Business
Expolanka Holdings ends FY 2023 focusing on consolidation strategy
Expolanka Holdings PLC ended its financial Year 2023 displaying resilience in the face of a challenging macro environment, while pursuing a strategy of consolidation paving the way for future growth.
For the fourth quarter, Expolanka achieved a Revenue of Rs. 55.1Bn, Gross Profit of Rs. 19.3Bn, and Operating Profit of Rs. 1.08Bn. However, the appreciation of the Sri Lankan Rupee against the USD caused the group to record an exchange loss of Rs. 2.4Bn during the quarter under review.
For the 12-month period ending March 31, 2023, the company has delivered a strong financial performance, with Revenues of Rs. 546Bn and a Profit after Tax of Rs. 31Bn. Expolanka’s international business operations contributed 95% to the total group performance. The company also achieved an EPS of Rs. 15.88 per share and an ROE of 22.67% during the same period.
Navigating amidst a dynamic and uncertain environment the company’s logistics sector posted a Revenue of Rs. 52.9Bn, with a Gross Profit of Rs. 18.5Bn and an Operating Profit of Rs. 987Mn for the quarter. These results contributed to the sector’s overall Revenue of Rs. 537 Bn and Profit after Tax of Rs. 29.4Bn for the fiscal year ended 31st March 2023.
A range of factors including key North American trade lanes experiencing a slowdown in global trade due to high inventory levels from pandemic-era overstocking, reduction in consumer spending and new orders from most retailers, geopolitical tensions, and increased energy costs affected the sector during the past year. However, the company believes that the slowdown is part of short-term cyclical changes following a strong economic performance in 2021.
Despite the challenges, the logistics sector remained focused on core business fundamentals with EFL Global onboarding new customers and increasing the wallet share reflecting the continuity and consistency of EFL’s long term strategy. Though the demand-supply imbalances continue to impact the industry, EFL Global has continued to expand its service capabilities in both origin and destination markets. Investments in the contract and domestic logistics business have also started to contribute positively both commercially and financially. The US market remained the key driver of business, while the European and Asian trade lanes performed satisfactorily.
In pursuit of future growth, EFL Global completed two large acquisitions valued at Rs. 35Bn, acquiring Trans American Customs broker and Locher Evers Inc. These acquisitions will expand EFL’s service portfolio and customer base and consolidate its North America operations. While both acquisitions will further strengthen the company’s position in the North American market facilitating growth, EFL also aims to continue to invest in infrastructure to facilitate growth and drive efficiencies.
The leisure sector yielded a strong Q4 performance delivering Revenue of Rs. 835Mn and a Profit after Tax of Rs. 132Mn. Annual revenues were a record-breaking Rs. 3.0Bn and a Profit after Tax of Rs. 811Mn having focused on efficient procurement and operational excellence. The success of the company’s strategies in reorganizing its portfolio and adopting a lean operating model was reflected in the results.
The Group’s investment sector posted Revenues of Rs. 1.6Bn for the quarter and ending the Financial Year with Revenues of Rs. 6.5Bn.
Though the volatile global macro environment and uncertain market conditions have made visibility and predictability challenging, Expolanka, having demonstrated agility and adaptability in the past, will continue to focus on delivering strategic initiatives adjusting to market challenges. With EFL Global having established itself as a top freight forwarder, the company remains committed to building capabilities, infrastructure, and systems to create sustainable value for all stakeholders.
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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