By: Staff Writer
November 18, Colombo (LNW): Billionaire Businessman Harry Jayawardena led Aitken Spence PLC, the regional leader among leading conglomerates under the guidance of billionaire businessman Harry Jayawardena, has recorded an EBITDA of Rs. 8.9 billion for the first half of 2024, a growth of 10.4% from last year.
Profit from operations excluding foreign exchange impacts for the period surged appreciably by 38.7% to Rs. 3.5 billion from Rs. 2.5 billion.
Maritime and Freight Logistics had a more challenging year, with a PBT of Rs. 2.3 billion, owing to lower business volumes and rupee volatility.
The Strategic Investment sector reported a PBT of Rs. 728 million, more than a two-fold increase from last year’s value. This was due to strong returns from its hydropower investments and the rollover of interest from renewable energy investments.
Aitken Spence’s Tourism sector reflected an improvement, with losses reducing by 36.9%, principally due to improved occupancies and higher room rates.
The destination management arm, however, faced challenges emanating from macroeconomic pressures: an 18% VAT introduction that could not be factored into existing tour packages, and disruptions in the Red Sea affecting cruise tourism.
The Services business booked a loss of Rs 52.1 million due to increasing costs in the elevator business and lower average exchange that negatively affected money transfer services.
However, the consolidated PBT for the Group, before foreign exchange effects, had an excellent turnaround from a previous period loss of Rs 1.2 billion to a profit of Rs 1.5 billion.
Aitken Spence continues to focus on ensuring sustainability through a Sustainability Council spearheaded by its Executive Director Dr. Rohan Fernando.
The council, comprising senior management, oversees environmental and social objectives. In the quarter under review, the Council worked towards mapping onto IFRS S 1 and S 2 standards.
In line with the Disaster Risk Management Strategy of the Company, Aitken Spence carried out its first earthquake and night-time fire drills at Aitken Spence Towers.
The environmental monitoring by the Group increased by 16% in total energy usage, due to the expanded scale of operations in Tourism and Strategic Investments; water consumption was reduced by 34%, reflecting strict conservation measures.
Aitken Spence also contributes to broader climate actions through hosting meetings of the UN Global Compact’s Climate Emergency Task Force in its efforts to drive business-led climate action.
To develop professional growth, the HR team initiated a mentoring program, ‘Spence Luminary,’ at Aitken Spence and trained 50 senior leaders on mentorship skills. An online platform was given to connect the employees with their mentors.
As part of its Diversity, Equity, and Inclusion objectives for the representation of women in leadership positions to reach 30% by 2030, 40 female managers underwent a mini-MBA-type leadership program.
Listed on the Colombo Stock Exchange since 1983, Aitken Spence has a history running for over 150 years, employing more than 13,000 people in 16 industries across 11 countries, including Sri Lanka, Maldives, India, and UAE.
