Aitken Spence reports highest ever Q3 PBT of Rs. 3 b

Aitken Spence PLC has reported its’ best ever third quarter (Q3) performance with a Profit-Before-Tax (PBT) of Rs. 3 billion in Q3 2021- 22, a significant turnaround from the third quarter Q3 of the previous year, the company said in a media release this week.

The group’s businesses including the tourism sector is showing positive momentum. Across all sectors, the group’s earnings before interest expense, tax, depreciation and amortisation (EBITDA) was Rs. 5.2 billion compared to Rs. 1.2 billion in Q3 of the previous year. “The group also recorded an EBITDA of Rs. 9.8 billion for the nine months ended 31st December 2021. Despite considerable economic headwinds, the organisation’s agile strategy was reflected in the group’s overseas businesses that contributed 78 per cent to the overall PBT in Q3 and 64 per cent in the nine months ended 31st December 2021,” it said.

The group’s tourism sector came through with an exceptional turnaround in performance during the third quarter by recording a PBT of Rs. 1.6 billion compared to a loss of Rs. 1.8 billion in the Q3 of the previous year. The group’s hotels were in full operation with a noteworthy contribution from the overseas hotels and an encouraging recovery from the local hotels together with the commencement of charter operations from the Eastern European market facilitated by the group’s destination management segment.

During the third quarter the group’s maritime and freight logistics sector yet again recorded a strong PBT of Rs. 1.1 billion mainly from the freight management and liner shipping segments together with increased overseas port management operations.

The group recorded an impressive PBT of Rs. 3.3 billion for the nine months ended 31st December 2021, which is a noteworthy turnaround from the loss recorded in the previous year.

The results are significant in comparison to the PBT of Rs. 2.4 billion that was recorded during the comparative period of the pre-pandemic financial year 2019- 2020.