Sri Lanka’s Expolanka PLC on a sustainable growth path despite challenging global environment
Expolanka PLC of Sri Lanka has reportedly announced that the company was on a sustainable growth path despite a global environment that continues to be challenging for business.
The company once more credited its performance to a focus on its core logistics business, generating revenue of Rs 28.7 billion (a 15% growth YoY) and a Gross Profit of Rs 5.08 Bn (14% growth YoY) for the quarter, the local media has reported.
Expolanka’s logistics sector has remained operationally stable in the second quarter and the company has noted that growth consistency was enabled by strong performance in the Ocean Freight sector, especially in the transpacific and Far East market trade lanes, while it continued acquiring market share and enhancing the services provided to a widening customer portfolio.
This sector has generated a gross profit of Rs 4.7 billion, marking a YOY growth of 15%.
The company has further announced that the warehouse sector has maintained consistent growth over the quarter by realigning to meet customer demands and service standards and has also consolidated its Air Freight business.
Expolanka has stated that it was repositioning the sector’s business operations, enhancing customer experience and its service portfolio, and practicing digital adoption to remain competitive.
The investment sector, which includes the group’s export operations, contributed Rs 837 million in revenue towards the group’s quarterly financials driven by IT services and corporate operations.
OSL take:
The sustainable growth recorded by Sri Lanka’s Expolanka PLC is indicative of the strength and growth of the country’s private sector. Sri Lanka’s economic policies have been deemed business friendly and the country continues to improve its stranding in the ease of doing business environment in the island. Given Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as the trade concessions enjoyed by the country, the country is fast becoming a business destination in the South Asian region. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka and also look at forming partnerships with local companies.
| Article Code : | VBS/AT/20191114/Z_5 |