PickMe reports strong Q1 performance with 50% revenue growth

Wednesday, 30 July 2025 00:06 - - {{hitsCtrl.values.hits}}

Chairman Ajit Gunewardene

CEO Jiffry Zulfer

Digital Mobility Solutions Lanka PLC., owner of Sri Lanka’s leading technology-based mobility platform PickMe, announced its financial results for the first quarter of financial year 2025/26, delivering exceptional growth across all key performance indicators.

The company reported a consolidated revenue of Rs. 1.8 billion for Q1, representing a robust 50% increase from Rs. 1.2 billion in the corresponding period of the previous financial year. This strong performance is underpinned by a 43% year-over-year growth in platform volume, supported by a record-high average of monthly unique users. Gross Transaction Value (GTV), representing the total value of trips and deliveries facilitated through the platform, grew 36% to Rs. 16.6 billion compared to Rs. 12.3 billion in Q1 of the previous financial year, primarily driven by increased transaction volume.

PickMe’s focus on operational efficiency delivered outstanding results, with operating profit surging 106% to Rs. 602 million, compared to Rs. 292 million in the corresponding quarter of the previous year.

The operating profit growth was driven by higher volumes, enhanced operating leverage, and strategic cost optimisation efforts, particularly in IT infrastructure. Sequential performance remained equally strong, with operating profit showing 13% quarter-over-quarter growth, demonstrating sustained momentum from both volume expansion and improved cost structure.

Net profit reached Rs. 437 million, marking a significant 96% increase from Rs. 223 million in the corresponding period of the previous financial year. The company maintained strong sequential momentum with a 16% quarter-over-quarter increase in net profit, highlighting continued operational excellence.

During the quarter, PickMe made strategic investments in strengthening its supply base to ensure platform reliability and maintain high service levels. These efforts resulted in all-time highs for both average monthly unique users and independent third-party drivers at the end of Q1 FY2025/26, reiterating the company’s strong market penetration and scalable growth trajectory.

“Our Q1 results demonstrate the strength of our platform and the effectiveness of our strategic initiatives,” said PickMe Chairman Ajit Gunewardene. “The healthy level of user engagement, combined with independent drivers registered with the platform, positions us well for continued growth while maintaining the service quality our customers expect.”

PickMe Founder and CEO JiffryZulfer added, “The 106% increase in operating profit reflects our commitment to operational excellence and disciplined cost management. We’re particularly pleased with our IT infrastructure optimisation efforts, which are driving meaningful efficiencies across the platform.”

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