Business
JKH records EBITDA of Rs.9.23 billion in Q1 2023/24
Summarised below are the key operational and financial highlights of our performance during the quarter under review:
Group PBT at Rs.1.40 billion in the first quarter of the financial year 2023/24 is a decrease over the Rs.14.80 billion recorded in the previous financial year. The first quarter of the previous year included Rs.10.12 billion of net exchange gains recorded on its US Dollar denominated cash holdings at the Holding Company, resulting from the steep depreciation of the Sri Lankan Rupee against the US Dollar during the quarter, whereas the quarter under review recorded corresponding net exchange losses amounting to Rs.359 million. In addition, PBT was also impacted on account of the higher finance expenses due to the high interest rate regime and the interest charged on the convertible debentures issued to HWIC Asia Fund (HWIC) in August 2022.
During the quarter under review, Sri Lanka continued to witness normal day-to-day activities with all key macro-economic indicators showing sustained improvement, with inflation and interest rates recording a decline and the Rupee appreciating on the back of improved foreign exchange inflows and confidence.
Krishan Balendra_ Chairperson
Most of the Group’s businesses, particularly in Transportation and Leisure, had a negative impact on the financial performance due to the translation impact on account of the appreciation of the Rupee by approximately 15% over the corresponding period of the previous year.
Group EBITDA at Rs.9.23 billion in the first quarter of the financial year 2023/24 is a decrease of 31% over the EBITDA of Rs.13.33 billion recorded in the corresponding period of 2022/23, mainly due to the lower EBITDA at the Transportation and Leisure industry groups.
The groundwork on the West Container Terminal (WCT-1) at the Port of Colombo is progressing well with the entirety of the dredging works for both phases completed in May 2023. The construction of the quay wall has been awarded and preliminary work has commenced.
The Beverages business recorded a growth in EBITDA given the decline in input costs which are now translating to positive margin impacts on account of the stabilising raw material prices and the appreciation of the Rupee. The volume decline in both the Beverages and Frozen Confectionery businesses have shown encouraging recovery compared to the steep volume declines witnessed in the two previous quarters.
The Supermarket business recorded a strong performance in revenue during the quarter, particularly in the seasonal month of April, with same store sales recording an encouraging growth of 23%, primarily driven by customer footfall growth of 15%. The increase in revenue, as witnessed during the quarter, is expected to drive an improvement in EBITDA together with the benefits accruing from various productivity and cost efficiency initiatives. (JKH)
Business
IceWarp expands into Sri Lanka, fostering European innovation in collaboration with FentonsIT
IceWarp, a global leader in business communication solutions, has officially launched its cutting-edge platform in Sri Lanka, bringing European expertise in email and collaboration solutions to support the country’s evolving business landscape.
This expansion is driven by a strategic partnership with Fentons Information Technology (FIT), the Information Technology arm of Hayleys Fentons Limited.
The grand launch event held at The Kingsbury Colombo on 4th April, 2025, was graced by several distinguished guests, including Chief Guest Mohan Pandithage, Chairman and Chief Executive of Hayleys PLC.
The presence of Adam Paclt, Global CEO of IceWarp, and Pramod Sharda, CEO for India and the Middle East of IceWarp, along with their global team, highlighted the significance of this expansion. Industry experts, government officials, corporate leaders, and CIOs from the banking, financial services and insurance sectors were in attendance as well, reflecting strong local interest in IceWarp’s European expertise.
With this launch, Sri Lankan businesses now have access to an affordable, scalable and secure alternative to Microsoft 365 and Google Workspace. IceWarp’s advanced Collaboration Suite integrates a wide range of tools into a single, unified platform designed to streamline communication and boost productivity. Offering flexible hybrid deployment options and cost-efficient solution, IceWarp enables organisations to optimise their operations without compromising security or functionality.
Ceylon Energy and HJT China have successfully completed the Mahiyangana-Kappalthurei 33kV power distribution lines and the Uhana Gantry as part of Sri Lanka’s Supporting Electricity Supply Reliability Improvement Project (SESRIP). Funded by the Asian Development Bank ($42 million), SESRIP aims to expand energy access in underserved regions, including conflict-affected areas and provinces like Uva and North Central.
The project’s infrastructure spans over 270 km of 33kV lines, 13 switching gantries, and 2,372 km of low-voltage extensions.
The projects connect 35,000+ households and improve reliability for 493,000+ consumers; integrates renewables to reduce losses.
The projects’ notable components include: Mahiyangana-Bibila Line: 36 km with 147 steel towers and Kappalthurei-Sixth Mile Post Line: 14 km with 58 towers.
Ceylon Energy Chairman Madushanka Fernando hailed it as a ‘new beginning of a brighter era’, emphasising the project’s role in uplifting rural communities and driving sustainable development.
The initiative underscores Sri Lanka’s commitment to inclusive, reliable energy and climate resilience.
Eventistry Sports, a trailblazer in innovative sporting events, has unveiled the Sri Lanka Padel League (SLPL), the nation’s first franchise-based padel tournament, set to debut in June 2025. This groundbreaking league promises to redefine Sri Lanka’s sports landscape by creating a dynamic national platform for athletes while fostering unity among fans, brands, and communities.
The SLPL will showcase six franchise teams, each embodying the spirit of iconic Sri Lankan locales: the Colombo Chargers, Yala Rangers, Hikkaduwa Riders, Ella Hawks, Arugambay Vipers, and Trinco Warriors. These teams will not only ignite regional pride but also unite the country through a shared passion for padel—a fast-paced racquet sport merging tennis and squash, played on enclosed courts.
“The SLPL is more than a league; it’s a movement,” declared Karin Wijeratne, Director of Eventistry Sports. “By blending franchise sports with Sri Lanka’s vibrant culture, we’re creating a platform where players gain national recognition, fans rally behind their hometown heroes, and brands engage with communities in meaningful ways.”
The league’s launch on June 21–23, 2025, at Colombo’s Padel House courts (CR&FC) will kick off with three days of high-octane matches, preceded by a star-studded player auction on May 16th at The Vault, Colombo City Centre. Local talent—both professional and intermediate—will be drafted by franchise owners, with international registrations now open to elevate the competition’s global appeal.
Please log in to: www.slpadelleague.com and social media: @SriLankaPadelLeague (Facebook & Instagram) for more information.
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