Expolanka gears up to further expand global business

Logistics major Expolanka Holdings PLC yesterday said it has taken further steps to expand its global business by submitting proposals to call for expressions of interest (EOI) for the acquisition of certain logistics companies in international markets.

“The Board wishes to emphasise however that such expressions of interest have not been accepted to-date. Moreover, any finality to such transactions, if they are proceeded with, will be dependent on standard pre-acquisition procedures such as due diligences as well as corporate and regulatory approvals,” a filing by the company said.

“The Board will ensure that the public will be kept duly informed of any progress,” it added.
During the quarter ended September 30, 2022, Expolanka expanded its network to four new markets, establishing operations in the United Kingdom with the intention of consolidating its European operations. 

It also made inroads into Central America by setting up offices in the Dominican Republic, Costa Rica and Mexico. 

Expolanka Chief Executive Hanif Yusoof said its North American trade lane remained a critical business driver while European and intra-Asia trade lanes delivered stable growths during the quarter.

During 2Q23 revenue and profits moderated at Expolanka capping what has been a meteoric rise in the company’s financial and share performance in the two years of the pandemic, which made it the most valued listed entity in the Colombo Stock Exchange.  

The company reported consolidated revenue of Rs.161.77 billion in the July-September quarter, which included revenues from its leisure and exports sectors, up 6.83 percent from the same period last year. 

The group reported earnings of Rs.4.63 a share on a total net profit of Rs.8.98 billion compared to earnings of Rs.6.18 a share or a net profit Rs.12.06 billion a year ago.