduce the use of single-use plastic and protect the environment,” Rajapaksha said.

The book fair opens on September 25, with the CEA and the Sri Lanka Book Publishers’ Association launching an awareness programme targeting book sellers, food vendors and visitors.

The programme will be conducted under the theme “Read Smart, Carry Smart”, focusing on reducing polythene and plastic use throughout the exhibition.

The CEA said the use of plastic bags is also subject to regulations issued under the Consumer Affairs Authority Act. Gazette Extraordinary No. 2456/41, dated October 1, 2025, prohibits the free distribution of handled “sili sili” bags to consumers. Where such bags are sold, the charge must be included in the customer’s bill.

The CEA said food outlets at the book fair would also be required to comply with regulations prohibiting a range of single-use plastic products.

These include plastic straws and stirrers, disposable plastic plates, cups, spoons, forks and knives, as well as polythene-based food wrappers commonly known as lunch sheets.

The CEA said it had discussed the requirements with relevant stakeholders and reached agreement to ensure that prohibited products are not used at food outlets within the exhibition premises.

The authority urged both traders and visitors to cooperate with the initiative and help make this year’s book fair a more environmentally responsible event.

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