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Sri Lanka Telecom Group heading towards robust year-end results

Sri Lanka Telecom Group heading towards robust year-end results

Sri Lanka Telecom (SLT-Mobitel) has reportedly achieved a 49.2% year-on-year (YOY) growth of Profit After Tax (PAT) in Q3 2021, posting Rs. 3.2 billion in PAT, reiterating consumer confidence in the National ICT Solutions Provider.
According to reports, the SLT Group Revenue for Q3 2021 grew by 15.6% compared to the same quarter of the previous year to Rs. 26.7 billion. The EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of the group stood at Rs. 10.8 billion, reflecting a 25.7% YOY growth and the EBITDA margin improved to 40.4% compared to 37.1% in Q3 2020.
Topline for the first nine months of 2021 was Rs. 76.6 billion, a 14% increase compared to the same period in 2020.
The achievement was reportedly made possible due to a customer-centric marketing strategy, with demand coming in for fibre connectivity for residential and corporate customers together with the demand for PEO TV and mobile services.
SLT Group Chairman Rohan Fernando has been quoted as saying, “SLTMobitel’ is on the cusp of transformation from telephone to technology, backed by research and development, moving Sri Lanka to the digital platform. To reiterate our commitment to service and technology, the construction of a technologically advanced Mobitel Headquarters commenced this year. On completion in 2022, all our mobile services will be brought under one roof in a newly tech park in Welikada. We are dedicating an entire floor in the new headquarters for research and state-of-the-art innovations. Our efforts to connect the nation in support of the Government’s commitment to bridge the digital divide continues unabated, as we serve the Nation and its people.”

“As the country cautiously steps up to full efficiency with a vaccinated workforce, the SLT Group is playing its part to strengthen the digital links connecting the Government, the people and organisations. The dedication shown by every member of the group and the tasks we have carried out during a particularly challenging time are reflected in our outstanding financial results. We are humbled in the knowledge that Sri Lankans continue to place their utmost trust in us to provide outstanding services and have embraced us as their solution provider of choice,” SLT Group Chief Executive Officer Lalith Seneviratne has also been quoted as saying.

OSL take:

The robust year end results of SLT-Mobitel is indicative of the strength as well as business potential of businesses in Sri Lanka. It is also indicative of the growing business potential in the ICT and digital infrastructure development sectors in the country. Sri Lanka’s development programme and the path to becoming an emerging business hub in the South Asian region have expanded the business/investment opportunities in the country’s ICT and digital infrastructure development sectors. With Sri Lanka’s overall economy showing a positive expansion, foreign businesses/investors could explore the growing business/investment opportunities in Sri Lanka’s ICT and digital infrastructure development sectors.

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Article Code : VBS/AT/16112021/Z_4

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