May 26, Colombo: Sri Lanka's blue chip conglomerate John Keells Holdings (JKH) recorded a 21 percent increase in the Group's recurring Profit Before Tax (PBT) to Rs. 27.63 billion for the financial year 2017/18.
The Group in a stock market disclosure said the Group Profit Before Tax (PBT) for the quarter ending 31 March 2018 increased by 72 percent to Rs. 12.77 billion.
The Life Insurance business, Union Assurance PLC, recorded an annual life insurance surplus of Rs-3.64 billion and a one-off surplus of Rs.3.38 billion which was recorded in the fourth quarter of the year under review.
The significant increase is due to a policy change across the industry in keeping with international norms for computation of insurance contract liabilities as per the directive and guidelines issued by the Insurance Regulatory Commission of Sri Lanka (IRCSL).
Group revenue increased by 14 percent to Rs.121.22 billion. Group revenue for the quarter ending 31 March 2018 increased by 12 percent to Rs.33.55 billion.
Profit attributable to equity holders of the parent increased by 29 percent to Rs. 21.02 billion.
Group earnings before interest, tax, depreciation and amortization (EBITDA) increased by 18 percent to Rs. 32.21 billion.
Diluted earnings per share increased by 28 percent to Rs.15.15 and the total dividend payout was Rs. 8.32 billion.
The company said a detailed analysis of the financial, environmental and social performance will be provided in the Integrated Annual Report which will be released next week.