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Aitken Spence records strong performance with Profit Before Tax of Rs. 4.3 Bn, an 124% increase in the 9 months ended 31st December 2024/25

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Aitken Spence PLC, a leading conglomerate with a diverse regional presence, reported a Profit Before Tax (PBT) of Rs. 4.3 Bn an increase of 124% for the 9 months ended December 31, 2024. For the same period, the PBT excluding forex reached Rs. 4.9 Bn.

The total Group’s revenue in the reporting currency, including equity-accounted investees, increased by 3% over the 9-month period, to reach Rs. 76.3 Bn. Group Revenue of which approx. 65-70% is derived in USD or other foreign currencies directly or indirectly reflects the lower exchange rate that prevailed during the period compared to the previous year. The average exchange rate for Q3 reduced by Rs 34.07 while the average exchange rate for the 9 months reduced by Rs. 20.87.

The Group recorded an EBITDA (excluding impacts from foreign currency exchange gains and losses) of Rs. 16 Bn for the 9 months ended on December 31, 2024, reflecting a growth of 0.3%. EBITDA includes earnings from equity accounted investees; however, excludes interest expenses, tax, depreciation, and amortisation. The Group’s profit from operations (excluding forex) reached Rs. 7.8 Bn, an improvement of 4.6% for the cumulative period ended December 31, 2024.

The Group’s Tourism sector demonstrated a notable improvement with a three-fold increase in profitability, recording a PBT of Rs. 424.2 Mn for the cumulative Q3 ended December 31, 2024. This was driven by the Group’s hospitality sector which experienced increased occupancy rates across all its hotels, and particularly the overseas hotels segment. The Group’s destination management segment was impacted by the 18% VAT on existing contracts and the Red Sea Conflict that has a direct impact on cruise tourism, although we expect a significant improvement in Q4 with an adjustment to contract rates.

The Group’s Maritime & Freight Logistics sector achieved a PBT of Rs. 3.3 Bn for the 9 months ended December 31, 2024, despite the substantial reduction in the exchange rate. The bunkering business and the overseas freight and airline segment were the main contributors towards growth in this sector’s performance.

The Group’s Strategic Investments sector recorded a PBT of Rs. 407.3 Mn and reflected a growth exceeding 100% for the 9 months ended on December 31, 2024. This impressive nine-month performance was primarily driven by the enhanced results of the Waste to Energy Power Plant and the settlement of previously delayed interest payments by CEB received by the Group’s renewable energy segment. Furthermore, the Group’s printing and packaging segment including the plantations segment made a positive contribution to the sector’s performance.

The Group’s Services sector recorded a PBT of Rs. 113.8 Mn for the 9 months ended December 31, 2024. The newly launched Port City BPO operation significantly contributed towards this performance. However, the money transfer business was affected by a lower exchange rate on remittances and the additional costs incurred by the elevator segment on the accelerated completion of several high-rise buildings in Colombo.

The Group’s indirect energy consumption per unit revenue increased by 17%, driven by higher operational activity across the Group, particularly in the tourism sector. In contrast, direct energy consumption from non-renewable sources decreased by 3% compared to the third quarter of the 2023–2024 financial year, aligning with the Group’s commitment to reducing emissions. Additionally, the proportion of renewable energy in the Group’s direct energy consumption increased by 104%, reaching 33% of the total—progressing toward the 50% target by 2030—compared to the same period.

Water efficiency also improved, with the Group achieving a 30% reduction in water withdrawal per unit revenue, compared to the third quarter of the previous financial year. This was primarily due to lower withdrawals in the Maldives operations. Meanwhile, the Group’s waste-to-energy power plant repurposed 133,099 metric tons of municipal solid waste from the Colombo district during the first three quarters of the 2024–2025 financial year—a volume that is equivalent in weight to approximately 26,620 Sri Lankan elephants—contributing to a cleaner Colombo through a strategic and sustainable waste management solution.

During the quarter, Group Human Resources organised an Executive Development Programme (EDP) to strengthen the leadership team’s capacity for driving organisational transformation at Aitken Spence, targeting Assistant Vice Presidents and above. Titled “Purposeful Transformation,” the programme was expertly facilitated and conducted in three separate sessions, each tailored to focus on different sectors of the Group. Following the EDP, a workshop was held with members of the Group Supervisory Board (GSB), providing the leadership team with an opportunity to share their insights and ideas, aligning them with the key learnings from the programme.



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Indra Traders launches Athwela Programme in partnership with Bank of Ceylon

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Rushanka Silva (Managing Director, Indra Traders) and Y. A. Jayathilaka (General Manager, Bank of Ceylon) appearing for a photograph after signing the agreement. Also present at the occasion (from left in the photo): Asitha Perera – Senior Sales Manager, Indra Traders, Dharma Ilangasinghe – Group General Manager, Indra Traders, Shashindra Silva – Sales Director, Indra Traders, R. M. N. Jeewantha – Deputy General Manager (Development Banking & Branch Credit Operations Range II), BOC, Samantha Wimalasiri – Assistant General Manager (Consumer & Development Banking), BOC, F. S. Naeem – Chief Manager (Development Banking), BOC, R. M. L. W. Ratnayake – Senior Manager (Consumer & Development Banking), BOC

Indra Traders recently introduced a special programme titled “Athwela” in collaboration with the Bank of Ceylon (BOC).

The programme was designed with a primary focus on customer convenience, aiming to provide essential support by simplifying the financial challenges often associated with vehicle purchasing and servicing. This initiative is regarded as a further strengthening of the trust and relationships Indra Traders has built over its decades of service excellence.

The partner for this program, the Bank of Ceylon (BOC), is Sri Lanka’s largest state bank and a premier financial institution. It offers an extensive island-wide branch network, exceptional customer service, and some of the most competitive interest rates in the market.

Speaking at the event, Rushanka Silva, Managing Director of Indra Traders, said: “Today is a very special day for us. As Indra Traders, a company engaged in business for over five decades, it is a great honor to enter into the ‘Athwela’ agreement with Sri Lanka’s largest bank. Through this program, we are working to provide various financial and service facilities, including leasing. As a company that imports everything from the smallest to the largest vehicles, we provide customers the opportunity to purchase any vehicle they need through our six yards located across the island. Even if a specific vehicle is not in our current stock, we are prepared to import it according to the customer’s requirement. I invite all customers to join hands with ‘Athwela’.”

Y. A. Jayathilaka, General Manager of Bank of Ceylon, added “At a time when restrictions on vehicle imports have been relaxed, it is a great pleasure for Bank of Ceylon, the strongest bank in the country, to partner with Indra Traders – a company with over 50 years of trusted history. Our goal is to provide a comprehensive and convenient service to leasing customers across the island by combining BOC’s extensive branch network with Indra Traders’ expertise.”

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Launch of new Beijing-Colombo air link announced in China

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Ambassador Majintha Jayasinghe and representatives of Beijing Capital Alliance at the destination promotion event where the new Beijing-Colombo air link was announced.

The Sri Lankan Embassy in Beijing together with Beijing Capital Airlines last week organized a destination promotion event and announced the launch the Capital Airlines direct flights from Beijing to Colombo.

While congratulating Beijing Capital Airlines for expanding the connectivity between Beijing and Colombo, the Sri Lanka Ambassador Majintha Jayesinghe highlighted the longstanding bilateral relations between the two countries and the significance of strengthening connectivity in line with the Joint Statement issued following the meeting in January 2025 between President Xi Jinping and President Anura Kumara Disanayaka, a news release from the embassy said.

The President of the Beijing Capital Airlines Liu Jun expressed appreciation and stated that the new route is an important milestone in expanding the airline’s South Asian network while strengthening the Air Silk Route. He also highlighted that this is the only direct flight connecting Northern China with Sri Lanka and a key Capital-to-Capital air link, it added.

There was no word about the flight frequency and when the service will begin.

Ambassador Jayesinghe reiterated that Sri Lanka is more than a holiday destination and is positioned as an exotic, experienced-rich, year-round travel destination offering warm and pleasant weather. He emphasized that Sri Lanka, as a stand-alone destination, provides a blend of rich history, eight UNESCO heritage sites, diverse landscapes, pristine beaches, dense forests, and scenic mountains, inviting Chinese travellers to explore and enjoy Sri Lanka.

The commencement of the Beijing – Colombo route will contribute to the social and economic development of both countries. The Beijing- Colombo service has filled a longstanding gap in the aviation market and will further promote the economic, trade, cultural and tourism development, while offering more convenient travel options, the news release said.

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SLT-MOBITEL and Fintelex empower farmers with the launch of Yaya Agro App

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From left to right – Supipi Nawarathne, Head, Department of Food Technology, UCIARS, Dr. Nisansala Widanapathirana, Head, Department of Agro Technology, UCIARS, Professor Champathi Gunathilake, Director, UCIARS, Dr. Nath Dharmasena, CEO, Fintelex Pvt Ltd, Sudharshana Geeganage, COO, Mobitel, Professor Indika Mahesh Karunathilaka, Vice Chancellor, University of Colombo, Pradeep Arunasiri, Consultant Agronomist – Digital Inclusion, Fintelex Pvt Ltd, and Madura Hewage, Senior Manager – VAS, Mobitel, at the launch of Yaya Agro.

SLT-MOBITEL Mobile, in collaboration with Fintelex (Pvt) Ltd, has launched ‘Yaya Agro’, an exclusive all-in-one smart agriculture app designed to empower Sri Lankan farmers with the tools they need to grow smarter, safer, and more sustainably.

Yaya Agro represents a new era of digital farming in Sri Lanka combining technology, expert knowledge, and community empowerment to provide farmers the confidence to make smarter decisions, improve productivity, and build a sustainable future.

Developed with support from GIZ and Hatch and validated by leading academic and professional institutions including the University of Colombo, Institute for Agrotechnology and Rural Sciences, and the Sri Lanka Red Cross Society, Yaya Agro combines agricultural expertise, real-time weather updates, first aid support, and AI-powered assistance into a single, easy-to-use platform.

The launch of Yaya Agro positions SLT-MOBITEL as an innovative, inclusive, and collaborative technology leader. Partnering technology and academic institutions, the company extends its role outside the sector into agriculture, empowering farmers with AI-driven tools, multilingual access, and market connectivity. The initiative also strengthens SLT-MOBITEL’s image as a champion of digital empowerment and sustainable development in Sri Lanka.

Functioning as a comprehensive digital companion, Yaya Agro is positioned as a digital farming companion, bringing precision agriculture, real-time support, and market access to the fingertips of every Sri Lankan farmer.

Whether managing a small home garden or a large commercial farm, the app equips farmers with vital insights to improve crop yield, reduce risks, and connect directly with buyers through the integrated online marketplace.

Yaya Agro offers farmers daily crop information with expert tips on management, pest control, and best practices, all validated by the University of Colombo. It provides accurate, location-based weather forecasts to help plan farming activities more effectively. The app also delivers life-saving first aid tutorials and safety information verified by the Sri Lanka Red Cross Society, ensuring farmers are prepared for emergencies. With the AI chatbot assistant, farmers can access instant, personalized advice around the clock, with smart notifications delivering timely alerts and reminders tailored to crop cycles.

To make learning inclusive and accessible, Yaya Agro is available in Sinhala, Tamil, and English, offering interactive educational content such as videos, voice guides, and infographics. The app also integrates an online marketplace, developed in partnership with GIZ and Hatch, enabling farmers to connect directly with buyers and expand their reach.

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