Aitken Spence records Rs. 2.9 bln EBITDA across all sectors for 2Q

Aitken Spence PLC said this week that it has reported “an impressive growth of 388 per cent” from its earnings before interest expense, tax, depreciation and amortisation ( EBITDA) of Rs. 2.9 billion compared to Rs. 595 million in the 2Q of the previous year.

During the 2Q the group’s non- tourism sectors recorded a growth of 35 percent from its EBITDA of Rs. 2 billion against Rs. 1.5 billion during the 2Q of the previous year. The group’s tourism sector reached a significant triple digit growth of 188 per cent from its EBITDA of Rs. 824 million as against a loss of Rs. 940 million during the 2Q of the previous year, the company said in a media release.

The group’s maritime and freight logistics sector contributed the highest profitability with improved performances from the Cargo GSA, freight forwarding and overseas port management operations. The sector recorded a 57 percent increase in profit-before-tax (PBT) for the six months ended 30th September 2021.

The statement said the group’s strategic investments sector

recorded a performance driven by a triple digit growth of 107 per cent in PBT for the six months ended 30th September 2021. The newly commenced waste-to-energy power plant and the recently acquired Waltrim mini-hydro power plants enhanced the profitability of the sector alongside the plantations segment that provided a substantial boost to the group’s strategic investments sector.

The group’s services sector recorded an 83 percent growth in PBT led by the money transfer and elevator agency operations for the six months under review.

The group’s tourism sector showed a significant improvement as they recorded a decrease in losses of 54 per cent for the six months ended 30th September 2021, amidst the pandemic related travel restrictions. The hotels segment in the Maldives witnessed higher occupancy volumes and is on an encouraging trajectory.

The group recorded a growth of 156 percent in PBT of Rs. 734 million during the 2Q of 2021 compared to a loss of Rs. 1.3 billion in the 2Q of the previous year.

“The Aitken Spence performance has been improving each quarter despite the pandemic. The driving factors are the group’s integrated strategies led by the top management and our hardworking and committed teams that have executed them well by demonstrating purposeful leadership,” said Dr. Parakrama Dissanayake, Deputy Chairman and Managing Director of Aitken Spence PLC.