Business
Unpacking the possibilities with Ex-Pack
With an upcoming IPO and listing on the Colombo Stock Exchange, Ex-Pack Corrugated Cartons Limited, Sri Lanka’s market leader in the corrugated carton industry, is preparing to embark on the next leg of its growth journey. The company is offering investors a handsome value proposition in both the medium and long-term, while potentially being the most sustainable and responsible manufacturer within the industry. Ex-Pack is also the most outward-facing corrugated carton manufacturer in Sri Lanka with half of its revenue generated in US Dollars from export earnings. Thus, we sat down with Mr. Zulficar Ghouse – Managing Director at Ex-Pack, one of Sri Lanka’s most respected businessmen, to gain a clear understanding of the business prospects and unpack the Company’s future possibilities.
Could you give us an overview of the business?
To capture our journey in essence, we started off as a simple manufacturer of corrugated cartons 24 years ago, and have since grown into a complete end-to-end corrugated carton packaging solutions provider. In the process, we’ve become the market leader in Sri Lanka, not just in terms of volume but also in terms of quality, sustainability and ethicality of our product. Today, 1 out of every 5 cartons made in Sri Lanka is produced by Ex-Pack. This is a significant achievement given that this is a highly competitive market, with a relatively large number of players. Still, we have managed to maintain our leading position for at least the last 5 years.
What is the current state of the business? Could you elaborate on your markets and international presence?
Presently, our team comprises of 295 full-time employees and, through our 203,000 square-foot manufacturing facility, we produce in excess of 2,600 metric tonnes of corrugated carton products each month. Among the players in Sri Lanka, we are also the most focused on export markets, and thus we serve over 600 customers worldwide, including major corporates and brands both in Sri Lanka and abroad. These customers represent a wide spectrum of industry, ranging from FMCG to consumer durables, apparel, tea, fisheries and some others. Of these, FMCG is presently the largest segment that we cater to and these customers account for 48% of our revenue.
Our edge has been our unparalleled quality coupled with our reduced lead times. In fact, even during FY 2021, which commenced 1st April 2020 and ended 31st March 2021, a time of great strain and upheaval, particularly in the logistics industry, we were able to achieve a remarkable 98% on-time delivery rate. This was made possible by our comprehensive, world class computerized manufacturing and stock management systems, coupled with our extensive storage facilities and dynamically responsive production model. In Sri Lanka, we maintain our own fleet of 16 delivery vehicles to ensure prompt and on-time delivery and end-to-end control of our process.
Over the years, we have become a strategic packaging solutions partner to our customers and we’re proud to say that we’ve maintained partnerships spanning over a decade with at least 30 of our best clients, and these relationships account for just over 50% of revenue. Furthermore, we serve customers in 8 countries including the Maldives, Qatar, India, the USA, Australia, Madagascar, the Seychelles and Reunion Island. This results in 52% of group revenue being derived in USD through export earnings, and we expect this figure to increase to 59% by FY2024.
Currently, our product portfolio includes regular slotted cartons, die-cut cartons, laminated cartons and a host of specialized products that are developed using recycled materials and designed specifically to meet customer needs. These specialized products include unique and innovative solutions such as wardrobe cartons made for the storage and transport of apparel items and light-weight fish containers.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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