John Keells 3Q EBITDA surges 68% to Rs.23.76bn

• City of Dreams Sri Lanka posted a positive EBITDA for first time since operations began
• West Container Terminal (WCT-1) continued steady month-on-month growth in throughput, achieving a positive profit after tax ahead of expectations
• JKCG recorded a strong performance despite normalisation of pent-up demand and ongoing Customs disputes
• All other group businesses reported growth during quarter, with expectations of continued expansion in next quarter
• Board declares a second interim dividend of Rs.0.10 per share

Krishan Balendra

Premier bluechip John Keells Holdings PLC (JKH) posted a 68 percent jump in third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) to Rs.23.76 billion, driven by strong momentum across its diversified operations.
“The group continued to deliver a strong performance, with all businesses reporting improved profitability,” said JKH Chairman Krishan Balendra in a commentary that followed the release of the financial results yesterday.
Cumulative EBITDA for the first nine months of FY2025/26 reached Rs.55.10 billion, up 84 percent from Rs.29.94 billion in the same period last year. Profit attributable to the equity holders of the parent for 3Q was Rs.6.48 billion, compared with Rs.2.85 billion in the previous year. This includes Rs.1.45 billion in fair value gains on investment property and net exchange losses, primarily due to rupee depreciation on foreign currency loans at City of Dreams Sri Lanka.
Fair value gains on investment properties were Rs.2.30 billion for the quarter, up from Rs.955 million in 3Q 2024/25. Net exchange losses amounted to Rs.759 million, reversing a gain of Rs.782 million in the corresponding period last year.
The group continued to deliver improved profitability across all businesses. City of Dreams Sri Lanka posted a positive EBITDA for the first time since operations began, at Rs.1.43 billion, including Rs.606 million in fair value gains on investment property. 
In contrast, the same period last year recorded negative Rs.1.57 billion, excluding fair value gains. The Cinnamon Life and Nuwa hotels were well received by both local and international markets, while casino operations showed steady improvement.
The leisure segment recorded a strong performance, supported by higher occupancy amid the increased arrivals. Meanwhile, West Container Terminal (WCT-1) continued a steady month-on-month growth in throughput, achieving a positive profit after tax ahead of expectations, despite recognising depreciation and some finance expenses related to phase one, with phase two expenses capitalised following the start of operations.
Automotive segment JKCG recorded a strong performance despite the normalisation of pent-up demand and ongoing Customs disputes. The company maintains a robust order pipeline, with over 3,900 vehicles scheduled for delivery in the coming months.
The quarter included an operational disruption caused by Cyclone Ditwah in November, which affected parts of Sri Lanka, Southeast and South Asia, causing infrastructure damage and loss of life. The group said the impact on its operations was limited, with no significant operational or financial effects. 
JKH and its affiliates contributed Rs.500 million to the government’s Rebuilding Sri Lanka initiative in relief efforts.
Meanwhile, the board declared a second interim dividend of Rs.0.10 per share, matching the first interim paid in November 2025. The total outlay of Rs.1.77 billion is up from Rs.881 million last year.