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Expolanka Holdings ends FY 2023 focusing on consolidation strategy

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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.



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DevPro and WCIC come together to accelerate women’s economic empowerment in Sri Lanka

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DevPro and Women’s Chamber of Industry and Commerce (WCIC) signed a formal partnership on Wednesday, 28th January to collaborate in promoting women’s economic empowerment and inclusion in Sri Lanka.

DevPro builds on 30 years of OXFAMs legacy in Sri Lanka and works towards Inclusive Economic Development leveraging expertise in inclusive and climate-resilient market systems and enterprise development and innovation. DevPro’s work is guided by the core values of gender justice, inclusivity and community-led development. Through its recent projects, DevPro has supported over 270 women-led MSMEs, across agriculture, handloom, and tourism-related value chains in five provinces in Sri Lanka through a mix of interventions combining skills development, enterprise strengthening, market linkages, and gender-sensitive community engagement to improve income, resilience, and economic participation.

WCIC is the first women-only trade chamber in the world, dedicated to empowering women entrepreneurs and women-led MSMEs in Sri Lanka through skills-building, business advisory services, networking etc. Among its many initiatives, WCIC’s flagship annual event, “Prathibhabhisheka” – Women’s Entrepreneurs Awards has empowered many women owned and women-led businesses in Sri Lanka to enhance their business resilience and competitiveness through improved governance processes, financial health, market recognition and global expansion.

Through this partnership, both DevPro and WCIC, will leverage their collective expertise, networks and resources to advance women’s economic empowerment and inclusion through projects, capacity building, research and policy advocacy focused on women entrepreneurship development, innovative business models, sustainability certification and credentials, export readiness and market integration and financial literacy and inclusion.

The MoU was signed by Gayani de Alwis, Chairperson of WCIC and Chamindry Saparamadu, Executive Director of DevPro in the presence of senior members of both teams.

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Writer Business Services enters Sri Lanka to partner with institutions to provide information management and payments solutions

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Writer Corporation, one of India’s leading business groups, announced the launch of its subsidiary, Writer Business Services Pvt. Ltd., and the commencement of its operations in Sri Lanka. The expansion reflects Sri Lanka’s strategic importance in Writer’s regional growth plans and its role in supporting a highly regulated digital and financial services market which is currently undergoing digital transformation.

Sri Lanka’s continued focus on strengthening regulatory frameworks, digital platforms, and financial systems is shaping how institutions across banking, government, and enterprise sectors approach their business operations. There is a clear emphasis on secure, compliant, and resilient information and transaction environments that can scale with regulatory and business needs. Writer’s entry into Sri Lanka aligns with this direction, bringing global experience and a partnership-led approach to the market.

As part of its launch, Writer will establish a secure records and information storage facility in Seeduwa, Colombo. Designed to meet global standards for security, compliance, and disaster resilience, the facility will support banks, financial institutions, government bodies, and large enterprises in managing physical and digital information across its lifecycle.

Alongside information management, Writer brings established expertise in integrated payment services to support the modernization of transaction infrastructure across the banking and financial services sector. Its payments capabilities focus on strengthening availability, transaction continuity, and transparency across critical payment channels that underpin institutional reliability and customer confidence.

Writer’s digital payments offerings in Sri Lanka include end-to-end ATM and self-service terminal outsourcing, integrated channel ownership and managed services, field management applications, payment and reconciliation platforms, and remote monitoring with near real-time reporting. These solutions support financial institutions in improving uptime, strengthening governance, and enhancing operational efficiency across payment networks, in line with the continued evolution of electronic and automated payment systems.

Across information management and payments, Writer operates with an integrated portfolio spanning records and information management, business process outsourcing, cloud and digital services, data privacy, cybersecurity and enterprise payments infrastructure. These capabilities support institutions in addressing evolving regulatory requirements, digitization of legacy environments, and rising operational and cyber risks.

Writer’s local presence enables closer collaboration with clients and on-ground delivery, while supporting the development of Centres of Excellence across cybersecurity operations, SOC and NOC services, AI-led solutions, and payments operations and monitoring.

Writer’s Sri Lanka operations will be built, led, and run by Sri Lankan professionals, reflecting a long-term commitment to local talent growth and development.

Commenting on this development, Satyamohan Yanambaka, CEO, Writer Global Services Pvt. Ltd., assured Writer’s long-term commitment to the country’s digital ambitions. He said, “Writer’s entry into Sri Lanka reflects our belief that digital ambition in regulated environments must be supported by trust, sound governance, and strong execution. As institutions scale digital services, the reliability of information and payment systems, channel operations, and governance frameworks becomes increasingly important to public and institutional confidence. Our experience across information management, digital transformation, and enterprise payments enables us to support secure, large-scale financial ecosystems, with a clear commitment to building and leading these capabilities locally.”

Sri Lanka’s Digital Personal Data Protection framework raises expectations around how personal and sensitive information is secured and governed.

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Altair issues over 100+ title deeds post-ownership change

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Thilan Wijesinghe

Altair Residences have, over the past six months, seen more than 100 individual title deeds being executed by apartment owners, providing owners with a clear, registered, legal title to their apartments in accordance with Sri Lankan property law. This has been a key initiative by the new owners and management of Altair to improve governance and will continue in an orderly manner in the coming months.

With the transition of ownership to Blackstone India, Altair’s Management Council has also been formally constituted, enabling owners to play an active and proactive role in the management of the Altair building. In addition, the management council has appointed Realty Management Services (RMS), a subsidiary of Overseas Realty Ceylon PLC, as the new facility manager of Altair.

Commenting on these milestones, Thilan Wijesinghe, Chairman of TWC Holdings, who, together with a team from TWC, represents Blackstone’s interests in Sri Lanka, said, “The issuance of individual title deeds is a critical step in any professionally developed residential asset. Over the past six months, this process at Altair has moved forward in a structured and transparent manner, alongside the formal establishment of owner-led governance. This, combined with the appointment of experienced facility managers are fundamental building block for long-term value-creation for apartment owners and proper asset stewardship.”

With ongoing improvements to the building being undertaken by Indocean Developers Pvt Ltd (IDPL), the owning company of Altair, the issuance of deeds to owners is expected to accelerate over the coming months.

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