Expolanka Holdings PLC, led by vibrant growth in its logistics sector largely due to increased pandemic-related work, saw its first quarter 2021/22 ending June group post-tax profit (PAT) rise sharply by 259% Year-on-Year (YoY) to Rs. 6.3 billion, in another record-breaking performance
Group revenue rose by 165% YoY to reach Rs. 95.7 billion resulting in Gross Profit of Rs. 14.4 billion, up 130% YoY, it said in a media release
“Once again, our logistics sector served as the lynchpin of our growth, ably supported by commendable performances across all other business segments. Our record-breaking performance over this past quarter is a testament to the consistent focus on our strategy and the unified efforts of our team. With their support, we successfully implemented a bold growth strategy that focused on expanding customer volumes, developing our ocean freight product, and proactive procurement and capacity building initiatives. In this manner, we were successful in optimizing all available opportunities that emerged from the gradual recovery taking place in the global economy amidst continued supply chain disruptions,” Hanif Yusoof, Group CEO, Expolanka Holdings stated.
Impressive growth in volumes across both Air Freight and Ocean Freight products with stable yields served as a catalyst for another strong performance in Expolanka’s Logistics sector. Rising retail demand in the United States and the resulting intensification of activity in the North American trade lane, enabled volume growth and an expanding customer base across multiple verticals, the release said.
Despite less vibrant activity, amidst trade disruptions, business in European and Intra-Asian business also continued to demonstrate resilience. Notably, the European market also showed early signs of improvement.
As a result, Expolanka’s logistics sector was able to deliver 167% YoY growth in revenue, up to Rs. 94.9 billion. Additionally, gross profit expanded by 131% YoY up to Rs. 14.3 billion while PAT achieved a record breaking 240% growth up to 6.6 billion respectively.
Meanwhile despite extended lockdowns and travel restrictions, the Group’s Leisure sector continued to deliver a stable performance, posting a turnover growth of Rs. 152 million - a reflection of the continued restructure and reorganization efforts focused on the long term.
The Group’s investment sector recorded a healthy 34% YoY increase up to Rs. 735 million, with the main contributor to growth arising from the Group’s export operation supported by a shift in portfolio towards niche product offerings. Similarly, the Group’s IT business also gained ground with moderate improvements in its contributions to the business.
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