1st March 2025, Colombo: Janashakthi Group (JXG), Sri Lanka’s emerging financial conglomerate, announced its financial performance for the period ending December 31, 2024, with group revenue reaching LKR 18.34 billion and Earnings Before Interest and Tax (EBIT) of LKR 6.18 billion.
Ramesh Schaffter, Managing Director/Group CEO at JXG said, “For over 30 years, Janashakthi Limited has been a steady yet low-profile presence, with Janashakthi Insurance PLC as its flagship entity. Recognizing the opportunity to become Sri Lanka’s first financial conglomerate, we introduced ‘JXG’ as the umbrella brand of Janashakthi Group in 2024, marking a new era of growth and transformation.”
Strengthening its position as an integrated financial conglomerate, JXG saw strong performances across its key subsidiaries. During the interim period under review, First Capital Holdings PLC led revenue contribution with LKR 10.72 billion, followed by Janashakthi Insurance PLC at LKR 4.89 billion, and Orient Finance PLC at LKR 3.52 billion.
Each subsidiary demonstrated solid operational performance and strategic growth during the interim period. JXG’s strong financial results reflect improved performances across key sectors, supported by a stabilizing macroeconomic environment in Sri Lanka.
First Capital Holdings’ primary dealing unit, First Capital Treasuries, played a crucial role in the Group’s success, managing a substantial government securities portfolio of LKR 66.19 billion as of December 31, 2024. During the interim period, First Capital Holdings reported a robust Profit After Tax (PAT) of LKR 4.53 billion and a 37% Return on Equity (ROE), highlighting its strong financial performance.
Janashakthi Insurance demonstrated a strong growth trajectory with an impressive 44% increase in Gross Written Premiums (GWP) compared to its December 2023 Financial year end, achieving a PAT of LKR 3.53 billion, excluding policyholder book earnings. The company strengthened its presence with an expanded network, including a new branch in Mathugama, while delivering an impressive 30% ROE.
Orient Finance established two new branches in the Eastern region – Chenkalady and Kaluwanchikudy – bringing its total branch network to 37. This strategic commitment to expansion, coupled with a 29% growth in asset base compared to December 2023, delivered a PAT of LKR 254 million and a ROE of 9%, reflecting the company’s successful efforts to strengthen its market presence in key growth regions.
Schaffter added, “Our three key subsidiaries continue to deliver outstanding performance, exceeding expectations. Looking ahead, we remain focused on expanding the Group, with strategic initiatives including group-wide strategic planning, strengthening of investor relations, tapping into local and international partnerships, enhancing our financial services portfolio, and revamping our CSR arm Janashakthi Foundation. JXG’s true potential is set to unfold in the coming financial quarters, positioning us for sustained growth and long-term success.”
Chandana De Silva, Group Chairman at JXG said, “The robust financial performance across our subsidiaries demonstrates the strength of our diversified business model and the success of our strategic initiatives. Our investment grade rating upgrade reflects the market’s confidence in our financial stability and growth trajectory. As we continue to expand our presence in key financial sectors, we remain committed to delivering sustainable value to our stakeholders through innovation, prudent risk management, and operational excellence.”
The Group has achieved investment-grade status with a BBB- rating from Lanka Rating Agency (LRA), reflecting a strong market position across key financial sectors. Through its subsidiaries – First Capital Holdings PLC, Janashakthi Insurance PLC, and Orient Finance PLC, JXG offers a diverse portfolio of services including investment banking, life insurance, and non-banking financial solutions, positioning itself as an integrated financial services provider in Sri Lanka.
