News & market updates

Hayleys PLC won the Gold for Overall Excellence in Corporate Reporting at CA Sri Lanka’s TAGS Awards 2024; Diesel & Motor Engineering PLC took Silver and Commercial Bank of Ceylon PLC featured among top winners. Multiple shortlisted firms (e.g., DIMO, COMB, LFIN, SFIN, CCS, HAYC, SLTL, LGL, FCT) received sector awards.

Aitken Spence PLC won the Grand Slam Award as Best Corporate Citizen at the BCCSA 2024, its fifth Grand Slam and 19th consecutive year in the Top 10 Corporate Citizens. The group also received multiple category awards including Diversified Holdings, Supplier Relations and Community Relations.

The 31st FACETS Gem & Jewellery Show will run 4–6 Jan 2025 at Cinnamon Grand, Colombo, drawing international traders and organisers aiming to help the gem sector reach $1bn in exports; the event is expected to boost tourism and hotel activity in Colombo.

Aitken Spence PLC won the Grand Slam Award as Best Corporate Citizen 2024 at the Ceylon Chamber of Commerce BCCSA, marking its fifth Grand Slam and 19th consecutive year in the Top 10. The group was recognised across multiple categories including Diversified Holdings, Supplier Relations and Community Relations.

FACETS 2025, the 31st Gem & Jewellery Show, will run 4–6 Jan 2025 at the Cinnamon Grand Colombo and is expected to attract international buyers and visitors, likely boosting hotel demand in Colombo and other tourist areas.

Colombo bourse ended the week mixed: ASPI rose 24 points (+0.19%) while the S&P SL20 fell over 12 points (-0.3%) on Rs.3.7bn turnover and a net foreign outflow of Rs.381.9m. Key contributors included AHUN, LLUB, SAMP and BIL, with consumer services leading turnover and banks and hotels drawing investor interest.

Colombo Stock Exchange closed mixed: ASPI up 0.19% at 13,188 while the S&P SL20 fell 0.32% to 3,905; turnover was Rs3.7bn. Hotels drew investor interest after tourist arrivals topped 1.7 million, with Aitken Spence Hotel Holdings, Aitken Spence, Sampath Bank and Browns Investments among top contributors.

Gem Sri Lanka 2025 will run 7–10 January at Cinnamon Bentota Beach to connect international buyers with Sri Lankan gem traders and boost the gem and tourism sectors. Organisers also unveiled the GSLFAIR app to streamline buyer-seller connections.

Sri Lanka hosted a national pavilion at the World Trade Expo 2024 in Mumbai to promote trade and tourism, where companies showcased value-added cinnamon, coconut, cocoa products, dehydrated fruits and Ceylon tea and established business contacts for future collaboration.

The Sri Lanka Convention Bureau held a MICE Tourism training on 15 Oct at Habarana Village by Cinnamon to position the Cultural Triangle as a MICE hub, with 30+ hoteliers from 18 hotels attending. Speakers included Aitken Spence representatives and digital marketing experts (Meta, Google) and participants developed MICE event concepts.

Red Wings will operate 160 flights to Hambantota from Oct 28–May 6, bringing about 68,000 Russian tourists and generating an estimated $102m in tourism revenue. Tours will be handled in Sri Lanka by Exotic Holidays International and Aitken Spence Travels.

SLITHM and SLCB Chairman Dheera Hettiarachchi criticised holding World Tourism Day 2024 nearly a month late and urged future celebrations be timely, more inclusive and held across different destinations rather than only in Colombo. He said future events should align with the government's people, planet and profit policy.

Aitken Spence Hotel Holdings' Adaaran Select Hudhuranfushi, Adaaran Prestige Vadoo and Adaaran Select Meedhupparu won multiple awards at FHAM 2024 — Hudhuranfushi 11 awards (4 Gold), Vadoo 9 awards (4 Gold + special) and Meedhupparu 6 awards.

Aitken Spence Hotel Holdings PLC's Adaaran resorts won multiple awards at FHAM 2024: Adaaran Select Hudhuran Fushi won 11 awards (including 4 Gold), Adaaran Prestige Vadoo won 9 (including 4 Gold and a special award), and Adaaran Select Meedhupparu won 6 awards.

Aitken Spence Hotel Holdings' Heritance Aarah was named Most Outstanding Culinary Organization at FHAM 2024, winning 39 awards including 14 Golds and 10 special awards.

John Keells Group launched Cinnamon Life at City of Dreams Sri Lanka, a $1.2bn development opening today with 687 rooms and event venues, and a 113-key Nuwa hotel due mid-2025. The Group expects the full project to generate over 20,000 direct and indirect jobs.

Nalin Jayasundera, Managing Director of Aitken Spence Travels, was elected president of SLAITO. SLAITO (200+ DMCs) pledged support for the government's target of 4 million tourists and USD 9bn revenue by 2030 and called for global marketing and completion of key infrastructure projects.

Aitken Spence Hotels (Aitken Spence Hotel Holdings PLC) won the highest number of regional awards at the South Asian Travel Awards 2024, securing multiple Gold and Silver wins across properties in the Maldives, Sri Lanka and India. The group's 'Your Summer Island Getaway' campaign also won Gold for Best Promotional Campaign.

Cinnamon Air will operate two daily flights from 1 Nov 2024 linking Kandy and Sigiriya with Koggala and Hambantota until 30 Apr 2025, cutting cross-country travel times to 40–50 minutes and targeting winter foreign tourist demand.

Aitken Spence Hotel Holdings PLC marks its 50th anniversary, now managing 18 properties with 2,629 rooms across Sri Lanka, the Maldives, Oman and India. The company emphasizes sustainability achievements (LEED, Green Globe), conservation efforts and talent development as it looks to the future.

Aitken Spence PLC reported EBITDA of Rs. 4.3bn for 1Q 2024/25, a 111% YoY increase, with PBT of Rs. 575.8m (turnaround from prior-year loss). Tourism EBITDA was Rs.1.7bn and maritime/logistics Rs.1.2bn, while rupee appreciation and lower freight rates weighed on some segments.

Aitken Spence PLC reported EBITDA of Rs. 4.3 billion for 1Q 2024/25, up 111% YoY, and PBT of Rs. 575.8 million reversing a prior-year loss. Tourism (EBITDA Rs.1.7bn), maritime/logistics (Rs.1.2bn) and renewables improved, while FX appreciation and lower freight rates weighed on some segments.

President Ranil Wickremesinghe pledged Sri Lanka will pursue the SDGs and reach net zero emissions by 2040, highlighting renewables, agribusiness transformation and sustainable tourism as key measures. He also announced plans for an International Climate Change University, four technical universities and efforts to attract global finance.