ExpoLanka Sets A Record By Becoming The First Company With A $2 Billion Market Capitalization
Posted 25,October

By Chaveendra Dunuwille

In Local News

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ExpoLanka Holdings PLC set another record by becoming the first Sri Lankan company to record a $2 billion market capitalization. 

Sri Lanka’s most profitable company achieved this remarkable milestone after the company shares closed at LKR 209, a 3.7% increase on Thursday. On Friday, the company hit the record market value of LKR 408.58 billion or $2.01 billion, becoming the first Sri Lankan company to reach this remarkable milestone. 

The company has grown by leaps and bounds since it was considered the most valuable company in Sri Lanka on the 23rd of August. By the end of 2020, ExpoLanka only managed to record a market capitalization of LKR 57 billion. By August, the company’s share was valued at LKR 122.50 per share with a market capitalization of over LKR 240 billion. Last week, the Expo shares reached an intra-week high of LKR 209.75, a testament to the young company’s speedy growth. 

Expo Lanka’s majority shareholder is Japan SG Holdings Global Ltd, owning 75.6%. At the same time, company founder Hanif Yusoof holds 7.5% of the total share. The public float was around 16%, and the investor interest in the company can be seen with the public shareholder base increasing from 4500 to 13719 by June 2021. While FY 2020 saw ExpoLanka suffer an LKR 438 million loss, Co 

vid 19 could not stop its growth in FY21 as it achieved a hefty net profit of LKR 14.8 billion. 

The Group Revenue of the company was recorded at LKR 218.7 billion, a 111% increase. 1Q FY22 witnessed a 259% Y-o-Y growth while at the same time the Group Profit After Tax was LKR 6.3 billion. 

The company also made three strategic acquisitions in the past six months as part of its strategic policies. They acquired the Central American Firm IDEA Logistics LLC and its associated companies for $9.7 million and the 100% stake in US Seville Container Freight Station & related companies for $2.2 million. They also acquired the US-based container freight station and trucking services Complete Transport System LLC for $ 6.1 million. 

These acquisitions allow ExpoLanka to offer a wide range of services to its customers. The company’s policies have also allowed it to protect investors from the currently volatile Sri Lankan market while at the same time establishing a foothold in the USA.