Expolanka Holdings PLC has released its financial results for the fourth quarter and full year ending March 31, 2024, showcasing resilience amid challenging macroeconomic conditions. Despite facing a volatile global economy marked by various shocks, including trade tensions and rising energy costs, the company reported Revenue of Rs. 66.0 billion for the quarter, with a Gross Profit of Rs. 12.8 billion. However, it incurred a Net Loss of Rs. 5.3 billion. For the full year, Expolanka recorded Revenue of Rs. 249.9 billion, Gross Profit of Rs. 47.1 billion, and a Net Loss of Rs. 17.6 billion, highlighting the operational challenges in the period.
A significant development for Expolanka was the delisting of its ordinary shares from the Colombo Stock Exchange on March 1, 2024, following approval from shareholders at an Extraordinary General Meeting. The company is currently awaiting approval from the Securities and Exchange Commission of Sri Lanka to proceed with the delisting process, signaling strategic shifts in response to prevailing market conditions.
In its core logistics business, Expolanka faced a decline in Air and Ocean Freight volumes due to reduced imports and slowing consumer demand. Despite challenges in freight rates and yield adjustments impacting profitability, the company remained focused on augmenting its service portfolio, enhancing efficiency, and integrating recent acquisitions. Notably, the Leisure sector showed promising growth, driven by strong performance in corporate travel and leisure portfolios, underscoring Expolanka’s diversified business segments.
Expolanka Holdings maintained a stable cashflow position and continued its commitment to Environmental, Social, and Governance (ESG) efforts, aligning with strategic goals. Despite the complex market environment, the company’s resilience, global presence, and operational excellence initiatives position it to navigate challenges effectively and create long-term value for stakeholders.