Business
‘Expolanka Holdings records best-ever financial performance in 3QFY2021’
Propelled by the stellar performance of its Logistics Sector, Expolanka Holdings PLC delivered its strongest ever quarterly financial performance during the three months ended 31st December 2021 (3QFY2021).
Compared with the third quarter of the previous financial year (3QFY2020), Expo delivered a Group Revenue of Rs. 204.9 billion, representing an outstanding 254% year-on-year (YoY) growth. Similarly, group Gross Profit for the quarter stood at Rs. 38.7 billion, up 299% YoY, while Group Profit After Tax (PAT) rose by 405% YoY to Rs. 23.0 billion.
“This remarkable financial performance, our best-ever to date for a single quarter, is a resounding endorsement of Expolanka’s strategy, agility and sound fundamentals,” Expolanka Holdings PLC Executive Director and Group CEO, Hanif Yusoof said. “It is most noteworthy considering that this performance was achieved during a period of unprecedented and rapid change, in which our key markets have seen significant transformation.”
“The Group’s key consumer market, North America, performed well, while European and Asian markets are also opening up,” Yusoof added. “Markets are dynamic and continue to evolve and Expolanka will navigate these changes by continuing to pursue our proven growth strategy, while focusing on the fundamentals of the business, and honing our agility. The Group will also look to leverage on opportunities with the same singular focus in order to ensure continuous value creation for all our valued stakeholders.”
The Logistics Sector’s exceptional performance was the key driver of the Group’s growth during the period. The sector recorded a Revenue of Rs. 203.7 billion – a YoY improvement of 255% YoY, a Gross Profit of Rs. 38.4 billion – an increase of 303% YoY and a Profit After Tax of Rs. 23.0 billion, reflecting a growth rate of 384% YoY in 3QFY2021.
The Group’s outstanding results were driven by its uniquely customer-centric strategy, which enabled expanded volumes across both air and ocean freight products. This enabled the company to continue increasing its wallet share, as well as attract valuable new strategic accounts. The customer portfolio serviced by the company is now diversified, robust and includes a multitude of leading global brands across a variety of key verticals.
The performance was also an endorsement of the company’s regional expansion strategy. Notably, Far Eastern markets witnessed strong growth while established markets such as Sri Lanka and India too performed well.
Despite still recovering from the pandemic, the Group’s Leisure Sector consolidated its performance during the quarter, generating a Revenue of Rs. 298 million, a 243% YoY improvement. The proactive, resilient and long-term focused approach undertaken by the company has driven operational efficiencies across the business.
The Investment Sector recorded a Revenue of Rs. 917 million during the quarter, a growth of 92% YoY, with the export operation being the key contributor. Refocusing the company’s portfolio enabled the sector’s improved performance. Notably, Expolanka’s IT business gained significant traction during the year.
Together with improvements in its financial performance, during the period, the Group also recorded substantial progress in its Environmental, Social and Governance (ESG) initiatives. For instance, affirming the Group’s commitment to women’s empowerment, Expolanka initiated a project to uplift and empower deserving female entrepreneurs in Sri Lanka, by providing them with financial support and technical expertise.
Expolanka Holdings PLC is a multinational entity with strong presence in logistics, leisure and investments. The Group began moving into international markets in 1992 and now operates in Asia, Europe, Africa and North America. Its international presence now extends across 32 countries. In 2011, Expolanka was listed on the Colombo Stock Exchange, and underwent a significant restructuring process in 2013 to focus on its core business.
Business
GDP data reaffirms persistent asymmetry of Sri Lanka’s provincial economy
Western Province maintains its dominant position, accounting for 42.4% of nominal GDP
The 2024 provincial GDP data reaffirms the profound and enduring structural asymmetry in Sri Lanka’s economic geography. The Western Province continues to function as the nation’s overwhelming economic core, while the second and third runners-up, the North Western and Central Provinces respectively, operate on a markedly different scale and sectoral foundation.
The Western Province maintains its dominant position, accounting for 42.4% of the country’s nominal GDP. This preeminence is rooted in its commanding role across the high-value Services and Industry sectors, where it contributes 44.5% and 47.6% of national output, respectively. Its economy is distinctively modern, with a scant 2.3% reliance on agriculture and over 98% of its output derived from industry and services. This concentration of finance, trade, administration, and manufacturing creates an unmatched gravitational pull for investment and talent.
In stark contrast, the combined economic share of the North Western (11.5%) and Central (10.7%) Provinces is just over half that of the Western Province alone. Their paths to relevance are fundamentally different. The North Western Province has solidified its role as the nation’s agricultural heartland, contributing a full 20.0% of national agricultural activity. It also holds a significant, though secondary, position in industry at 12.0%. Its internal economic composition is more balanced across sectors than the west, with a notable reliance on industry (29.1% of its own GDP) alongside agriculture.
The Central Province, meanwhile, presents a more services-oriented profile among the runners-up, contributing 10.7% to the national services total. It also holds important shares in agriculture (13.9%) and industry (9.6%). Internally, its economy mirrors the national structure most closely among major provinces, with services constituting about 63% of its output. This suggests a diversified regional economy centered on urban hubs like Kandy, but one that lacks the concentrated high-end service power of Colombo.
The comparative analysis reveals a clear hierarchy. The Western Province is the integrated, metropolitan driver of the modern economy. The North Western Province serves as a vital agro-industrial base, and the Central Province as a diversified regional center. Despite a noted increase in the combined share of the other provinces, the gap remains vast. The economic landscape is thus characterized not by convergence, but by a persistent and specialized asymmetry, where the runners-up support the national economy through different, but essential, sectoral strengths, all while operating in the long shadow of the western province.
by Sanath Nanayakkare
Business
Sri Lanka Insurance supports 1,000 families in flood-affected areas
Sri Lanka Insurance Life and Sri Lanka Insurance General, in collaboration with the National Disaster Relief Services Centre (NDRSC), extended vital assistance to 1,000 families affected by the recent ‘Ditwah’ cyclone. The relief initiative was carried out in two phases on 30th November and 2nd December 2025, reflecting the company’s continued commitment to supporting communities in times of distress.
Dry ration packs were distributed through the NDRSC to the Maharagama Urban Council and the Divulapitiya Pradeshiya Sabha, ensuring that aid reached the most affected households swiftly and efficiently. Both distribution programmes were held with the participation of local authorities and the management teams of SLIC Life and SLIC General, further strengthening the company’s close partnership with the communities it serves.
Speaking on the initiative, Chairman of Sri Lanka Insurance, Nusith Kumaaratunga, stated; “Sri Lanka Insurance has always placed community wellbeing at the heart of its purpose. In difficult times such as these, it is our responsibility to stand with the families who have been affected and offer meaningful support. This relief effort reflects our ongoing commitment to uplift communities and reinforces our role as a trusted national insurer focused on protection, care, and compassion.”
In addition to the relief programme, Sri Lanka Insurance has implemented extended operating hours at selected SLIC General branches in the affected areas to ensure uninterrupted service. Claims, customer care teams, and branch staff are working beyond regular hours to provide prompt assistance to policyholders impacted by the severe weather conditions.
Sri Lanka Insurance remains dedicated to safeguarding its customers and supporting communities across the nation, reaffirming its longstanding promise of protection, stability, and service excellence.
Business
Jaffna Hindu College wins regional AIA Healthiest Schools award
Jaffna Hindu College was named as one of the winners at the regional award ceremony of the prestigious AIA Healthiest Schools Competition, a flagship initiative by AIA Group aimed at promoting healthier habits among students across Asia-Pacific region through innovative school-based projects. The competition, which drew a record number of entries from eight regional markets, recognises schools that implement innovative and impactful initiatives in the areas of healthy eating, active living, mental wellbeing, and sustainability. Jaffna Hindu College stood out in the Active Lifestyles Award Category for its creative and community-focused project that introduced a bicycle rental system, ensuring greater access to physical activity for all students and encouraging healthier lifestyles across the region.
The winners of AIA Healthiest Schools programme were honoured at a vibrant regional awards ceremony in Da Nang, Vietnam, where the prize money was awarded to the respective schools to support the ongoing health and wellbeing initiatives.
The Cycling Club was introduced to make physical activity accessible and enjoyable for all students. The club introduced a bicycle rental system, managed via a custom software platform, ensuring equitable access regardless of financial background. Students participated in a cycle parade and three themed challenges focused on endurance, speed, and teamwork. The initiative quickly became popular, engaging over 100 students and receiving enthusiastic support from teachers, parents, and local businesses. Experienced cyclists from the community volunteered as coaches, while cycling organisations provided safety training and route planning.
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