Major developments at JKH in 2024/25
View(s):The year under review (2024-25) at John Keells Holdings (JKH) was marked by two significant developments – the opening of the City of Dreams Sri Lanka and the West Container Terminal (WCT-1) at the Port of Colombo.
These landmark developments represent transformative opportunities, poised to serve as catalysts for economic growth, reinforcing Sri Lanka’s position as a logistics and leisure hub in the region, the company said in its annual financial year report released this week.
In a media release, it said as anticipated, overall group EBITDA was affected by the substantial pre-opening, ramp-up, and operating expenses at the City of Dreams Sri Lanka integrated resort.
Recurring EBITDA, excluding City of Dreams Sri Lanka, is an increase of 12 per cent to Rs.50.43 billion against the comparative period [2023/24: Rs.44.86 billion], demonstrating the steady growth in the underlying businesses. Group recurring PBT (Profit before Tax), excluding City of Dreams Sri Lanka, stoo d at Rs.22.93 billion, a 60 per cent increase against the comparative period [2023/24: Rs.14.36 billion].
The Cinnamon Life hotel is currently fully operational with the launch of all restaurants and bars, conferencing spaces and outdoor locations.
The hotel has been positively received by the market, both locally and internationally, with encouraging demand and bookings for the various spaces at the property.
WCT-1, the Port of Colombo’s first automated deep-water terminal, and a milestone project for the group, commenced its first phase of commercial operations in 4Q 2024/25. The throughput to date has been encouraging and this momentum is expected to accelerate over the coming quarters.
The company said the supermarket business recorded a strong performance during the year, with same store sales recording a growth of 14.2 per cent on the back of increased customer footfall.
John Keells CG Auto (JKCG) established its New Energy Vehicles (NEV) business during the year, and the pipeline of vehicle bookings received by JKCG for its BYD NEV range is significantly higher than expected.
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