Expolanka declares hefty Rs. 8.19 per share interim dividend

Sri Lanka’s giant logistics multinational and most valuable listed entity Expolanka Holdings PLC yesterday thrilled investors with a hefty Rs. 8.19 per share cash interim dividend for FY23.

In FY22 Expolanka paid a dividend of Rs. 1.17 per share and 50 cents per share in FY21.

The interim dividend was announced after the market was closed. Yesterday the share price of Expolanka Holdings increased by Rs. 4 (2.38%) to close at Rs. 172.25.

Expolanka in FY22 announced stellar results amidst global and local shocks, reinforcing its resilience and fruition of its recent strategies.

Group revenue was Rs. 694 billion (+217%) whilst after tax profit amounted to Rs. 73 billion (+389%). Over 95% of this revenue has been derived from international operations, reflecting the global nature of its business model and portfolio.

For the 4Q the Group posted a revenue of Rs. 242 billion (YoY + 220%), a Gross Profit of Rs. 46.0 billion (YoY + 287%) and a Profit after tax of Rs. 31.03 billion (YoY + 680%). The depreciation of the Sri Lankan rupee resulted in an exchange gain of Rs. 11.6 billion whilst increasing the company’s Net Asset Value by Rs. 26.5 billion on an YTD basis.

Group CEO Hanif Yusoof in the 4Q interim results statement commenting on the outlook said: “Although pandemic impacts are gradually easing as the world adopts the new normal, markets are expected to remain disrupted during the near term. The outlook for the company’s key consumer market, North America, remains steady, whilst the European and Asian markets are expected to see a gradual recovery.”

He said the pandemic has resulted in long-term changes to consumer behaviour, evolving market conditions, and nimble supply chains. “As a company, Expo will remain committed to meeting these challenges whilst moving forward to take advantage of opportunities with the single focus of creating value for all our stakeholders,” Yusoof added.