Aitken Spence records strong performance with EBITDA of Rs. 7.8 Bn for 3Q 2023/24
The leading blue-chip conglomerate, Aitken Spence PLC reported an EBITDA (earnings before interest cost, tax, depreciation, and amortisation) of Rs. 7.8 billion for the third quarter of 2023/24, a growth of 11.8% over that of the third quarter of the previous year. The Group’s EBIT (Earnings before total interest) for the quarter stood at Rs. 5.3 billion which was a year-on-year growth of 20.7%.
The Group achieved a Profit Before Tax (PBT) in the third quarter of 2023/24, nearly doubling that of the same period of the previous year, reaching Rs. 3.4 billion, while the cumulative first nine months PBT stood at Rs. 1.7 billion.
The rise in quarterly profits was primarily driven by a 15.0% surge in revenue, reaching Rs. 30.7 billion for the period September to December 2023. The notable growth was predominantly observed in the tourism sector, which experienced a year-on-year increase in revenue of 40.3%.
The Group's Tourism sector was the highest contributor towards the overall EBITDA in the quarter recording Rs. 5.1 billion, with the Maritime and Freight Logistics sector following with an EBITDA of Rs. 1.3 billion. The Group's Strategic Investments sector and Services sector demonstrated consistent performance throughout the quarter as well.
The Group’s Tourism sector experienced a marked improvement in performance, in Sri Lanka attributable to the surge in tourist arrivals to the country by 143%, resulting in an increase in occupancy rates in the local hotels and the number of tourists handled by the destination management company. The Maldives too witnessed an increase in tourist arrivals during the quarter enhancing the results of the Maldives resorts.
The Group’s Maritime and Freight Logistics sector though significantly contributing towards the bottom line; faced challenges as global freight rates declined, compounded by the adverse effects of the LKR's appreciation
SL must fully implement IMF package – US Ambassador
The recent IMF package offered to Sri Lanka is the 17th in Sri Lanka’s history and must be the last and if Sri Lanka can stay true to the principles of transparency and competitiveness in the years to come, it will enhance global standings and also create an environment conducive to flourishing innovation, investment, and economic growth.
This was opined by US Ambassador in Sri Lanka Julie Chung at the National Chamber of Exporters hosted event. The difference of this year’s IMF package is that it was offered at a time when Sri Lanka is recovering from its worst economic crisis in history, which shook the country and its people to the core.
“Steering Sri Lanka’s path towards a positive future, away from cyclical negatives, is up to the country and its people.All business leaders of Sri Lanka have a crucial role to play in this process, through your voice in the governance of this country.”
She said that the United States still serves as the largest export market for Sri Lanka across numerous industries.
People’s Bank champions female empowerment in honor of International Women’s Day
In a vibrant celebration of International Women’s Day, People’s Bank held a special event at their Head Office in Colombo 2, showcasing their dedication to female empowerment and entrepreneurial success.
The event, presided over by the CEO/General Manager Clive Fonseka, was not just a ceremonial gathering but a launch pad for groundbreaking initiatives aimed at uplifting women entrepreneurs across Sri Lanka.
Under the inspiring theme ‘For all Trailblazing Women Empowering the Future’, People’s Bank joined forces with Good Market to kick start a comprehensive training program coupled with financial assistance for 12 selected women entrepreneurs.