Janashakthi Group achieves Rs. 18.34 b revenue for nine months of FY25

Janashakthi Group (JXG), Sri Lanka’s emerging financial conglomerate, announced its financial performance for the period ending 31 December 2024, with Group revenue reaching Rs. 18.34 billion and an Earnings Before Interest and Tax (EBIT) of Rs. 6.18 billion. 

JXG Managing Director/Group CEO Ramesh Schaffter said: “For over 30 years, Janashakthi Ltd. has been a steady yet low-profile presence, with Janashakthi Insurance PLC as its flagship entity. Recognising the opportunity to become Sri Lanka’s first financial conglomerate, we introduced ‘JXG’ as the umbrella brand of Janashakthi Group in 2024, marking a new era of growth and transformation.”

Strengthening its position as an integrated financial conglomerate, JXG saw strong performances across its key subsidiaries. During the interim period under review, First Capital Holdings PLC led revenue contribution with Rs. 10.72 billion, followed by Janashakthi Insurance PLC at Rs. 4.89 billion, and Orient Finance PLC at Rs. 3.52 billion.

Each subsidiary demonstrated solid operational performance and strategic growth during the interim period. JXG’s strong financial results reflect improved performances across key sectors, supported by a stabilising macroeconomic environment in Sri Lanka.

First Capital Holdings’ primary dealing unit, First Capital Treasuries, played a crucial role in the Group’s success, managing a substantial Government securities portfolio of Rs. 66.19 billion as of 31 December 2024. During the interim period, First Capital Holdings reported a robust Profit After Tax (PAT) of Rs. 4.53 billion and a 37% Return on Equity (ROE), highlighting its strong financial performance.

Janashakthi Insurance demonstrated a strong growth trajectory with an impressive 44% increase in Gross Written Premiums (GWP) compared to its December 2023 financial year end, achieving a PAT of Rs. 3.53 billion, excluding policyholder book earnings. The company strengthened its presence with an expanded network, including a new branch in Mathugama, while delivering an impressive 30% ROE. 

Orient Finance established two new branches in the Eastern region – Chenkalady and Kaluwanchikudy – bringing its total branch network to 37. This strategic commitment to expansion, coupled with a 29% growth in asset base compared to December 2023, delivered a PAT of Rs. 254 million and a ROE of 9%, reflecting the company’s successful efforts to strengthen its market presence in key growth regions.

“Our three key subsidiaries continue to deliver outstanding performance, exceeding expectations. Looking ahead, we remain focused on expanding the Group, with strategic initiatives including group-wide strategic planning, strengthening of investor relations, tapping into local and international partnerships, enhancing our financial services portfolio, and revamping our CSR arm Janashakthi Foundation. JXG’s true potential is set to unfold in the coming financial quarters, positioning us for sustained growth and long-term success,” Schaffter added. 

JXG Group Chairman Chandana De Silva said: “The robust financial performance across our subsidiaries demonstrates the strength of our diversified business model and the success of our strategic initiatives. Our investment grade rating upgrade reflects the market’s confidence in our financial stability and growth trajectory. As we continue to expand our presence in key financial sectors, we remain committed to delivering sustainable value to our stakeholders through innovation, prudent risk management, and operational excellence.” 

The Group has achieved investment-grade status with a BBB- rating from the Lanka Rating Agency (LRA), reflecting a strong market position across key financial sectors.