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
Cross-border supply chains seen as key to new business opportunities
By Ifham Nizam
Australian High Commissioner to Sri Lanka Matthew Duckworth described Omega Traders’ latest investment in a modern dhal-processing facility as a strong example of how cross-border supply chains can translate into productive investment, local value addition and new business opportunities in Sri Lanka.
The investment, which adds a 150-metric-tonne-per-eight-hour-day processing capacity to Omega Traders’ operations, marks a significant expansion of the company’s manufacturing footprint as it celebrates 45 years in Sri Lanka’s food commodity industry.
Speaking at the inauguration of the new Lentil and Orid Dhal Processing Factory in Wattala, last Friday, H.C. Duckworth said the facility represented more than an increase in production capacity, pointing to the wider economic value created when Australian agricultural production is connected with Sri Lankan processing and distribution.
‘This facility is not operating on its own. It is part of a long supply chain and a trade partnership between Sri Lanka and Australia, Duckworth said.
His comments placed the Omega Traders’ investment within a broader commercial context: Australia brings agricultural production and established export capabilities, while Sri Lanka provides processing capacity, labour, market access and opportunities for further value addition.
The investment comes as Sri Lanka continues to look towards greater domestic processing and value-added manufacturing rather than relying solely on the import and distribution of finished commodities.
Dr. (Mrs.) Siddhika G. Senaratne, Director General/CEO of the Sri Lanka Standards Institution (SLSI), who attended the inauguration as Guest of Honour, highlighted the importance of quality assurance in food processing and the role of standards in maintaining confidence across the supply chain.
The facility is equipped with new-generation cleaning, processing, sorting and quality-control machinery, including advanced colour-sorting technology, automated systems and an in-house quality-control laboratory.
The additional capacity will support Omega Traders’ three principal Mysoor Dhal brands — Rainbow Jumbo Dhal, Komas Dhal and Rozanna Dhal — which serve different segments of the Sri Lankan market.
But the investment also has a distinctly local agricultural dimension.
Through its Orid Dhal operation, Omega Traders plans to source locally grown black matpe from Sri Lankan farmers and process it at the new facility.
That creates a domestic value chain linking farmers to industrial processing and consumers, while potentially increasing demand for locally produced agricultural commodities.
Duckworth said this type of business partnership could generate benefits for both countries.
‘Australia produces some of the world’s best agricultural products and we are very efficient and very capable at trading them. But that alone is not going to bring success to Australia. Just as building a factory like this is not going to bring success to Sri Lanka, he said.
‘It’s when we bring these entities together that our products produced in Australia can be processed in excellence here in Sri Lanka that enables this to be a success, the H.C. explained.
The investment therefore combines two complementary supply streams: imported agricultural commodities, including Australian-origin products, and locally produced black matpe for the Orid Dhal operation.
For Sri Lanka, the business significance extends beyond Omega Traders itself. Increased processing capacity creates demand for logistics, packaging, distribution, services and agricultural inputs, while supporting employment within the food-processing ecosystem.
Business
Ideal Motors makes history with multiple workplace excellence accolades
HR-led transformation places people, culture and business performance at the heart of the organisation
Ideal Motors (Pvt) Ltd,has achieved a significant milestone by securing multiple prestigious workplace and organisational culture accolades in 2026, reinforcing its position as an employer of choice in Sri Lanka’s automotive sector.
Among its latest achievements, Ideal Motors has been recognised as one of the 20 Great Workplaces for Young Talent in Sri Lanka 2026, ranked No. 1 and awarded the Gold Medal in the Small and Medium category of Best Workplaces™ in Sri Lanka 2026, and ranked No. 18 among Best Workplaces™ in Asia in the Medium Scale category—the highest-ranked Sri Lankan organisation in the category. The company also received Industry Excellence for Workplace Culture – Trading Industry.
The Young Talent recognition was presented at the Great Place To Work® CXO Forum 2026 held on 10 September 2026 at Cinnamon Life, Colombo. The recognition followed an evaluation of more than 100 certified organisations and highlights workplaces that create meaningful opportunities for employees under 35 to develop, contribute and grow.
At the Best Workplaces™ in Sri Lanka Awards Gala 2026, held on 11 September 2026 at Cinnamon Life, Colombo, Ideal Motors achieved another historic milestone by entering the Best Workplaces Sri Lanka list for the first time and securing the No. 1 Gold Medal in the Small and Medium category. The company also achieved No. 18 in Best Workplaces™ in Asia, reflecting the strength of its workplace culture beyond Sri Lanka.
These achievements represent more than a collection of awards. They reflect the transformation taking place within Ideal Motors, where people, culture and business performance are increasingly viewed as interconnected drivers of sustainable growth.
Over the past few years, the organisation’s HR function has evolved from a predominantly administrative role into a strategic business partner, with greater emphasis on employee experience, capability development, engagement, performance, communication, wellbeing, diversity and inclusion, and data-driven HR practices.
Business
AAC takes seat belt safety message to Colombo motorists
The Automobile Association of Ceylon (AAC) conducted a seat belt safety awareness programme in front of its headquarters and along Galle Face Centre Road, encouraging motorists and passengers to make seat belt use a habit on every journey.
AAC staff, working alongside officers of the Sri Lanka Police Traffic Division, distributed specially designed hanging tags and stickers to drivers. The material carries a clear reminder that seat belts protect drivers as well as passengers in both the front and rear seats.
The public awareness drive was held ahead of the requirement taking effect on 20 September 2026, under which seat belt use becomes mandatory for every occupant of a vehicle travelling on an expressway.
AAC emphasized that the regulation should be understood as a life-saving measure rather than only a legal obligation. Wearing a seat belt can help prevent occupants from being thrown inside or from a vehicle during a collision and can lessen the severity of injuries.
The Association said road safety legislation must be supported by sustained public education, visible enforcement and responsible behaviour by all road users. The participation of the Traffic Police helped the campaign reach motorists directly in a busy part of central Colombo.
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