Propelled by the performance of its logistics sector, Expolanka Holdings PLC delivered its strongest ever quarterly financial performance during the three months ended December 31, 2021 (3QFY2021), a media release from the company stated.
Compared with the third quarter of the previous financial year (3QFY2020), Expo delivered a Group revenue of Rs. 204.9 billion, representing a 254% year-on-year (YoY) growth. Similarly, group Gross Profit for the quarter stood at Rs. 38.7 billion, up 299% YoY, while Group Profit After Tax (PAT) rose by 405% YoY to Rs. 23.0 billion.
“This remarkable financial performance, our best-ever to date for a single quarter, is a resounding endorsement of Expolanka’s strategy, agility and sound fundamentals,” Expolanka Holdings PLC Executive Director and Group CEO, Hanif Yusoof said.
“The Group’s key consumer market, North America, performed well, while European and Asian markets are also opening up,” Yusoof said, adding, “Markets are dynamic and continue to evolve and Expolanka will navigate these changes by continuing to pursue our proven growth strategy, while focusing on the fundamentals of the business, and honing our agility.”
The Logistics Sector’s exceptional performance was the key driver of the Group’s growth during the period. The sector recorded a Revenue of Rs. 203.7 billion – a YoY improvement of 255% YoY, a Gross Profit of Rs. 38.4 billion – an increase of 303% YoY and a Profit After Tax of Rs. 23.0 billion, reflecting a growth rate of 384% YoY in 3QFY2021.
The Group’s outstanding results were driven by its customer-centric strategy, which enabled expanded volumes across both air and ocean freight products.
The performance was also an endorsement of the company’s regional expansion strategy. Notably, Far Eastern markets witnessed strong growth while established markets such as Sri Lanka and India too performed well.
Despite still recovering from the pandemic, the Group’s Leisure Sector consolidated its performance during the quarter, generating a Revenue of Rs. 298 million, a 243% YoY improvement. The proactive, resilient and long-term focused approach undertaken by the company has driven operational efficiencies across the business.
Expolanka Holdings PLC is a multinational entity with a strong presence in logistics, leisure and investments. The Group began moving into international markets in 1992 and now operates in Asia, Europe, Africa and North America. Its international presence now extends across 32 countries.