Aitken Spence PLC reported a cumulative Profit Before Tax (PBT) of Rs. 10.3 bn for the nine months ended December 31, 2022, which was a significant growth of 213.7% over last year. The highest contribution to the Group’s profit before tax was from the Maritime & Freight Logistics sector which accounted for 68.4% of Group PBT.
The Group’s earnings (inclusive of equity accounted investees) before interest expenses, tax, depreciation, and amortisation (EBITDA) for the nine months ended December 31, 2022 was an exceptional performance of Rs. 24.0 bn showcasing a growth of 144.9%. However, the translation of which to PBT was dampened by the 182.2% increase in finance cost to Rs. 8.3 Bn, due to the high interest rate regime which prevailed during the reporting period. Despite the 192.7% increase in the income tax charge for the nine months, the Groups’ Profit After Tax (PAT) increased to Rs 7.3 bn, a growth of 223.1%. Income tax expense for the nine months ended December 31, 2022 increased to Rs 2.9 Bn, stemming mainly from the significant increase in corporate tax rates that was implemented effective October 1, 2022.