PickMe quarterly profit climbs 53% to Rs. 784mn

Digital Mobility Solutions Lanka PLC, the operator of PickMe, reported a 53 percent year-on-year increase in net profit to Rs. 784 million for the second quarter of FY2026/27, as higher transaction volumes helped spread operating costs across a larger business.

Revenue rose 37 percent to Rs. 2.9 billion, matching a 37 percent increase in total platform movements. Profit growth outpaced revenue growth, reflecting stronger operating leverage as activity expanded across the platform.

The board approved an interim dividend of Rs. 2.75 per share, representing a payout ratio of 65 percent, according to the company.

PickMe facilitated gross transaction value of Rs. 28.5 billion during the quarter, with Rs. 24.7 billion flowing to independent drivers and merchants. Gross transaction value measures the value of business conducted through the platform and is distinct from the revenue earned by the company.

Average monthly unique consumers increased 38 percent year-on-year to 2.1 million, while average monthly unique driver earners rose 58 percent.

Platform movements also increased 18 percent from the preceding quarter, with growth across all product verticals. The sequential improvement followed a first-quarter fuel disruption, after which the company prioritised restoring driver availability and service reliability.

“Our immediate focus was to improve driver availability and maintain a reliable service as demand recovered,” PickMe Founder and CEO Jiffry Zulfer said.

“The growth in consumer activity, earner participation and platform movements shows that these measures are delivering results.

We will continue to focus on service quality, supply reliability and disciplined execution as the platform expands.”

For the first half of FY2026/27, net profit increased 49 percent to Rs. 1.4 billion from Rs. 950 million a year earlier. Revenue grew 38 percent to Rs. 5.4 billion from Rs. 3.9 billion, while operating profit rose 44 percent to Rs. 1.9 billion.

First-half earnings per share increased to Rs. 4.24 from Rs. 2.85.

Gross transaction value for the six months rose 43 percent to Rs. 53.8 billion, generating Rs. 46.7 billion in earnings for independent drivers and merchants. Total platform movements increased 39 percent.

Chairman Ajit Gunewardene said the dividend reflected the board’s confidence in the company’s performance and financial position, while retaining capacity for technology investment and expansion.