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JKH records EBITDA of Rs.8.06 billion in Q2 2023/24

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Krishan Balendra Chairperson JKH

Summarised below are the key operational and financial highlights of our performance during the quarter under review:

During the quarter under review, the Group’s businesses, except for Transportation and Property, recorded growth in profitability.

Group EBITDA at Rs.8.06 billion in the second quarter of 2023/24 is a decrease of 13% against Group EBITDA of Rs.9.29 billion recorded in the corresponding period of the previous financial year, mainly due to the lower EBITDA in the Transportation industry group. In the second quarter of the previous year, the Group’s Bunkering business recorded a substantial increase in profitability in its core ship bunkering operations driven by higher margins on account of the significant increase in global fuel oil prices.

The functional reporting currency of Waterfront Properties (Private) Limited (WPL), the project company of the Cinnamon Life Integrated Resort, was changed from US Dollars (USD) to Sri Lankan Rupees (LKR) given the impending transition of the project from construction to an operational business next year. The depreciation of the LKR against the USD post-transition resulted in a non-cash exchange loss of Rs.2.14 billion on the USD 225 million term loan facility at WPL, which is recognised under Finance Cost in the Leisure industry group.

Excluding the impact of the abovementioned exchange loss recorded on the USD 225 million term loan facility, Group PBT stood at Rs.1.99 billion, a decrease of 23% against the second quarter of 2022/23. PBT was further impacted by the notional non-cash interest charged on the convertible debentures issued to HWIC Asia Fund (HWIC) in August 2022, amounting to approximately Rs.800 million compared to approximately Rs.460 million in the second quarter of the last year.

Further to the ongoing discussions with prospective gaming operators, WPL entered into a Memorandum of Understanding (MOU) with a leading international gaming operator. This MOU consists of the framework for investing into and operating of a casino at the Cinnamon Life Integrated Resort as well as the commercial framework between the parties. As originally envisaged, WPL will lease out space at the Cinnamon Life Integrated Resort for the operation of the casino. On finalising details of the fit-out and equipping costs and conclusion of the lease agreement, a detailed disclosure will be made.

The groundwork on the West Container Terminal (WCT-1) at the Port of Colombo is progressing well with all construction work relating to the first phase of the project (800 meters of quay length) being awarded.

In line with expectations and actions undertaken by the businesses, both the Beverages and Frozen Confectionery businesses recorded an improvement in margins on account of declining raw material prices together with the stabilisation of the Rupee. (JKH)



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Canada Day celebration highlights deepening Sri Lanka-Canada business ties

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H.C. Isabelle Martin

The vibrant celebration of Canada’s 159th National Day in Colombo brought together diplomats, government representatives, leading business executives and members of the Sri Lankan and Canadian communities, highlighting the growing strength of bilateral economic and commercial relations between Sri Lanka and Canada.

Hosted by the Canada Sri Lanka Business Convention (CanCham Sri Lanka), the event attracted one of the largest gatherings in its history, providing an important platform for business networking while celebrating the enduring friendship between the two countries.

Addressing the gathering, High Commissioner for Canada in Sri Lanka and the Maldives Isabelle Martin said Canada and Sri Lanka continue to enjoy a warm and expanding partnership built on shared values, people-to-people links, trade, investment and development cooperation.

“Canada Day is an opportunity not only to celebrate our country but also to celebrate the strong friendships and partnerships we have built with Sri Lanka.

The remarkable turnout this evening reflects the strength of those relationships and the growing collaboration between our two nations,” Martin said.

She noted that the close engagement between Canadian and Sri Lankan businesses continues to create new opportunities in trade, innovation, education, sustainable development and investment.

CanCham Sri Lanka officials said this year’s celebration was among the most successful Canada Day events ever organised by the Chamber, drawing an outstanding crowd and creating exceptional opportunities for business networking.

“What an incredible celebration of Canada Day. This was truly one of the most successful Canada Day celebrations in history, with an outstanding crowd and exceptional networking opportunities. It was wonderful to see so many distinguished guests, business leaders and community members come together,” the organisers said.

They thanked sponsors, partners, supporters and volunteers whose dedication ensured the success of the event.

The evening showcased Canada’s multicultural heritage while reaffirming the Chamber’s commitment to promoting stronger commercial links between Sri Lanka and Canada.

Guests representing a wide cross-section of industries exchanged ideas on expanding trade, investment and innovation partnerships.

Canada remains an important economic partner for Sri Lanka, with bilateral trade spanning apparel, agriculture, seafood, ICT services, education and professional services.

Canadian companies continue to explore opportunities in renewable energy, infrastructure, technology and sustainable development, while Sri Lankan exporters maintain a significant presence in the Canadian market.

Business leaders attending the celebration expressed confidence that closer collaboration between the two countries would further strengthen economic resilience and create new opportunities for investment, entrepreneurship and knowledge sharing.

The event concluded on a celebratory note, reaffirming the longstanding friendship between Canada and Sri Lanka and the shared commitment to fostering stronger business and people-to-people ties in the years ahead.

By Ifham Nizam

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Tokyo Cement inspires future-ready construction at BUILD BEYOND 2026 Technology Summit

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Senior Professor Priyan Mendis from the University of Melbourne, speaking at the ‘Build Beyond 2026 Summit

Tokyo Cement hosted ‘Build Beyond 2026 Summit’, a premier knowledge-sharing conference that brought together leading academics, civil and structural engineering experts and professionals of the Sri Lankan construction industry. The event featured keynote addresses by renowned construction technology specialists, Professor Shashank Bishnoi from the Indian Institute of Technology (IIT) Delhi-Abu Dhabi, and Senior Professor Priyan Mendis from the University of Melbourne.

The summit marked the second edition of the Build Beyond Engineering Technology Summit organized by the Tokyo Cement Group, designed to foster collaboration between academia and industry while highlighting global trends, innovations, and emerging technologies in cement and concrete. This year’s discussions focused on advancements in material science that are driving more sustainable and cost-efficient construction practices.

The event drew participation from state-sector authorities, research institutions, academia, engineering students, and public and private sector organizations, creating a dynamic platform for engagement across the construction industry. A key feature of the summit was a high-level panel discussion on “Building a Resilient and Sustainable Construction Future,” featuring several distinguished industry leaders.

The panel included Eng. Nissanka Wijerathne, the Secretary General/CEO of the Chamber of Construction Industry Sri Lanka (CCI), Founder and Deputy Chairman of Civil & Structural Engineering Consultants (Pvt.) Ltd.; Eng. Shiromal Fernando, the Chairman of CTBUH Sri Lanka and Vice President of the Green Building Council Sri Lanka, Adjunct Senior Lecturer at the General Sir John Kotelawala Defense University and visiting lecturer at the University of Moratuwa; Eng.

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Who will become Sri Lanka’s most popular websites? BestWeb.LK 2026 opens Rate & Review

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Sri Lanka’s premier web design competition organised by the LK Domain Registry, officially opened BestWeb.LK Rate & Review for 2026 from 23rd to 30th June, It invites everyone to evaluate and rate the sites at rate.bestweb.lk.

Now in its 16th edition, BestWeb.LK continues to set the standard for digital excellence across Sri Lanka. This year, the competition introduces an enhanced Rate & Review System that moves beyond traditional vote-counting, combining public ratings with quality assessments to deliver a fair and comprehensive evaluation across all competition categories.

Members of the public are invited to browse all shortlisted websites, visit each site directly, and submit a rating on a scale of 1 to 5 based on their overall experience. To encourage meaningful participation, ratings submitted by verified users who sign in and complete a one-time OTP verification will carry full 100% weighting in the evaluation. Guest ratings are also accepted, though they carry less weight. Each participant may rate a specific website only once, and a minimum number of verified ratings is required for a website to qualify for the Most Popular Website award in its respective category.

Speaking on the initiative, Prof. Gihan Dias, CEO and Domain Registrar of the LK Domain Registry, stated: “BestWeb.LK has always been about celebrating the best of Sri Lanka’s digital landscape, and public participation is central to that. The Rate and Review System reflect our commitment to ensuring that recognition is meaningful, credible, and truly representative of the quality our web community continues to build.”

Throughout the rating window, the BestWeb.LK Technical Team will actively monitor all participating websites through an automated system to uphold the integrity of the process and identify the Most Popular Website winners in each category.

You are encouraged to rate as many shortlisted websites as you can to ensure broad and balanced feedback across all categories.

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