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Aitken Spence records PBT of Rs. 8.5 Bn for 1H 2022/23

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Quadruple-digit growth over the previous year

The diversified blue-chip Aitken Spence PLC reported a profit before tax of Rs. 8.5 Bn for the six months ended 30th September 2022. This is an exponential quadruple-digit growth compared to Rs. 266.7 Mn recorded for the same period during the previous year.

Aitken Spence PLC reached an EBITDA (Earnings inclusive of equity accounted investees before interest expenses, tax, depreciation and amortization) of Rs. 17.0 Bn for the first half of the financial year, which was also 272% higher than the EBITDA of Rs. 4.6 Bn recorded during the first half of the previous year

This exceptional performance was driven by the Group’s diverse presence in eight countries spanning sixteen segments of operation. It is noteworthy that these results were achieved in a scenario in which the Group’s finance costs increased by over 150% due to the high-interest rates on the LKR and USD prevailing during the period.

The Group secured a revenue of Rs. 43.3 Bn for the first half of the financial year, which is a 133.3% growth over the revenue of Rs.18.6 Bn recorded for the same period of the previous year.

The Group’s maritime & freight logistics sector contributed the highest sector PBT of Rs. 5.1 Bn for the six months with an impressive growth of 188.6%.

The Group’s strategic investments sector recorded a PBT of Rs. 4.4 Bn is driven by a triple-digit growth of 703.3% for the six months ended 30th September 2022.

The improved performance was driven by the Group’s plantations, printing and packaging and apparel manufacture segments and the sizable exchange gain recorded in the holding company contributed substantially towards this increase in the profits of the strategic investments sector.

During the quarter under review, expanding the Group’s portfolio of renewable energy plants, the Group acquired 100% shareholding in one of the largest utility-scale solar farms in the country for a significant investment of Rs. 1.4 Bn.

The Group’s tourism sector showed a significant improvement as they recorded a decrease in losses of 42.5% for the six months that ended 30th September 2022, despite the multiple crises that directly impacted the tourism industry.

“There is much uncertainty, but Aitken Spence will continue to ensure that its business models are sustainable and will enrich our communities and our environment,” commented Managing Director Dr. Parakrama Dissanayake.

The Group’s services sector recorded a 7.9% growth in PBT led by the insurance and property development segments for the six months ended 30th September 2022.

Tuesday, November 8, 2022 – 01:00











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