- 259% year-on-year growth in group profit after tax to Rs. 6.3 billion
- 165% year-on-year increase in group turnover to Rs. 95.7 billion
- Logistics growth driven by rising retail demand in the United States
Driven by dynamic growth in its logistics sector, Expolanka Holdings PLC achieved another record performance during the quarter ended June 30, 2021 (Q121).
The group’s turnover recorded a remarkable 165% year-on-year expansion to reach Rs. 95.7 billion resulting in gross profit of Rs. 14.4 billion, up 130% year-on-year. With a strong focus on operational efficiency, the group’s after-tax profit (PAT) jumped 259% year-on-year to Rs. 6.3 billion.
“Once again, our logistics sector has been the backbone of our growth, ably supported by commendable performance in all other business segments. Our record performance in the last quarter is a testament to the continued focus on our strategy and the unified efforts of our team.
With their support, we have successfully implemented a bold growth strategy focused on increasing customer volumes, developing our ocean freight product, and proactive sourcing and capacity building initiatives. In this way, we have succeeded in maximizing all the available opportunities that have emerged from the gradual recovery of the global economy amid continued supply chain disruptions, ”said Hanif Yusoof, Group CEO, Expolanka Holdings.
Impressive volume growth for air freight and ocean freight products with stable returns served as a catalyst for another strong performance in Expolanka’s logistics business. Increased retail demand in the United States and the resulting increased activity in the North American trade route has enabled volume growth and customer expansion in several verticals.
Despite less dynamic activity, amid the trade disruptions, business in European and intra-Asian affairs also continued to show resilience. In particular, the European market has also shown the first signs of improvement.
As a result, Expolanka’s logistics business was able to generate 167% year-on-year revenue growth, up to Rs. 94.9 billion. Additionally, gross profit rose 131% year-on-year to Rs. 14.3 billion while PAT hit a record growth of 240% to 6.6 billion respectively.
Meanwhile, despite prolonged closures and travel restrictions, the Group’s Leisure segment continued to post a stable performance, posting revenue growth of Rs. 152 million – reflecting continued restructuring efforts and reorganization focused on the long term.
The Group’s investment sector recorded a healthy increase of 34% year-on-year to Rs. 735 million, the main contributor to growth coming from the Group’s export activity supported by a shift in the portfolio towards niche product offerings. Likewise, the Group’s IT activity also progressed with a moderate improvement in its contributions to the activity.