Chairman Harry Jayawardena

Jt. Deputy Chairperson and Jt. MD Stasshani Jayawardena

Deputy Chairman and MD Dr. Parakrama Dissanayake

Leading blue-chip conglomerate Aitken Spence PLC reported an impressive EBITDA (earnings before interest cost, tax, depreciation and amortisation) of Rs.4.3 billion for the first quarter of 2024/25 (1Q25), a triple-digit growth of 111 percent over that of the first quarter of the previous year.

The group achieved a profit before tax of Rs.575.8 million in the first quarter, which was a significant turnaround from the loss recorded in the previous year.

The group’s tourism sector recorded an EBITDA of Rs.1.7 billion, followed by the group’s maritime, freight and logistics sector, which recorded an EBITDA of Rs.1.2 billion. The strategic investments sector demonstrated a stable performance during the quarter, whilst the group’s services sector was slightly hampered by multiple factors.
While the Sri Lankan hotels segment and majority of the overseas hotels saw an improvement in occupancy levels, the Sri Lankan rupee appreciation during April 2024 had a subdued impact on the group’s destination management segment. 

The slight dip in freight rates and the impact of the exchange rate affected the performance of the maritime, freight and logistics sector. 

The stronger operational performance of the group’s hydropower companies and the waste-to-energy power plant together with the recovery of long outstanding dues from the sole off-taker made a positive impact on the group’s strategic investment sector. 

The lower exchange rate on remittances generated in the money transfer business and additional costs incurred in the completion of delayed projects by the elevator segment impacted the group’s services sector. 

Listed on the Colombo Stock Exchange since 1983, Aitken Spence is anchored to a heritage of excellence spanning over 150 years and driven by a team of more than 13,000 across 16 industries in 11 countries: Sri Lanka, the Maldives, Fiji, India, Oman, Myanmar, Mozambique, Bangladesh, Cambodia, Singapore and the UAE.