Business
Aitken Spence records PBT of Rs. 8.5 billion for first half of 2022/23, with quadruple-digit growth over previous year
The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 8.5 Bn for the six months ended 30th September 2022. This is an exponential quadruple-digit growth compared to Rs. 266.7 Mn recorded for the same period during the previous year. Aitken Spence PLC reached an EBITDA (Earnings inclusive of equity accounted investees before interest expenses, tax, depreciation and amortization) of Rs. 17.0 Bn for the first half of the financial year, which was also 272% higher than the EBITDA of Rs. 4.6 Bn recorded during the first half of the previous year
This exceptional performance was driven by the Group’s diverse presence in eight countries spanning sixteen segments of operation. It is noteworthy that these results were achieved in a scenario in which the Group’s finance costs increased by over 150% due to the high interest rates on the LKR and USD prevailing during the period, compared to the low interest rate regime in the previous year.
The Group secured a revenue of Rs. 43.3 Bn for the first half of the financial year, which is a 133.3% growth over the revenue of Rs.18.6 Bn recorded for the same period of the previous year. This unprecedented growth in business operations provides a positive indication towards the much awaited resurgence of the tourism sector.
The Group’s maritime & freight logistics sector contributed the highest sector PBT of Rs. 5.1 Bn for the six months with an impressive growth of 188.6%. Enhanced overseas port management operations, the increase in freight rates witnessed industry-wide coupled with the benefit of the foreign currency denominated revenue, were the main reasons for an exceptional performance from this sector. The improved performance across all companies of this sector was commendable.
The Group’s strategic investments sector recorded a PBT of Rs. 4.4 Bn driven by a triple digit growth of 703.3% for the six months ended 30th September 2022. The improved performance was driven by the Group’s plantations, printing and packaging and apparel manufacture segments and the sizable exchange gain recorded in the holding company contributed substantially towards this increase in the profits of the strategic investments sector. During the quarter under review, expanding the Group’s portfolio of renewable energy plants, the Group acquired 100% shareholding in one of the largest utility scale solar farms in the country for a significant investment of Rs. 1.4 Bn. This endorses the Group’s commitment to local and global sustainable development goals and towards achieving net zero status.
The Group’s tourism sector showed a significant improvement as they recorded a decrease in losses of 42.5% for the six months ended 30th September 2022, despite the multiple crises that directly impacted the tourism industry. A noteworthy turnaround was witnessed in the Group’s destination management segment and an encouraging recovery from the Group’s overseas hotel segment coupled with the rupee devaluation positively impacted this sector.
The Group’s services sector recorded a 7.9% growth in PBT led by the insurance and property development segments for the six months ended 30th September 2022.
“Our compelling performance for the first six months of this financial year is a reflection of the Group’s ability to transform and show resilience amidst tumultuous economic challenges that continues to prevail. There is much uncertainty, but Aitken Spence will continue to ensure that its business models are sustainable and will enrich our communities and our environment,” commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director Aitken Spence PLC.
Aitken Spence is the first conglomerate in Sri Lanka to make a public commitment to the Science Based Targets initiative to achieve net zero emissions and is a frontrunner in the renewable energy space in Sri Lanka providing 1.2% of the country’s peak energy demand through renewable sources. The organisation pioneers change in the diverse industries that it operates in and remains committed to transform the future.
Listed in the Colombo Stock Exchange since 1983, Aitken Spence is anchored to a heritage of excellence spanning over 150 years and driven by a team of more than 12,500 across 16 industries in 8 countries: Sri Lanka, Maldives, Fiji, India, Oman, Myanmar, Mozambique and Bangladesh.
MullenLowe Group Sri Lanka (MLG) announced the appointment of Sarah Nasry as Director & Chief Financial Officer, effective immediately.
In her new role, Sarah will lead both the Finance and Human Resources functions at MullenLowe Group Sri Lanka, playing a pivotal role in shaping the company’s financial strategy and people agenda. She holds a distinguished track record across multiple business disciplines, including Supply Chain, ICT, Administration, Corporate Communications, and CSR. Sarah brings a wealth of experience from her most recent position as General Manager – Finance & Business Partnering at Brandix, Sri Lanka’s leading apparel manufacturer.
Recognised for her strengths in business partnering, financial planning, and strategic decision-making, Sarah is also widely respected for nurturing inclusive, people-centric cultures that foster growth and high performance.
Thayalan Bartlett, Executive Chairman of MLG, commented, “Sarah’s appointment follows an extensive search for the right person to lead our finance division through the next phase of our journey. Her wide-ranging experience and strong leadership credentials give me every confidence that she will continue to strengthen the financial integrity and compliance standards we are known for, and the Board looks forward to working closely alongside her in this journey.”
Sarah also marks a significant milestone for the company, becoming the first female member of MLG’s Board of Directors. She will additionally serve on the MLG Executive Committee (ExCo), reinforcing the company’s commitment to diversity and inclusion at the leadership level.
Commenting on her appointment, Sarah said, “I am honoured and excited to join MullenLowe Group Sri Lanka and help steer the company into its next chapter. I look forward to collaborating with the talented team at MLG to drive financial strength, champion a people-first culture, and build on the company’s strong legacy of creativity and performance.”
Business
Sun Siyam Pasikudah Named Tripadvisor Travelers’ Choice Award Best of the Best Winner for 2025
Sun Siyam Pasikudah, a boutique luxury resort on Sri Lanka’s eastern coast, is thrilled to announce its recent win at the Tripadvisor’s Travelers’ Choice Awards Best of the Best for 2025, placing it among the top 10 percent of resorts worldwide. This accolade reflects the resort’s commitment to exceptional guest experiences, sustainable practices, and community engagement.
As the world’s largest travel guidance platform, Tripadvisor has unparalleled authority with travelers and diners. This award is based on genuine feedback from anyone in the community who has visited and left an authentic, first-hand review on Tripadvisor over a 12-month period, making it a valuable and trustworthy designation of travelers’ favorites.
Reopened in November 2023 after an extensive transformation, Sun Siyam Pasikudah offers 34 spacious one- and two-bedroom garden and beach pavilions, each featuring bold monochromatic interiors accented with golden tones. The redesign, led by Studio Sixty7, emphasizes a blend of contemporary elegance and local craftsmanship. The resort collaborated with local artisans, showcasing Sri Lanka’s rich talent and cultural heritage.
‘‘We are thrilled to being recognized on par with some of the world’s best resorts. Under just two years since our reopening, this achievement couldn’t be possible with the tremendous effort and support of our world-class team and our guests that keep coming for the unique experiences we offer. We are proud to contribute to Sri Lanka, a destination that is on every traveler’s go-to list,’ said its General Manager, Arshed Refai who has been with Sun Siyam Resorts for over a decade.
OTTO Bathware has received Sri Lanka Standards (SLS) certification from the Sri Lanka Standards Institution (SLSI). This certification confirms that OTTO’s sanitaryware meets the highest national standards for safety, durability, and performance. With over 30 years of experience, OTTO Bathware operates under the ADI Group (Art Decoration International Pvt. Ltd.- www.ottobathware.com) and runs a modern 435,000square feet manufacturing facility in Bandaragama. The company has grown to become; South-Asia’s largest decorative ceramic manufacturer/ exporter, Sri Lanka’s second-largest sanitaryware producer, supplying to over 500 retailers island-wide.
“We’re proud to offer sanitaryware that meets national safety and quality standards. We encourage all Sri Lankans to look beyond the price tag and choose products that are certified, tested, and built to last.” said its Chairman, S. H. B. Karunarathne.
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