Janashakthi reports Rs.18.34 bn revenue in 9mths-2024
View(s):Janashakthi Group (JXG), Sri Lanka’s emerging financial conglomerate, announced its financial performance for the nine months ending December 31, 2024, with group revenue reaching Rs.18.34 billion and Earnings Before Interest and Tax (EBIT) of Rs.6.18 billion.
Ramesh Schaffter, Managing Director/Group CEO at JXG said, “For over 30 years, Janashakthi Limited 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 December 31, 2024. During the interim period, First Capital Holdings reported a robust Profit After Tax (PAT) of Rs.4.53 billion and a 37 per cent Return on Equity (ROE), highlighting its strong financial performance.
Janashakthi Insurance demonstrated a strong growth trajectory with an impressive 44 per cent 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.
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