JXG posts Rs. 6.4 b 1Q revenue in maiden results post-CSE listing

Group Chairman Chandan de Silva , Managing Director/Group CEO 

Ramesh Schaffter

• Insurance and finance businesses deliver strong underlying performance but due to mark-to-market pressure on fixed income trading at First Capital Holdings, Group reports loss of Rs. 780.8 m

Janashakthi PLC (JXG) has reported its maiden first quarter financial year 2026/27 (Q1 FY27) results, marking its first reporting period since a successful IPO on the Colombo Stock Exchange (CSE) that was oversubscribed by 3 times. 

Consolidated revenue stood at Rs. 6.4 billion, compared to Rs. 7.2 billion in the corresponding period of the previous year, a decline reflecting the global economic uncertainties driven by geopolitical tensions arising from the Middle East conflict. Against this backdrop, the Group’s core businesses demonstrated resilience during the quarter, and the Group expects these pressures to ease as the year progresses.

Group Chairman Chandan de Silva said: “Reporting our first set of results as a listed entity following a successful IPO is a significant milestone for the Group. The first quarter reflects a changing economic and market environment, with short-term movements impacting certain areas of performance. Our focus remains firmly on disciplined capital allocation, sound governance and strengthening our core businesses, while continuing to execute the strategic priorities that will create long-term value for our shareholders and stakeholders.”

Consolidated revenue stood at Rs. 6.4 billion for Q1 FY27, with contributions of Rs. 2.1 billion from First Capital Holdings PLC, Rs. 2.5 billion from Janashakthi Insurance PLC and Rs. 1.8 billion from Janashakthi Finance PLC.

The Group’s insurance and finance businesses delivered strong underlying performance during the quarter, though this was offset at the consolidated level by mark-to-market pressure on fixed income trading at First Capital Holdings, resulting in a Group loss of Rs. 780.8 million.

First Capital Holdings PLC recorded a Loss after Tax of Rs. 726 million during the quarter, largely reflecting mark-to-market movements on fixed income positions amid short-term interest rate volatility. The business’s Corporate Finance Advisory, Corporate Dealing Securities, Wealth Management and Stock Brokering franchises remained resilient and continued to contribute positively.

Janashakthi Insurance PLC recorded a Net Profit After Tax (NPAT) of Rs. 129 million during the first half of Financial Year Ending 31 December 2026, backed by a 36% YoY growth in GWP to Rs. 5.1 billion, significantly ahead of industry growth, with total assets increasing to Rs. 41.1 billion.

Janashakthi Finance PLC delivered continued growth, with NPAT increasing 51% to Rs. 90.4 million backed by Net Operating Income increase of 24.7% to Rs. 837.8 million.

Managing Director/Group CEO Ramesh Schaffter said: “While market conditions have impacted certain earnings streams this quarter, our underlying businesses remain fundamentally strong, and we continue to act decisively on our long-term strategy. The recent proposed acquisition of Continental Insurance Lanka Limited (subject to regulatory approval) is a clear example of this, a significant milestone in our re-entry into general insurance and a direct fulfilment of the commitments we made at IPO. We remain firmly focused on executing with discipline and building a stronger, more integrated Group.”

Looking ahead, JXG said it remains focused on disciplined capital management, strengthening its core businesses and pursuing targeted opportunities that enhance its financial services platform and create sustainable long-term value.