JCT profits increase 275% in FY 2022
Jaya Container Terminals Limited (JCT Limited), a fully owned subsidiary of the Sri Lanka Ports Authority (SLPA) reached unprecedented heights as it accumulated a 275% increase in profits in the 2022 financial year.
This was due to an unprecedented earning of Rs. 608 million in revenue for 2022, which is a 104% increase from the year 2021 and a 180% increase from 2020. The fluctuating currency exchange rates also played a role in the increase of the profits, adding 40% to it.
This revenue has a significant impact on the country’s economy, as the Colombo Port plays a direct and integral role in it. A plethora of JCT’s clientele also plays a significant role in the provision of fuel for the ships that visit the port, which is in turn a vital service for the Colombo Port. Since 2008, its primary business has been to store marine fuel, including Low Sulphur Fuel (LSF) and Marine Gas Oil (MGO) for seagoing vessels.
JCT has seen phenomenal growth and turnover in the recent past, despite the fuel crisis that prevailed in Sri Lanka.
Another significant contributor to the company’s forward march was its ability to transform from High Sulphur Fuel to Low Sulphur Fuel. This occurred in 2020, due to a requirement from the International Maritime Organization (IMO), to accommodate only LSFO. However, JCT was able to accommodate High Sulphur Fuel also if required. This also added significantly to the income that was reflected in 2022.
JCT Chairman Lakmal Ratnayake, said, “It is fantastic to see the JCT reach such phenomenal heights in terms of revenue and profit and thanked all who support this endeavour.”
Jaya Container Terminals MD Ranjith Maligaspe said, “It is great to see the company reach these incredible heights, especially in the midst of these most challenging of circumstances.