August 14, Colombo (LNW): Aitken Spence PLC, a leading blue-chip conglomerate, has reported an exceptional performance for the first quarter of 2024/25, with its EBITDA (Earnings before Interest, Tax, Depreciation, and Amortization) surging by 111% to Rs. 4.3 billion compared to the same period last year.
The Group achieved a Profit before Tax (PBT) of Rs. 575.8 million, marking a significant improvement from the loss recorded in the previous year.
Key sector performances included: Tourism: Recorded an EBITDA of Rs. 1.7 billion.Maritime, Freight, and Logistics: Achieved an EBITDA of Rs. 1.2 billion.Strategic Investments: Maintained stable performance, bolstered by the strong operational results from hydro power companies and a waste-to-energy power plant.
The Sri Lankan hotels segment and most overseas hotels saw improved occupancy levels, although the Group’s destination management segment was slightly impacted by the appreciation of the Sri Lankan rupee in April 2024.
Additionally, lower freight rates and exchange rate fluctuations affected the maritime and logistics sector’s performance.
Challenges included a lower exchange rate impacting remittances in the money transfer business and additional costs incurred by the elevator segment due to delayed project completions.
During the quarter, Heritance Kandalama celebrated its 30th anniversary, and Aitken Spence Hotels was recognized among LMD’s Top 5 Most Awarded Hall of Fame for leading the hospitality sector.
Aitken Spence Travels won the Best Management Practices Award 2024 in the hospitality and tourism category, and Aitken Spence Cargo secured first place in the ‘Shipping & Shipping Related Services Sector’ at the National Business Excellence Awards 2024.
In sustainability, Aitken Spence’s waste-to-energy power plant was highlighted in a UN Global Compact publication as an impactful initiative from Sri Lanka. As a long-time signatory of the UNGC,
Aitken Spence’s commitment to sustainability aligns with the global Sustainable Development Goals (SDGs), showcasing its significant contributions to both local and global development efforts.
