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JKH Group Revenue and EBITDA, excluding Leisure, increases by 5%

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The JKH Group reported that Revenue and EBITDA, excluding Leisure, increased by 5 percent.

The handover of Cinnamon Life residential and office units will commence in March 2021

The key operational and financial highlights of the Group’s performance during the quarter under review:

• Despite the isolation measures adopted by the authorities due to the second wave of the COVID-19 outbreak in early October 2020, which caused a slowdown in business activity and dampened consumer sentiment, the subsequent gradual easing of restrictions enabled the businesses across the Group to recover to near normal levels by December, with the exception of Leisure.

Group EBITDA excluding the Leisure industry group stood at Rs. 5.22 billion during the third quarter of the year under review, which is a 5 per cent increase against the previous year [2019/20 Q3: Rs. 4.99 billion].

The Certificates of Conformity (COC) for the Cinnamon Life office tower and ‘The Suites’ residential tower have been obtained, which will enable hand-over of the residential apartments and office tower to commence, on a staggered basis, from the fourth quarter of 2020/21 onwards.

The Supermarket business continued its positive momentum with overall revenue and EBITDA recording growth over the previous year driven by the contribution from new outlets, despite the closure or limited operations of outlets in certain isolated areas.

The Insurance business continued its recovery momentum recording encouraging growth in all its channels of distribution, amidst a challenging environment.

The year-on-year comparison of the Transportation industry group is distorted, primarily since the comparative quarter of the previous year had above-average profitability in the Bunkering business on account of a transition to low sulphur fuel oil (LSFO), well ahead of competition.

The pace of construction at ‘Cinnamon Life’ continued to gain momentum during the latter part of the quarter despite the disruptions due to the second wave. The business continues to closely monitor the evolving ground situation and resultant impacts on the overall timelines of the hotel and the shopping mall.

The overall performance and volumes in the Frozen Confectionery, Beverage and Convenience Foods businesses demonstrated a pick-up towards December once activity in the country returned to more normalised levels, although the performance for the quarter was hampered due to the onset of the second wave of COVID-19.

The Maldivian Resorts segment demonstrated an encouraging performance following the opening of the airport in the Maldives in mid-July, with occupancy increasing to 53 per cent in the month of December, resulting in the segment recording a positive EBITDA for the quarter.

The Leisure businesses in Sri Lanka continued to be impacted by the pandemic due to the closure of the airport and lower revenue from dining and banqueting due to the outbreak of the second wave. The airports in Sri Lanka were opened on 21 January 2021 for tourist arrivals under stringent health and safety protocols.

 

 



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GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy

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Western Province maintains its dominant position, accounting for 42.4% of nominal GDP

The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.

The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.

In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.

The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.

The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.

by Sanath Nanayakkare

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Sri Lanka Insurance supports 1,000 families in flood-affected areas

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Dry ration packs were distributed through the NDRSC

Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.

Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.

Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”

In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.

Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.

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Jaffna Hindu College wins regional AIA Healthiest Schools award

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The college was honoured at a vibrant regional awards ceremony

Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.

The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.

The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.

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