Highest ever profit of Rs.14.2 bln for 2021/2022 at Aitken Spence
View(s):Diversified blue-chip Aitken Spence PLC has reported a profit before tax of Rs. 14.2 billion for the 12 months ending 31st March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year, in a huge change of fortunes.
This performance was driven by the group’s diverse presence in eight countries spanning 16 segments of operation. “The diversity of the group’s operations and the transformational leadership and rigorous management of processes and costs showcased by all segments in achieving these results are testimony to its ability to perform even under trying socio-economic conditions,” the company said in a media release.
The asset rich Aitken Spence Group grew its total asset base by 34.3 per cent during the year to Rs. 197.3 billion at year end, with Rs. 127.9 billion of these assets being non-current assets, predominantly property, plant and equipment. The diversity of the group is further augmented by the fact that 46.7 per cent of those total assets are from overseas operations.
The group’s EBITDA (earnings inclusive of equity accounted investees, before interest expenses, tax, depreciation, and amortisation) for the year was Rs. 23.1 billion compared to Rs. 4.9 billion recorded the previous year.
The maritime and freight logistics sector contributed to the group’s performance by recording its highest profit of Rs. 4.9 billion, a growth of 92.1 per cent.
The tourism sector showed an outstanding turnaround in performance to record a profit before tax of Rs. 2.5 billion compared to a loss before tax of Rs. 7.9 billion the previous year. This was supported by the contribution from the group’s overseas hotels and an improved performance from the Sri Lankan hotels, while the new charter operations from the Eastern European and Central Asian markets facilitated by the group’s destination management segment also boosted earnings.
“Despite facing several global and domestic challenges during another tumultuous year, Aitken Spence recorded the highest ever profit before tax in its entire history which is a significant milestone for the group. The geographic diversity of the group was key to delivering phenomenal results underlined by our approach ‘if we do not risk anything, we risk even more’,” said Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!