Business
Expolanka Holdings demonstrates resilience in Q3 FY24, navigates challenging macroeconomic conditions
Expolanka Holdings PLC announced its financial results for the third quarter ending 31 December 2023, delivering a resilient performance, and leveraging its strengths despite global economic headwinds and uncertainty.
The Group reported a Revenue of Rs. 66.8 billion for the quarter and Rs. 183.9 billion for the nine months ending 31 December 2023. Gross Profit stood at Rs. 10.9 billion for the quarter, summing up to Rs. 34.2 billion for the nine-month period. A Net Loss of Rs. 5.1 billion was recorded for the quarter, contributing to a nine-month Net Loss of Rs. 12.3 billion.
Global trade faced challenges due to tightening monetary policies, high inflation, geopolitical tensions, trade protectionism, and elevated energy prices. These factors contributed to uncertainty, reduced consumer spending, and lower demand conditions.
Despite subdued global trade and fluctuating freight rates, Expolanka’s Logistics sector sustained its customer base and welcomed new clients, ending the quarter with Rs. 64.4 billion in Revenue and a Gross Profit of Rs. 10.2 billion. The sector experienced a Net Loss of Rs. 5.2 billion for the quarter. The sector also reported a revenue of Rs. 177 billion, a Gross Profit of Rs 32.1 billion and a Net Loss of Rs. 12.7 billion for the nine months of the financial year.
A drop in volumes and a steep decline in freight rates have impacted Revenue and Gross Profit, resulting in Operating Losses. Margins faced pressure due to declining freight rates and volumes. Profitability decline was visible across both Air and Ocean Freight and was more pronounced in the latter due to experiencing visible freight rate corrections during the year.
The Group reported that strategic investments to enhance domestic capabilities and recent international acquisitions namely, Trans American Global and the LEI Group, have performed to satisfaction whilst integration efforts have moved forward gradually.
With the company’s primary focus on strengthening customer relationships, EFL was able to retain all its core customers whilst witnessing growth in new customers. The strategy of enhancing service offerings and domestic logistics capabilities have had a positive impact both commercially and financially, establishing the group’s long-term vision as a global logistics company.
Additionally, EFL was able to leverage its strong network presence, market know-how, infrastructure capabilities and its experienced leadership team to bring to bear the exceptional value-added service offering to its customers. However, cost control initiatives are underway to improve profitability going forward while the recent acquisitions position the company well for long term growth.
The Leisure sector delivered strong results with Rs. 1 billion Revenue, a Gross Profit of Rs. 655 million and a Profit-After-Tax of Rs. 200.4 million. Robust corporate travel sales and recovering inbound and leisure travel segments boosted performance. Efficient operations and service excellence remain key success factors for the organization.
The Investment sector reported a steady quarter with Rs. 1.3 billion in Revenue and a Gross Profit of Rs. 33.8 million, reflecting stabilization in export operations and gradual progress in the IT business.
Prudent cash flow management and a low geared capital structure provided Expolanka the stability and flexibility to ride out external shocks, service debt and fund future expansion plans. Reinforced efficient working capital management has enabled the settlement of Rs. 10.02 billion in debt over the nine-month period. Working capital efficiencies also helped drive down finance costs and channel funds into growing operations. The focus on minimising finance costs has allowed for reinvestment into operations, maintaining a low-geared capital structure.
The company remains committed to long term investments across infrastructure, systems, and capabilities to actively strengthen its competitive positioning while driving improvements in operational and financial performance.
Committed to sustainability, the organization continues to prioritize Environmental, Social, and Governance (ESG) initiatives. Under its Global Goodness campaign, the Group has actively driven forward programs related to UN sustainability goals, green logistics, and support for women’s empowerment.
Despite the challenging macroeconomic environment, Expolanka Holdings remains agile to reducing challenges. The company is committed to its focus on business growth, efficiency improvement, and liquidity enhancement. Long-term strategies include continued investments in capabilities, infrastructure, and systems to navigate the evolving global business environment.
Business
Indian business leader urges SL entrepreneurs to tap into India’s rapidly expanding consumer market
By Sanath Nanayakkare
Speaking at the Sri Lanka Economic and Investment Summit 2026, T. Krishnakumar, Chief Executive Officer of Reliance Consumer Products Ltd (RCPL), emphasised that local enterprises can unlock substantial economic benefits by strategically aligning with India’s booming consumer base.
Addressing business leaders and policymakers at the Shangri-La Hotel in Colombo, Krishnakumar highlighted that geographical proximity and rich cultural ties provide a natural foundation for deeper commercial collaboration.
He noted that instead of viewing bilateral trade narrowly, regional partnerships should act as conduits to build robust, scalable enterprises capable of plugging into wide-reaching regional value chains.
“For Sri Lankan exporters dealing in traditional staples as well as value-added goods, accessing India’s rising middle class presents a phenomenal growth window,” he said.
Drawing insights from Reliance Consumer Products’ rapid expansion – which scaled efficiently to thousands of employees and multi-billion-dollar metrics – Krishnakumar stressed that modern corporate success relies on disciplined execution, localised consumer understanding, and smart technology integration.
Furthermore, he underscored that while rapid growth is critical, businesses must consistently anchor their models in affordability and consumer trust.
Concluding his address at the summit, the RCPL chief noted that pairing regional trade integration with resilient business practices and predictable regulatory frameworks will be vital as Sri Lanka transitions firmly toward accelerated economic development.
Addressing the Summit during a subsequent fireside chat, President Anura Kumara Dissanayake underscored that a core concern currently being targeted by the government is developing a critical mass of local entrepreneurs equipped to engage with international enterprise counterparts.
Business
SriLankan Airlines wins prestigious SATA 2026 Visitors’ Choice Award for Leading International Airline
SriLankan Airlines has once again been honoured with the prestigious Visitors’ Choice Award for Leading International Airline at the South Asian Travel Awards (SATA) 2026, reaffirming its continued recognition in the regional travel and tourism industry. The airline, which has received this award in previous years, was the only international airline to be recognised in this category at this year’s event. The 10th anniversary edition of the awards ceremony was held earlier this month at Hotel Barcelo Nasandhura in Male, Maldives.
Recognised as one of the key events on the Maldivian tourism and travel industry calendar, SATA celebrated its 10th anniversary on a grand scale, bringing together prominent industry stakeholders, including Government Ministers, distinguished dignitaries, diplomats and senior representatives from leading airlines and their respective head offices.
Commenting on the achievement, Dimuthu Tennakoon, Head of Commercial, SriLankan Airlines, stated, “We are honoured to receive this recognition at the South Asian Travel Awards 2026. Being named the Leading International Airline in the Visitors’ Choice Awards once again is a meaningful acknowledgement of our commitment to serving our passengers and strengthening our presence in the region. This award inspires us to continue enhancing the travel experience we offer and to build stronger connections with the markets and communities we serve.”
Complementing its commitment to service excellence, SriLankan Airlines offers an extensive flight network with convenient connections to destinations across the globe. In South Asia, the airline operates nearly 130 flights each week to 15 destinations across India, Pakistan, the Maldives, Nepal, and Bangladesh. With schedules thoughtfully designed to suit the needs of travellers, SriLankan Airlines provides seamless connectivity for those visiting Colombo for business or leisure, as well as passengers travelling onwards to destinations worldwide.
Business
JXG enters LMD’s Most Respected Entities in Sri Lanka 2026 for the first time, securing a place among the first 50
JXG (Janashakthi Group), Sri Lanka’s leading financial conglomerate, has been ranked 44th in LMD’s Most Respected Entities in Sri Lanka 2026, marking the Group’s first appearance in the prestigious listing. The recognition places JXG among Sri Lanka’s most respected companies and marks an important milestone in the Group’s master-brand journey.
As the holding company, JXG was also recognised across key attributes including Aspirational Workplace, Business Expansion, Business Innovation, Corporate Culture, Corporate Dynamism, Crisis Management, Employee Wellbeing, Honesty and Integrity, and Leadership Profile. The recognition reflects the growing strength of the JXG brand and the collective contribution of its businesses and people in building trust and confidence among its stakeholders.
JXG’s subsidiaries, including Janashakthi Life and First Capital, have also been recognised in the main table of LMD’s Most Respected Entities 2026 rankings, while Janashakthi Finance has been recognised under the Business Expansion attribute, reflecting the strength of the Group’s individual businesses alongside its growing master brand.
Conceptualised and commissioned by LMD and conducted by PepperCube Research Consultants, the Most Respected Entities special edition recognises companies based on an independent survey of Sri Lanka’s business community.
Commenting on the recognition, Gamika de Silva, Group Chief Marketing Officer at JXG, said, “This is a proud moment for all of us at JXG. We set out to build a Group brand that is not just seen but lived by our people and reflected in everything we do. Ultimately, the true testament to any brand lies in its people, and the credit for this recognition goes to everyone across JXG who brings our values to life every day. This recognition is an encouraging milestone for us, while also reminding us to keep raising the bar and earning the respect of our stakeholders through what we do.”
JXG’s approach to building trust is anchored in its core values of Integrity, Collaboration, Respect, Performance Driven and Innovation. These values guide how its businesses operate, how its people engage with one another and how the Group serves its customers and wider stakeholders.
As JXG continues to expand its businesses, the Group remains focused on strengthening its market presence, creating long-term value and contributing to the growth of Sri Lanka’s financial services sector, guided by its purpose, Breaking Barriers, Forging Futures.
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