Aitken Spence records highest ever profit of Rs 14.2B

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The diversified blue-chip, Aitken Spence PLC reported a profit before tax of Rs 14.2 billion for the twelve months ended 31 March 2022 compared to the loss reported before tax of Rs. 2.8 billion last year.

The asset rich Aitken Spence Group grew its total asset base by 34.3% 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% of those total assets were from overseas operations. Aitken Spence net assets per share stood at Rs. 162.44 as of 31  March 2022, which is a 33.3% growth over the previous year.

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% for the twelve months ended 31 March 2022.

The Group’s tourism sector showed an outstanding turnaround in performance to record a profit before tax of Rs 2.5 billion for the twelve months ended 31 March 2022 compared to a loss before tax of Rs 7.9 billion the previous year.

The Group’s strategic investments sector recorded a profit before tax of Rs 6.1 billion for the twelve months ended 31 March 2022 compared to Rs 2 billion last year.

The Group’s services sector recorded a profit before tax of Rs 708 million for the twelve months ended 31 March 2022 compared to Rs 392 million last year.

“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’. This has been our ethos and guide in making bold decisions to move early to seize opportunities. Our strategies were well executed by our Spensonians who continued to demonstrate their agility, adaptability and professionalism as they delivered an applaud-worthy performance. I wish to thank our Chairman Deshamanya Harry Jayawardena for his astute leadership, policy direction and strategic guidance and also extend my appreciation to our principals and business partners for their immense support. We will create new and better sustainable opportunities and continue to move forward amidst our struggle together as one nation”, commented Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.