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JKH records EBITDA of Rs.14.28 billion in Q3 2024/25

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Krishan Balendra_ Chairperson_JKH

*EBITDA includes interest income and the share of results of equity accounted investees which is based on the share of profit after tax but excludes all impacts from foreign currency exchange gains and losses (other than for equity accounted associates), to demonstrate the underlying cash operational performance of businesses.

Summarised below are the key operational and financial highlights of our performance during the quarter under review:

During the quarter under review, macroeconomic stability and sentiment were supported with the conclusion of Parliamentary Elections and a much-anticipated upgrade in the sovereign credit rating after the completion of the restructuring process of international sovereign bonds.

Group EBITDA at Rs.14.28 billion in the third quarter of the financial year 2024/25 is an increase of 4% against Group EBITDA of Rs.13.74 billion recorded in the corresponding period of the previous financial year. Group EBITDA includes substantial costs pertaining to the pre-opening and operations of the ‘Cinnamon Life’ hotel. Group EBITDA for the quarter under review includes fair value gains on investment property while Group EBITDA in the third quarter of the previous year includes a deferred tax credit at South Asia Gateway Terminals (SAGT). Excluding these impacts, Group EBITDA for the third quarter of 2024/25 recorded an increase of 10% to Rs.14.89 billion [2023/24 Q3: Rs.13.58 billion].

The 687-key ‘Cinnamon Life’ hotel, restaurants and banquet facilities commenced operations on 15 October 2024. All the food and beverage offerings, including the unique outdoor locations and wellness centre were progressively launched over the last few months with all outlets and spaces at the hotel now operational. Demand and bookings for the various event spaces at the property have exceeded expectations. The integrated resort’s residential and office towers have witnessed a resurgence in interest in the recent months.

Fit-out work of the gaming space is progressing well and is expected to be operational along with the retail mall in the third quarter of CY2025.

The construction and installation work on the West Container Terminal at the Port of Colombo is progressing well with all civil works pertaining to the first phase of the project being completed. All operating equipment relating to the first phase has been received and is being commissioned.



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VIMAN Street Cricket Cup 2025 by John Keells Properties concludes

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The VIMAN Street Cricket Cup 2025, an initiative by John Keells Properties in collaboration with Sri Lanka women’s cricket legend, Chamari Athapaththu, successfully concluded on the 2nd of February 2025 at the BOI Cricket Ground in Katunayake. Designed to encourage and support women’s cricket at the grassroots level, the tournament reflected a strong commitment to identifying and nurturing talent while creating opportunities for emerging female players across Sri Lanka.

Bringing together aspiring young cricketers from diverse backgrounds, the event served as a visible platform for schoolgirls to showcase their skills, compete at a high level, and take their first steps toward a potential future in cricket.

Chamari Athapaththu

The event drew a large crowd, comprising of students from participating schools, parents, and many more, from the local community in Gampaha. The matches were played in a tournament format, concluding with the semi-finals and finals. The competition was divided into Under 16 and Under 19 categories, with the Under 16 title claimed by Devi Balika Vidyalaya, Colombo, while Nenamal Royal College, Mawaramandiya finished as the runners-up. In the Under 19 category, Anula Vidyalaya, Nugegoda secured the championship title, with Rathnavali Balika Vidyalaya, Gampaha finishing as runners-up. The enthusiastic turnout clearly showed the growing momentum behind women’s cricket in Sri Lanka and reinforced the importance of platforms such as the VIMAN Street Cricket Cup in inspiring young women cricketers.

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El Teb Estate: A timeless icon of Sri Lanka’s tea legacy

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Nestled in the hills of Sri Lanka’s picturesque Uva Province, El Teb Estate is a living testament to the rich history, relentless innovation and deep-rooted community values that define the island’s tea industry. With a heritage spanning over a century, El Teb Estate embodies the spirit of resilience and excellence, producing some of the finest teas sought after by tea connoisseurs all over the world.

El Teb Estate’s story begins in 1896 with Captain Hamilton Gordon of the Gordon Highlanders, a soldier turned planter who traded his military glory for the lush plantations of Uva. His first encounter with the island came as aide-de-camp to Governor Sir Arthur Gordon (later Lord Stanmore), where he was deeply enchanted by Sri Lanka’s natural beauty. Through George Steuart & Co., he was introduced to J.J. Robinson, who guided him to Heathstock, a humble cardamom estate nestled along the Madulsima road four miles from Passara. Captivated by its potential, Captain Gordon, fondly known as “El Teb Gordon”, acquired the property and renamed it “El Teb” as homage to his military past at the Battle of El Teb in Sudan (1884), where he had served with distinction.

Evolution of a Landmark Estate

Over the years, his vision transformed El Teb into a thriving estate, consolidating nearby lands like Deyanawatte and Galbokke, while keeping Heathstock as the nucleus. Some of these acquisitions came about in colourful ways—legend has it that Gordon bought Deyanawatte from a traveler at the Badulla Club for £50 without the seller even knowing where the estate was located.

Other significant additions included Devenick, an abandoned coffee estate, and portions of St. Mary’s and Kitulkellie. His knack for recognizing opportunity led to the estate’s rapid expansion, including ventures into tea, coffee, and rubber cultivation. Gordon’s innovative spirit, from introducing labor-friendly practices such as serving hot tea during morning muster, to experimenting with crop diversification, reinforced his reputation as a pioneering planter.

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FitsAir expands Dhaka operations with additional weekly flights

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FitsAir, Sri Lanka’s leading low-cost airline, is pleased to announce the expansion of its Colombo-Dhaka service with the addition of two new weekly flights. Previously operating three times a week, the enhanced schedule will now offer five weekly flights, providing passengers with greater travel flexibility and convenience.

The additional flights will operate from February 15 to March 29, 2025, with departures on Tuesdays, Wednesdays, Thursdays, Saturdays, and Sundays. This improved frequency ensures more seamless travel for both business and leisure passengers flying between Sri Lanka and Bangladesh at the most affordable rate.

“As Sri Lanka’s first privately-owned international airline, our mission is to deliver affordable, reliable, and on-time travel experiences,” said Ammar Kassim, Executive Director of FitsAir. He further stated, “Expanding our Dhaka operations is a significant step in strengthening regional connectivity, and with increased frequency, passengers now have more travel options, flexibility, and affordability. We are already planning to raise the frequency to six flights per week during the upcoming summer season.”

FitsAir has been expanding its footprint across key regional destinations. In addition to Dhaka, the airline operates daily flights to Dubai and Malé and three weekly flights to Chennai, ensuring passengers have access to a growing network of popular travel routes.

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