Business
JKH records EBITDA of Rs.8.06 billion in Q2 2023/24
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)
Business
SLEIS 2026 to examine Sri Lanka’s energy transition and its implications
Reliable and affordable energy is essential to Sri Lanka’s economic growth, industrial development and competitiveness. As the country seeks to strengthen energy security while reducing its dependence on fossil fuels, the energy sector will be a key area of discussion at the Sri Lanka Economic & Investment Summit 2026, organised by The Ceylon Chamber of Commerce on 12-13 October 2026.
The session, “Beyond Fossil Dependence: Balancing Security, Sustainability, and Growth,” will examine how Sri Lanka can diversify its energy sources, accelerate renewable energy adoption and attract investment while ensuring a reliable energy supply for businesses and households. Discussions will also consider the infrastructure and policy frameworks needed to support the country’s transition towards a modern and competitive energy system.
Ms. Edore Onomakpome – Regional Infrastructure Industry Manager – Bangladesh, Sri Lanka and Nepal, at the International Finance Corporation will keynote the session, and join the panel discussion featuring G.M.R.D. Aponsu – Secretary to the Ministry of Energy, Damitha Kumarasinghe – Director General (Chief Executive Officer), Public Utilities Commission of Sri Lanka, and Manjula Perera – Managing Director, WindForce PLC. The discussion will be moderated by Sheran Fernando – Senior Advisor, Plus94.
The session will also explore the role of public-private collaboration in developing new energy solutions, encouraging investment and creating opportunities within Sri Lanka’s evolving energy sector. It will consider how energy policy and investment decisions can support both economic expansion and the country’s longer-term sustainability objectives.
The Sri Lanka Economic & Investment Summit 2026 is supported by its valued sponsors and partners. Platinum Sponsor – Standard Chartered Bank Sri Lanka, Gold Sponsor – VISA Worldwide (Pvt) Ltd., Bronze Sponsor – South Asia Gateway Terminals (Pvt) Ltd., Strategic Development Partner – Asian Development Bank, Telecommunication Partner – Dialog Telecommunication, Television Partner – Dialog Television, Session Sponsors – David Pieris Motor Company (Pvt) Ltd., Hemas Holdings PLC, Sunshine Holdings PLC, International Construction Consortium (Pvt) Ltd., Official Logistics Partner – Hayleys Advantis Limited, Official Airline – SriLankan Airlines Ltd., Official Hospitality Partner – Shangri-La Colombo, Airline Partner – China Eastern Air Holding Co. Ltd.
Registrations are now open at https://sleis.chamber.lk/. For more information, contact Alikie on 011 558 8805 (alikie@chamber.lk) or Shanuka on 0701082541 (events.division@chamber.lk).
Business
A fresh chapter for the George Keyt Foundation: A renewed commitment to the Sri Lankan art ecosystem
The George Keyt Foundation (GKF), dedicated to preserving the legacy of modernist painter George Keyt and fostering local art, has announced strategic appointments to its leadership team, bringing together a mix of global academic expertise, corporate leadership, and artistic passion. These enhancements aim to inject fresh expertise and academic depth into the Foundation’s long-term vision.
Establishment of the New Advisory Committee
To broaden its operational reach and deepen its engagement with the global art market, the George Keyt Foundation has established an Advisory Committee. The newly appointed committee members include:
• Dr Sujatha Meegama is a Senior Lecturer in Buddhist Art History at the Courtauld. She is an acclaimed art historian, author and academic, bringing specialised knowledge in South Asian art history to guide the foundation’s curatorial and educational directives.
• Dr Shamil Wanigaratne: A clinical psychologist, author, and avid art historian, Shamil will lend his unique perspective to help the foundation design meaningful public outreach and cultural preservation strategies.
• Abbas Esufally: A veteran corporate leader and patron of the arts, Abbas is transitioning from his role as a GKF Trustee to this advisory position, where he will continue to offer his sharp business acumen and extensive network.
New Trustee Appointment
Leesha Captain has been appointed to the Board of Trustees. Inspired by Sri Lankan artists, Leesha is a recognised supporter of the local art scene. Leesha’s hands-on perspective will strengthen the foundation’s core team as they develop and design new art programs.
A Vision for the Future
“These new appointments mark an exciting chapter for us as we build on our decades-long history of promoting Sri Lankan artists,” says Malaka Talwatte, Chairman of the Foundation. “The combination of Leesha on the board, alongside the diverse expertise of our new Advisory Committee, will significantly amplify our efforts in curating high-profile exhibitions and expanding local and international partnerships”.
Business
Sun Siyam Pasikudah celebrates World Tourism Day with culture, cuisine and community
Sun Siyam Pasikudah, part of the Privé Collection under Maldivian-owned Sun Siyam Resorts, will mark World Tourism Day on 27 September 2026 with a full day programme celebrating the culture, cuisine and natural beauty of Sri Lanka’s east coast, paired with community focused sustainability activities.
The celebrations open with a special buffet of authentic Sri Lankan cuisine, followed by a street food festival showcasing regional snacks and traditional sweets rarely found on resort menus. A signature World Tourism Day mocktail and cocktail, created for the occasion, will be served through the day, while traditional Sri Lankan cultural dance performances bring the island’s heritage to life for guests.
Beyond the festivities, the resort has planned a tree planting activity with guests and a beach or park clean up campaign, both reflecting Sun Siyam Pasikudah’s ongoing commitment to responsible tourism along Sri Lanka’s northeast coast.
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