John Keells Holdings PLC (JKH) reported stable group-level performance for the financial year 2024/25, with a 12% growth in recurring EBITDA to Rs.50.43 billion, excluding the impact of its flagship integrated resort, City of Dreams Sri Lanka. The Group’s strategic investments took center stage, particularly the launch of the Cinnamon Life hotel and Phase 1 operations at the West Container Terminal (WCT-1) in Colombo Port.

Group recurring profit before tax, excluding City of Dreams Sri Lanka, surged by 60% to Rs.22.93 billion, highlighting the resilience and momentum in JKH’s core operations.

The City of Dreams project—Sri Lanka’s largest integrated resort—contributed significantly to Group expenses during the year, with pre-opening and ramp-up costs impacting reported EBITDA. However, progress on the project remains on track, with the Nuwa hotel and casino set to open in August 2025.

Meanwhile, WCT-1, Colombo’s first automated deep-water terminal, began commercial operations in the final quarter of the year. Early throughput volumes were described as “encouraging,” with growth expected to accelerate.

The Retail sector was a key driver of profitability, with recurring EBITDA rising 25% to Rs.10.94 billion, bolstered by a 14.2% growth in same-store sales in supermarkets. The Consumer Foods sector also performed strongly, with a 34% jump in EBITDA, fueled by volume growth in the beverages and confectionery segments.

The Group’s Financial Services sector posted a 17% increase in recurring EBITDA to Rs.10.9 billion, supported by robust loan growth at Nations Trust Bank and a 15% increase in gross written premiums at Union Assurance.

JKH’s Property segment returned to profitability with Rs.1.44 billion in EBITDA, recovering from a loss the previous year, thanks to continued sales at Cinnamon Life and the VIMAN development.

Leisure sector profitability was affected by the opening costs of Cinnamon Life, though Sri Lankan resorts saw an uptick due to rising tourist arrivals. Excluding City of Dreams Sri Lanka, Leisure sector EBITDA fell 8%.

The Group’s newly launched New Energy Vehicles (NEV) business under John Keells CG Auto recorded a promising start, with bookings for the BYD range exceeding expectations.

In the fourth quarter, recurring Group EBITDA reached Rs.15.9 billion, up 14% year-on-year, with Group PBT (excluding City of Dreams Sri Lanka) climbing 71% to Rs.10.85 billion.

Environmental metrics showed mixed results, with a 7% increase in the carbon footprint per million rupees of revenue, while water withdrawal decreased by 8%.

JKH continues to invest in digital transformation, expanding the use of advanced analytics across business sectors including Transportation, Leisure, and Insurance, building on early success in retail and food.