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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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Business

Moose Clothing Company wins award at SLIM Brand Excellence 2020

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Hasib Omar, Executive Director/CEO at Moose Clothing Company (second left) with the company’s Head of Sales and Marketing Stefan Schumacher, Head of Supply Chain Vinu Basnayake and Senior Manager Finance Nadeesha Gunawardana.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as a versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Commenting on their marvellous achievement, Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. At Moose we believe that each customer is unique and our clothing is tailored to match that uniqueness. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play. 

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CSE bounces back; indices pick-up but turnover low

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By Hiran H.Senewiratne 

CSE activities bounced back  yesterday following a continued decline in its activities on  previous days.  But the market registered low turnover, fuelling investor concerns, stock market analysts said.

Both CSE indices moved upwards. The All Share Price Index went up by  76. 69 points and S and P SL20 rose by 39.03 points. Turnover stood at Rs. 2.07 billion without a crossing.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs. 188 million (4.2 million shares traded), LOLC Holdings Rs. 158.6 million (526,000 shares traded), Sampath Bank Rs. 155 million (one million shares traded), JKH Rs. 145 million (975,000 shares traded) and  Dipped Products Rs. 118 million (2.8 million shares traded). During the day 76.96 million share volumes changed hands in 18746 transactions.

Sri Lanka’s rupee quoted flat at 196.00/197.00 levels to the US dollar in the one-week forwards market on Friday while bond yields remained steady, dealers said. The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Thursday.

Sri Lanka expects the GDP to grow between 3.0 to 3.5 per cent in the first quarter of 2021 with the rapid vaccination campaign rolled out giving people more confidence.

 

 

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AIA Insurance congratulates Sri Lanka’s Most Admired Companies

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AIA Insurance congratulates the winners of Sri Lanka’s Most Admired Companies 2020, for being recognized not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority and sustainable growth, creating excellent business performance. This was the third consecutive year that AIA was the Platinum Sponsor of the Awards, organized by the International Chamber of Commerce Sri Lanka (ICCSL) and other affiliated sponsors.

AIA CEO Nikhil Advani commented, “As part of Asia’s leading insurer and Sri Lanka’s Best Life Insurance Company for the 2nd consecutive year (awarded by the Global Banking and Finance Review) AIA’s core philosophy is doing the Right Thing, in the Right Way and with the Right People. We take pride in being associated with this event, which recognizes business excellence and ethics- essentially doing the right thing, the right way for the right results. We place honesty and integrity in the highest esteem and are delighted to celebrate reputed companies that share our values in generating value for their shareholders, customers and the community.”

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