John Keells Group’s EBITDA recorded a significant improvement to Rs.13.33 billion during the first quarter under review, which is an increase of 180% against the comparative period of last year [2021/22 Q1: Rs.4.76 billion].
“The first quarter of the previous year was partially disrupted on account of the lockdowns due to the pandemic,” said Chairman of John Keells Holdings Group Krishan Balendran.
This was recovered despite the challenging and uncertain operating environment.
The Leisure industry group, in particular, recorded a turnaround in performance reporting an EBITDA
of Rs.1.87 billion compared to the negative EBITDA of Rs.649 million in the corresponding quarter
of the previous year.
The strong performance of the Maldivian Resorts and Destination Management segments, and a better performance in the Colombo Hotels segment were the main contributors to the Turnaround in performance.
The Group’s Bunkering business recorded a significant increase in profitability in its core ship
bunkering operations driven by higher margins on account of the steep increase in fuel oil prices and volumes, whilst the profitability of the Group’s Ports and Shipping business recorded an increase as a result of higher revenue from ancillary operations and the translation impact due to the depreciation of the Rupee.
• The Consumer Foods industry group continued its strong recovery momentum with all three segments recording strong double-digit growth.
The Supermarket business recorded a strong performance with same store sales recording encouraging growth
The Property industry group recorded a decline in EBITDA as the first quarter of the previous year
included revenue and profit recognition from the handover of the residential apartment units at ‘Cinnamon Life’.
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