Archive | Aitken Spence RSS feed for this section

Aitken Spence Commences 150 yrs Celebrations with Religious Blessings

30 Nov

Aitken Spence inaugurated its 150th Anniversary Celebrations with a religious blessings ceremony that commenced on Friday, 30th November. The ceremony was held at Aitken Spence Towers in Colombo with the participation of senior religious leaders, board of directors, senior management and long-standing staff.

The religious blessings were invoked by His Eminence Malcolm Cardinal Ranjith, Venerable Galaboda Gnanissara Thero, Ven. Banagala Upatissa Thero, Ven. Monaragala Pagnayalankara Thero. Shri Luxmikantha Jegatheesa Kurukkal, Sheikh Arkam Nooramith, Rev. Fr. Deninton Subasinghe, Rev. Fr. Placidus De Silva, Rev. Fr. Felician and Rev. Sr. Selinta.

To mark the 150th year anniversary, lighting of the oil lamp by the distinguished guests followed by sacred blessings recited by the respective religious leaders that were present at the ceremony. Deshamanya D H S Jayawardena, Chairman of Aitken Spence PLC pinned the 15o years badge on the Deputy Chairman and Managing Director Mr. J M S Brito.  Following the unveiling of the 150 years logo at the lobby of the building, board of directors to the celebratory cutting of the cake marking the occasion, that was produced by award-winning chefs from Aitken Spence Hotels.

“Over the course of its history Aitken Spence has continued to adapt to an unprecedented variety of changes that are taking place in our industries, economies and societies, while growing both locally and globally. We will take this company to even greater heights in the near future” stated Aitken Spence Chairman D H S  Jayawardena.

“I would like to say that we are 150 years young. Our youthfulness shall enable us not only to understand the plethora factors locally and globally affecting business today, but to address its risks and exploit its opportunities, to keep moving Aitken Spence forward, as we have done for 150 years”, said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.

To conclude the ceremony, the Executive Director and Chairperson of Aitken Spence Hotel Managements (Private) Limited and Director of Aitken Spence Aviation (Pvt) Ltd., Ms. Stasshani Jayawardena gave the final closing remarks; “As we conclude this inaugural ceremony of the 150-year celebration, let us remember that the path ahead is bound to be ever more exciting and it is up to all of us, sitting here to paint the future with the brightest of colours of success. Let us not forget that no task worthwhile has come easy and let us continue a forward march to enrich this legacy of our past with our very own successes.”

Over the century and a half, the journey of Aitken Spence has created many benchmarks, pioneering endeavours and a reputation of integrity. In the recent Best Corporate Citizen Award 2018 organised by the Ceylon Chamber of Commerce, Aitken Spence was the coveted winner for the second consecutive year and among the top 10 corporate citizens for an unprecedented 13th consecutive year.

Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Financial Outsourcing, Insurance, IT, Printing and Apparel sectors.

Advertisements

Aitken Spence Net Assets Increases to Rs. 112.30 Per Share – Improves performance in the Second Quarter

14 Nov

Leading conglomerate Aitken Spence PLC’s financial results released to the Colombo Stock Exchange revealed quarterly revenue increasing year-on-year (YoY) to Rs. 12.41 billion from Rs. 12.27 billion while revenue for the six months was Rs. 22.98 billion. The Group also recorded an improved net assets per share value of Rs. 112.30.

Profits-before-tax (PBT) for the six months ended 30th September was Rs. 1.45 bn while the quarterly PBT was recorded as Rs. 971 million, both recording decreases over the previous year. After discounting the exceptional gain on disposal of Hotel Hilltop in September 2017, the Group has recorded a PBT growth of 19% year on year in the second quarter and registered a significant improvement over the performance of the first quarter of the current financial year.

Earnings per share for the quarter was reported Rs. 1.19 while Rs. 1.71 was reported for the six months.

The tourism sector reported a decrease in profits-after-tax of Rs. 594 mn YoY. This was mainly owing to the significant gain from divesting in Hotel Hill Top that amounted to Rs. 307.6 million last year. The devaluation of the rupee had a negative impact on the translation adjustment of foreign currency loans taken by the tourism sector, which also witnessed a drop in the contribution from Meedhuparu resort in Maldives due to its investment made in the new resort Aarah. However, the revenue of the tourism sector was up 8.4 percent YoY to Rs. 12.06 billion from Rs. 11.12 billion.

During the quarter, Aitken Spence-owned Turyaa Chennai won the Leading Designer Hotel – India (South) 2018 award at the South Asia Travel Awards, while Heritance Ayurveda  Maha Gedara won the Silver Award (hotels category) for excellent contribution towards environmental conservation at the Presidential Environmental Awards conducted by Central Environmental Authority (CEA).

There were significant improvements in the maritime & logistics and services sectors. The turnaround of cargo sector and improved performance of the ship agency operation resulted in an increase in profit-before-tax for the maritime & logistics sector. The sector revenue increased by 10.2 percent to Rs. 5.62 billion from Rs. 5.10 billion. The quarterly profit-after-tax of the sector increased by 24.9 percent to Rs. 711 million from Rs. 569 million, over the previous year.

Capital expenditure incurred on the construction of Aarah resort in the Maldives and the waste-to-energy power plant in the north of Colombo resulted in an increase in property plant and equipment of the Group by approximately Rs 3.5 billion. Heritance Aarah is expected to open in February in 2019. It will be the first resort outside Sri Lanka to be branded as ‘Heritance’, introducing a premium all-inclusive offering with elegantly designed villas.

The landmark waste-to-energy project is expected help solve both the waste disposal and energy supply challenges in the country at present. The project would be equipped to convert municipal solid waste to electricity, aimed at greatly relieving the Colombo City of its waste disposal burden.

Listed in the Colombo Stock Exchange since 1983 and marking its 150th year milestone in 2018, Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Financial Outsourcing, Insurance, IT, Printing and Apparel sectors. Aitken Spence is the reigning winner of the Ceylon Chamber of Commerce Best Corporate Citizen Sustainability award while being the only company in Sri Lanka to be ranked as a “Best Corporate Citizen” by Sri Lanka’s leading chamber for 12 consecutive years.

Large-Scale Housing, Water & Sanitation Projects at Dunsinane Estate of Elpitiya Plantations

17 Aug

158 new homes were built at Dunsinane estate, in the Nuwara Eliya District, owned and managed by Elpitiya Plantations PLC.    Out of  404 Housing  Units  which are being  constructed under the Indian Government’s large-scale housing project initiated in the country at a cost of Rs. 1.2 Mn.,  158 Housing Units were declared opened recently by Hon. Ranil Wickramasinghe, the Prime Minister of Sri Lanka.

The Indian Government initiated a programme to construct 14,000 housing units to provide decent houses in light of improving living standards of plantation workers under the ‘Plantation Villages’ concept introduced by the Sri Lankan Government in Central and Uva Provinces of Sri Lanka.

The above programme was initially launched in October 2014, as the first ever mega project to construct housing units at the Dunsinane estate and to provide public amenities such as a Child Development Centre, Community Development Centre and an internal road network for easy access to all housing units.

The General Manager of Dunsinane estate at the time when the project was initially launched, Mr. M.I. Izzadeen and the current Deputy General Manager of the up-country cluster Mr. Ranga Gunasekera and Manager of Dunsinane estate Mr. Asela Udumulla ensured the correct selection of sites, beneficiaries while assisting the respective officials of the Ministry in Hill Country New Villages, Infrastructure and Community Development and the Plantation Human Trust to facilitate the implementing Agency – UN-HABITAT to complete the task successfully.

Coinciding this event, another first ever mega project to provide safe and pure drinking water, and sanitation facilities at cost of Rs. 74 million, funded by the World Bank was ceremonially declared opened at Dunsinane estate by the Hon. Prime Minister and the distinguished guests. This project is the first of its kind implemented on an estate owned by a Regional Plantation Company and would benefit a population of over 6,000.

The opening ceremony was held with the presence of His Excellency Taranjit Singh Sandhu, High Commissioner of India to Sri Lanka and Hon. Naveen Dissanayake, Minister of Plantation Industries,  Hon. Palani Digambaram, Minister of Hill Country New Villages, Infrastructure and Community Development, Hon. Gayantha Karunathilaka, Minister of Lands and Parliamentary Reforms, Hon. Rauf Hakeem, Minister of City Planning and Water Planning, and other distinguished dignitaries felicitated this ceremonial event.

Elpitiya Plantations wishes to greatly acknowledge the kind gesture of the Government of India for implementing a housing project of such magnitude and for selecting Dunsinane estate to launch this Pilot Project to construct 383 housing units. A special note of appreciation to the key role played by Hon. Palani Digambaram, Minister of Hill Country New Villages, Infrastructure and Community Development, respective Ministry officials and officials of Plantation Human Development Trust and the implementing Agency – UN-HABITAT and other Government Institutions for initiating the above projects.

Elpitiya Plantations PLC is a public liability company and is one of Sri Lanka’s leading producers of exquisite high quality premium teas. The Company is managed by the Aitken Spence since 1997. Elpitiya Plantations comprises of 13 estates located in up, mid and low country regions, which cover more than 8,800 hectares. While the core business is focused on cultivation and manufacturing of tea, rubber, oil palm, coconut and cinnamon, the Company has diversified into sustainable forestry development, eco-tourism, hydropower development, and specialty teas.

Aitken Spence Printing Leads Industry with Carbon Neutrality

23 Jul

Image 001: Mr. Prasanna Karunathilake, Managing Director Aitken Spence Printing & Packaging (Pvt) Ltd receiving the Carbon Neutral Certificate from Mr. Sanith de S. Wijeratne, CEO / Strategic Planning & Communications – Carbon Consulting Company (CCC)

 

Image 002: Mr. Prasanna Karunathilake, Managing Director Aitken Spence Printing & Packaging (Pvt) Ltd receiving the ISO certificate from Dr. Lakmini Senadheera, Senior Technical Consultant – Verification & Quality Assurance – Sustainable Future Group (SFG)

 

Industry leader Aitken Spence Printing renewed its carbon neutral certification for the fourth consecutive year. The company was the first carbon neutral printing facility operator in South Asia. In accordance with the related requirements of The Carbon Neutral Protocol for the stated activity, the greenhouse gas (GHG) emissions are measured and has reduced to net zero through internal changes and/or externally through carbon credits/offsets.

Aitken Spence Printing minimises its environmental impacts through a comprehensive environmental management system.

“Globally, a growing number of customers seek to minimise their environmental footprint of the products they purchase. We are positioned as a preferred print solutions provider to leading global and local brands who seek to maintain the highest quality of their products while having a responsible supply chain, which their customers increasingly demand”, said Prasanna Karunathilake, Managing Director of Aitken Spence Printing.

The methodology undertaken to measure and reduce GHG emissions assessment is in accordance with the World Business Council for Sustainable Development (WBCSD) and the World Resources Institute (WRI) GHG Protocol and ISO 14064-1 Standard, and externally verified in accordance with The Carbon Neutral Protocol and ISO 14064-3 Standard.

The Carbon Neutral Certification is given by The Carbon Consulting Company (CCC) which is a Sri Lankan consultancy firm specialising in providing integrated sustainability business solutions.  Carbon credits used were retired from mini hydropower projects in Sri Lanka.

Alongside receiving the carbon neutral certification, Aitken Spence Printing obtained the ISO 14064-1 certification for the period August 2017 – August 2019 by a total direct and indirect carbon emission of 1,321 tons of Carbon Dioxide Equivalents (CO2e). The ISO 14064 standard (published in 2006) is part of the ISO 14000 series of International Standards for environmental management. The ISO 14064 standard provides governments, businesses, regions and other organisations with a complimentary set of tools for programs to quantify, monitor, report and verify greenhouse gas emissions.

Aitken Spence Printing obtained the certification upon the successful completion of the auditing process by Sustainable Future Group (SFG) – SFG provides accreditation and verification services and is accredited by the Sri Lanka Accreditation Board (SLAB) who is a member of the International Accreditation Forum (IAF).

Aitken Spence Printing is Sri Lanka’s leading printer that was the first LEED Gold certified printing facility in South Asia and was recognised for the fourth consecutive year as the industry’s best, by winning the Gold award in the Printing and Related Services category at the National Business Excellence Awards 2017.

The Company has pioneered many innovative benchmarks and enriched the industry with sought after professionals over six decades. Aitken Spence Printing offer a range of services from packaging, publications, magazines, seasonal products such as calendars and diaries; and caters to a wide range of industries such as tea, apparel, FMCG and pharmaceutical. Operating in a fiercely competitive industry, Aitken Spence Printing enjoys a leading market share in the printing industry of Sri Lanka. The company was also the first LEED-certified, carbon neutral printing facility operator in South Asia.

Aitken Spence Spreads Good Waste Management Practices

23 Jul

More than 100 Aitken Spence staff volunteered to spread awareness of good waste management practices among businesses and residents, while cleaning up the Vauxhall Street neighbourhood in Colombo on Saturday, close to where the company is headquartered.

Several teams belonging to hotels, travels, maritime services & shipping, cargo, insurance, plantations, financial services, property management, elevator agency and aviation business sectors operating from Aitken Spence Towers on Vauxhall Street stretched across Vauxhall Street and the neighbouring Beira Lake boundary to clean up waste and educate local residents and businesses on best practices in waste management.

Aitken Spence is the reigning winner of the Ceylon Chamber of Commerce Best Corporate Citizen Sustainability award while being the only company in Sri Lanka to be ranked as a “Best Corporate Citizen” by Sri Lanka’s leading chamber for 12 consecutive years.

Staff of Aitken Spence engaged in conversations with residents and businesses in the area about methods to better manage waste. The volunteers distributed awareness posters and in some cases helped local businesses put up the posters at their premises.

“As a business we continuously attempt to share our best practices with our neighbouring communities wherever we operate. It is evident in our longstanding relationships with local communities across Sri Lanka and beyond where we try to partner for greater good” said Dr. Rohan M Fernando, Director and Head of Business Development & Plantations of Aitken Spence PLC.

“I would like to thank all the employees who took their valuable time on Saturday morning to emphasize the importance of waste management and clean neighbourhoods by engaging proactively with our neighbouring community in Colombo”, he added.

Sustainability professionals of Aitken Spence conducted awareness workshops for tenants and staff of the YWCA at its premises, as well as for contracted janitorial and security staff at Aitken Spence Towers office complex.

The initiative was in support of the “No Kunu” movement which aims to build better waste management practices in Colombo.

Aitken Spence Posts 22% Growth in PBT in 2017/18

22 May

Aitken Spence PLC recorded a steady financial performance for the twelve months ending 31st March 2018 with a 22% year-on-year growth in profit-before-tax from Rs. 5.2 billion to Rs. 6.4 billion, its highest ever. The leading conglomerate recorded an increase in its annual revenue by 14.9% from Rs. 45.9 billion to Rs. 52.7 billion. The company also reported the highest ever profit-after-tax of Rs. 5.1 billion, which was an increase 27.3% from the previous year.

The diversified group concluded the reporting period with a strong fourth quarter performance during which both revenue and profit-before-tax figures showed strong growth trajectories.

Aitken Spence PLC’s profit-before-tax increased by 31.4% from Rs.2.4 billion to Rs. 3.1 billion in the fourth quarter, over the previous year, while revenue increased by 7.9% from 15.4 billion to Rs. 16.6 billion. The profit-after-tax increased by 47.1% from Rs. 1.8 billion to Rs. 2.7 billion in the fourth quarter.

The holding company’s revenue growth reflected across all key operational sectors including tourism, maritime and logistics, strategic investments and services.

The tourism sector recorded a growth of 18.2% in revenue to Rs. 28.5 billion, while the maritime and logistics, strategic investments, and services sectors reported revenues of Rs. 10.7 billion, Rs. 19.3 billion and Rs. 1.9 billion respectively, indicating a growth of 7.7%, 6.3% and 16.8% respectively over the year.

Aitken Spence PLC reported a profit attributable to shareholders of Rs. 3.6 billion, a rise of 23.2% while earnings per share also rose by 23.2% from Rs. 7.12 to Rs. 8.77. The earnings per share surged by 47.1% from Rs. 3.03 to Rs. 4.46 for the fourth quarter, year-on-year.

Sri Lankan hotels ended the year with a satisfactory performance. All properties under the Group’s flagship Heritance brand achieved revenue targets, with Kandalama, Tea Factory and Ayurveda Maha Gedara reporting good results despite being affected by a slow start to the year. Despite severe competition facing beach properties Heritance Ahungalla recorded a satisfactory performance, while the newest addition to the portfolio –Heritance Negombo, shows great promise for the future.  Meanwhile Turyaa Kalutara made steady progress towards a turnaround, as did Hotel RIU, where the Group has a 60% shareholding.

The global and local market conditions have remained less than favourable, with slow market growth impacting many of the operational sectors Aitken Spence PLC is engaged in.

“Despite challenges posed by a turbulent operating environment, our prudent and astute strategies continued to hold Aitken Spence in good stead, enabling the Group to achieve a remarkable performance recording its highest ever profit before tax of Rs. 6.4 billion during the year. In the year under review, we switched gears and accelerated the pace to reach the next phase of our growth agenda,” stated Aitken Spence Deputy Chairman and Managing Director, Mr  J.M.S. Brito.

“The year also saw the power generation segment to begin work on a landmark waste-to-energy project, that would help solve both the waste disposal and energy supply challenges in the country at present. The project would see the construction of a 10MW waste-to-energy plant in Muthurajawela which upon completion, would be equipped to convert municipal solid waste to electricity, which I expect would greatly relieve the Colombo City of its waste disposal burden,” added Mr. Brito.

“Moving forward, I am convinced that the Group has the resilience and the capability to accelerate its growth trajectory even amidst headwinds by drawing on our innate domain expertise and business acumen. In doing so we will look for long term growth opportunities by focusing on sectors and markets where we see ourselves having a distinctive role, now and in the future. We will continue the strategy of expanding in domestic and offshore markets through enabling partnerships and improving competitiveness by making consistent investments in technology, people and processes,” he added further.

Listed in the Colombo Stock Exchange since 1983 and marking its 150th year milestone in September 2018, Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Financial Outsourcing, Insurance, IT, Printing and Apparel sectors.

Aitken Spence Rated Platinum Consecutively for Corporate Accountability

21 Mar

Aitken Spence PLC was rated Platinum for its corporate accountability practices and performance in the STING Corporate Accountability Index 2018 for the 6th consecutive year. The leading conglomerate has been ranked among the top three companies in the index since 2011.

Published by LMD bi-annually, the index rated the top 50 companies from the LMD 100 (excluding investment companies) as well as key state-owned enterprises on a holistic and integrated model covering corporate responsibility, sustainability and governance. STING Corporate Accountability Index, which is currently published every other year in the LMD magazine is the country’s most comprehensive ranking of corporate entities on their commitment to corporate accountability.

The integrated sustainability policy and its implementation framework that drives the sustainability strategy of the group has been categorized as the best in policy coverage in the index on many occasions.

The index assesses the companies in six areas of corporate values; stakeholder engagement; impacts, risks and opportunities; policy coverage; management and governance; and measurement and disclosure. Each of these areas consist a range of criteria that should be in place to operate through a truly responsible framework. There are 5 categories to the ranking namely, Platinum: 75-100, Gold: 60-74.9, Silver: 50-59.9, Bronze: 40-49.9 and Unclassified: 39.9 and below. The rating reflects the extent to which the largest companies operating in Sri Lanka have embedded accountability and responsibility in their daily operations in becoming sustainable business entities.

Accountability is strongly attested by Aitken Spence that also won the Best Corporate Citizen Sustainability Award 2017 conducted by the Ceylon Chamber of Commerce. The company has been ranked among the Top 10 Corporate Citizens for an unprecedented 12 consecutive years.

“We look at sustainability as a part of our business strategy to be more reliable to our stakeholders and more competitive in the marketplace. Our diverse sectors pose a myriad of opportunities to grasp and risks to manage. The Aitken Spence corporate sustainability framework provides a framework for our various sectors to align their business strategies to achieve resilient growth”, said Dr. Rohan Fernando, Director and Head of Business Development and Plantations of Aitken Spence PLC.

Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Financial Outsourcing, Insurance, IT, Printing and Apparel sectors.

Stanford MBA Students Visit Aitken Spence on Study Visit to Sri Lanka

13 Jan

Thirty MBA students and several professors from Stanford University visited Aitken Spence PLC as a part an intensive study tour to Sri Lanka, recently.

The students’ visit was aimed at gaining a deep understanding of how Sri Lanka was healing from the deep wounds of decades-long armed conflict and how the country is embarking on an ambitious social and economic development programme. During an intense one-week programme ended on the 5th of January, the visiting group held meetings with leaders of the private and government sector, non-governmental organisations and social organisations.

The visit of the Stanford MBA students and faculty was made possible by the 2017 Distinguished Careers Institute Fellow at Stanford University Tushara Canekeratne, Founder & CEO, Nadastra, Inc.and Co-Founder of Virtusa Corporation.

The MBA students from Stanford University engaged in discussions with Aitken Spence directors, J M S Brito (Deputy Chairman & Managing Director/CEO), Stasshani Jaywardena (Head of Leisure) and Dr. Rohan M Fernando (Head of Business Development & Plantations) on a range of topics that included external business challenges, strategy, government relations and sustainable business.

Stanford School of Business is one of the top business schools in the world. The Stanford MBA program, with a 6% admission rate, enrols the most selective class among business schools. Faculty includes Nobel laureates and pioneering thinkers in areas from economics to organizational behaviour and operations. The school convenes a full panoply of CEO speakers, forums, and global leaders.

Aitken Spence Second Quarter PBT Up by 15%

9 Nov

 

 

 

 

 

 

 

Aitken Spence PLC posted Rs. 1.12 bn as profits before tax in the three months ended 30th September, an increase of 15.4% year-on-year. Profits attributable to equity holders of the company increased by 8% to Rs. 584 mn while revenue rose by 24.5% to Rs. 12.26 bn, in the quarter from last year.

Earnings per share for the quarter was Rs. 1.44, an increase of 2.3% over the corresponding period.

Financial results released to the Colombo Stock Exchange on Monday showed revenue of Rs. 23.9 bn for the six months ended 30th September 2017, a growth of 37.5% over the corresponding period last year.  Profit before tax for the six months rose by 23.8% to Rs. 1.8 bn, while profit attributable to equity holders of the company increased by 18.9% to Rs 939 mn.

Revenue from all four sectors, namely Tourism, Maritime & Logistics, Strategic Investments and Services, increased over the six months, compared to last year.

“The Hotels sector occupancy levels have improved over the past year, although yields have been challenging across the markets that we operate, especially in Sri Lanka and the Maldives”, said J M S Brito, Deputy Chairman and Managing Director of Aitken Spence PLC.

Aitken Spence initiated a waste-to-energy project in August this year that would add 10 MW to the national grid in two years, in addition to providing a long-term solution to the garbage disposal problem in the Colombo Municipality.

Aitken Spence Hotel Holdings PLC, a group company divested its entire holding in its fully owned subsidiary M.P.S. Hotels (Pvt) Ltd., on the 21st of September 2017. The resultant gain on disposal of this investment is reflected under other operating income.

Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Printing, Financial Outsourcing, Insurance, and Apparel sectors.

AITKEN SPENCE PLC POSTS A 38% GROWTH IN PBT TO RS. 5.2 BN in 2016/17

27 May

 

 

 

 

Deshamanya D.H.S. Jayawardena- Chairman of Aitken Spence PLC.

 

 

 

 

Mr. J.M.S. Brito – Deputy Chairman and Managing Director of Aitken Spence PLC.

 

Aitken Spence PLC recorded a 38% rise in its profit before tax year-on-year with a top line of Rs. 45.9 billion for the year ended on the 31st of March. The conglomerate concluded the reporting period with a strong fourth quarter performance during which both revenue and PBT figures showed strong growth trajectories.

The holding company’s revenue growth reflected across all key operational sectors including tourism, maritime and logistics, strategic investments and services. The mid to long term strategic investments made by the group in preceding years performed well in spite of challenging market conditions.

The tourism sector recorded a growth of 32% in revenue to RS. 24 billion, while the maritime and logistics, and services sectors reported revenues of RS. 9.9 billion and RS. 1.7 billion respectively, indicating a growth of 20% and 43% respectively over the year.

Commenting on the Group’s inclination towards making mid to long term investments, Deshamanya D.H.S Jayawardena, Chairman of Aitken Spence PLC stated, “we have been quick to identify new investment opportunities where we can diversify to remain relevant in the present business context. Catalysed by our investment model, we seek strategic partnerships with global partners that would provide a competitive edge in the markets we intend to serve. At present, we have identified Tourism and Maritime and Logistics as key growth sectors, and have made significant strides in the current financial year to expand the Group’s footprint in these selected business domains.”

Aitken Spence PLC reported a profit attributable to shareholders of RS. 2.9 billion, a rise of 43% while earnings per share also rose by 43% to RS. 7.12

The global and local market conditions have remained less than favourable, with slow market growth impacting many of the operational sectors Aitken Spence PLC is engaged in.

Furthering its commitment towards making key strategic investments, the Group invested RS. 5.8 billion in acquiring property, plant and equipment. Investments made in prospective verticals are expected make returns in the medium to long term.

“Despite challenges faced from external factors by some of the key sectors, the Group had a commendable year of performance.  Over the years we have invested to build robust businesses underpinned by strong fundamentals. Our presence in diverse sectors has been the cornerstone of Aitken Spence PLC’s success, cushioning the Group during times of economic adversity. In the year under review, we switched gears and accelerated the pace to reach the next phase of our growth agenda. Uncertainty becoming the new normal for many of our businesses, our purpose for the year was not to be distracted by it, but rather look for opportunities that would take the Group to new heights,” commented Mr. J.M.S Brito.

Listed in the Colombo Stock Exchange since 1983, Aitken Spence is a blue chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Financial Outsourcing, Insurance, IT, Printing and Apparel sectors.