Aitken Spence records significant growth

Aitken Spence PLC has recorded impressive growth in financial results for the nine months ending on 31 December 2018 with a 21.3% year-on-year growth in profits-before-tax from Rs. 3.28 billion to Rs. 3.97 billion. 

The leading conglomerate recorded an increase in revenue of 1.5% over the previous year, from Rs. 36.2 billion to Rs. 36.7 billion for the nine-month time period. 

The diversified group’s profits-before-tax increased by 52.9% from Rs.1.47 billion to Rs. 2.26 billion in the third quarter, over the previous year. Revenue increased by 12.1% from Rs. 12.2 to Rs. 13.7 billion. 

Earnings per share for the nine months increased by 25.4% from Rs. 4.31 to Rs. 5.41, while it increased by 56% from Rs. 2 to Rs. 3.12 for the third quarter, year-on-year. 

“We are pleased to announce that Aitken Spence has recorded considerable growth in profit-before-tax and revenue for the nine months and quarter. All our four sectors – tourism, maritime & logistics, strategic investments and services – showed significant growth in profit-before-tax and revenue during the third quarter,” said Deputy Chairman and Managing Director J.M.S. Brito. 

The tourism sector growth was driven by a strong performance by the destination management segment consisting of Aitken Spence Travels which has increased the number of tourists handled steadily over last few years. Whilst Aitken Spence resorts in the Maldives continued to perform well in spite of increased international competition, the Sri Lankan hotels segment improved its financial results over the previous year, during period under review. 

The company’s latest addition to its hospitality portfolio, Heritance Aarah that presents a premium all-inclusive offering is expected to open next month as the first Heritance property in the Maldives. 

The maritime & logistics sector posted growth in both top and bottom lines with improved results from maritime services, cargo and logistics segments. Aitken Spence is one of the largest integrated logistics service providers in Sri Lanka. 

The strategic investments sector that includes power generation, plantations, printing and garments segments also showed considerable growth over the previous year for the period under review. The 10MW waste-to-energy project under construction is expected to help solve both the waste disposal and energy supply challenges in the country at present. The project would be equipped to convert municipal solid waste to electricity, aimed at greatly relieving the Colombo City of its waste disposal burden. The waste-to-energy plant will add to the current portfolio of hydro, thermal and wind power plants developed and run by Aitken Spence. 

In a landmark move, Aitken Spence recently commenced a joint venture with Fijian Holdings – one of Fiji’s leading conglomerates – to invest in and manage the government printery in Fiji. Aitken Spence will be providing the expertise in management and leadership to upgrade the government printery with new technology to make it one of the best in the region. 

Listed in the Colombo Stock Exchange since 1983 and marking its 150th year milestone in 2018, Aitken Spence is a blue-chip conglomerate with a strong regional presence in the Hotels, Travels, Maritime Services, Logistic Solutions, Plantations, Power Generation, Printing, Insurance and Apparel sectors. Aitken Spence is the reigning winner of the Ceylon Chamber of Commerce Best Corporate Citizen Sustainability award while being the only company in Sri Lanka to be ranked as a “Best Corporate Citizen” by Sri Lanka’s leading chamber for 13 consecutive years.