Aitken Spence & Co, one of Sri Lanka’s leading blue chip diversified heavyweights posted its review for the financial year 2005/2006, declaring a revenue of Rs. 13.6 billion a growth of 35% over the previous year, profit before tax of Rs. 1.9 billion, an 11% growth from last year’s Rs.1.7 billion and a net attributable profit of Rs.1.2 billion. The Company further posted a positive Economic Value Added of Rs.964.7 million and Earnings Per Share stood at Rs.44.76 with a return on equity of 15%. Further, even while experiencing difficult economic hurdles in the year under review, the Aitken Spence & Co Board recommended a final dividend of 35%, marking a total dividend of 65% for the year, a distribution of 8% more than the dividend paid last year.

This year’s Annual Report from Aitken Spence was not just about numbers. The Company used the publication as an opportunity to unveil a new look, the Aitken Spence diamond logo has been revamped and given a brilliant new shine. The new facets of the diamond are representative of the different sectors of the Group, noted by Chairman D.H.S. Jayawardena as “A metaphor for excellence and endurance, a solidity and brilliance of cut that dates back to 1868, but will endure into the future”. In addition, the logo lettering has changed and the new logotype for Aitken Spence is a contemporary fusion of components of the original monikers of the founding fathers of the Company, a new insignia described by Deputy Chairman and Managing Director Rajan Brito as “A highly distinctive forward looking mnemonic that will strengthen the common link between our diversified and dynamic industry sectors, a new brand identity that recognises our historic strength and epitomises our focus on continued growth”.

Aitken Spence & Co further consolidated their leadership in Sri Lanka’s tourism industry, with Chairman Mr Jayawardene firmly supporting the development of a strategic destination marketing campaign by the government, funds for which are in place and for which private sector collaboration is essential. Deputy Chairman and MD Mr. Brito further outlined the need for government support of the still largely unexploited tourism potential of Sri Lanka, remarking “A robust open skies policy is absolutely critical to the growth of the Sri Lankan aviation industry to take advantage of European carriers into the country”.

In the tourism sector the Maldives operations recovered strongly after the tsunami setback to record a satisfactory growth. The Group invested Rs. 400 million in the Water Villas at Meedhuparu a cluster of 20 luxury water bungalows catering to the up-market tourist. In Sri Lanka the Group invested Rs. 1.8 billion in refurbishing and re-positioning its two flagship hotels Kandalama and Heritance (formerly Triton). Aitken Spence & Co, for its part, continues to expand its tourism reach, exploring new opportunities in the region, forming strategic alliances with international partners and re-branding their premier hotels under the new name “Heritance”.

Successful investments continued to provide a steady growth in the cargo logistics sector, with the maritime transport division investing a further Rs. 260 million in the expansion of its fleet of container vessels. Freight forwarding operations have expanded to India and Dubai with more strategic locations identified for the year ahead. The