News
SLT Group annual revenue surpasses Rs. 100 Bn again
Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider, posted impressive overall growth with annual revenue surpassing Rs 100 Bn once again, recording Rs 108 Bn for the financial year 2022.
This resulted in the Group recording a revenue increase of 5.2% for the financial year 2022, strengthened by a healthy bottom line of Rs 4,765 Mn Profit after Tax, enabling the Company to deliver on commitments to stakeholders against a backdrop of unprecedented macroeconomic and industry challenges.
Results at Group level is reflective of the transformational journey commenced in 2021 with a clear focus on operational efficiency through a consolidated business structure, optimisation of facilities, and cost efficiencies through the unified brand.
SLT Group Chairman, Rohan Fernando said, “2022 was a year of economic and social distress never witnessed before in the recent past in the country. Despite the tough operating environment and the many challenges unique to our industry, I’m proud to note that we have been able to stabilize the Group performance by infusing innovations into our core business and prudent cost saving measures. At the same time, learning to navigate through this volatile market conditions have placed the group in a strong position. Like any progressive business, transformation is critical to evolve and navigate challenging market conditions, to secure business sustainability and enable a future-ready workforce. We are firm in our resolve to realise our single-minded vision of transforming from a Telco company into a Techco (technology and communication) organisation to provide state-of-the-art solutions to individual customers, corporates, investors whilst supporting the growth of the country’s vital IT sector and enable socioeconomic progress. With business resilience, strategic management decisions and the capabilities of our 10,000 strong staff, we are confident we can leverage the opportunities, that are also presenting itself in this tough operating environment.”
At Company level, SLT Q4 revenues recorded a robust growth of 19.9% to Rs 18.1 Bn compared to the same period last year and more heightened growth with year-to-date figures indicating a 13% increase to Rs 67.6 Bn as against last year. As a result, SLT company posted a strong Profit after Tax of Rs. 8,463 Mn for the financial year 2022 with a 44.3% increase compared to last year .
The key YoY revenue drivers were the increases in Carrier Domestic, Broadband and Carrier International revenue streams. Additionally, due to the devaluation of the Sri Lankan Rupee since March 2022, the company registered a substantial foreign surplus.The Group’s Operating Profit for Q4 showed a growth of 5.1% to Rs 3 Bn against the previous quarter.
Quarter on Quarter (QoQ) performance was stronger compared to last year, increasing 16% at Rs 3 Bn. But due to the impact of the weak economic and business environment throughout the financial year the operating profit for the year declined to 9.6% at Rs 12.5 Bn compared to 2021.
The Group’s Operational Cost significantly grew last year due to rupee devaluation, inflation and rising interest rates, and stood at Rs 67.7 Bn for the financial year 2022.Further some subsidiaries including Mobitel (Pvt.) Ltd., the mobile arm of the Group, that faced heavy forex losses during this period, did impact and curb the growth of the Group last year.
During the last three years, the technological and communication needs of the country have witnessed tremendous acceleration and change. The responsibility of SLT-MOBITEL, in meeting the present and future demands, has become critical now more than ever as SLT-MOBITEL is also the sole backbone service provider for uninterrupted technical and communication operations of institutions and sectors that are vital for the country. The stability and performance of the organization therefore is critical during this time and all organizational decisions are made considering this national responsibility.
News
‘Vision’ Programme Marks Two Years
Marking the completion of two years of the ‘Vision’ Programme, students from Pinnawala Central College and Matale Siri Seevali College were given an opportunity on Thursday (24) to visit the Presidential Secretariat.
The ‘Vision’ Programme was launched for schoolchildren jointly by the Presidential Secretariat, the Ministry of Education and the Department of Communication of the Parliament of Sri Lanka.
Following a visit to the former Parliament building at the Presidential Secretariat, the students were also briefed on the history of Parliament.
The role of the President’s Fund and its importance to schoolchildren were explained by Senior Additional Secretary to the President Roshan Gamage.
The ‘Vision’ commemorative book, featuring the two-year journey of the ‘Vision’ Programme and its special activities, was also presented to the participating schools.
As part of the programme, valuable plants were also presented to the schools as a symbolic gesture underscoring the importance of environmental conservation.
Director General of Public Relations Dharmasiri Gamage, the Director and Assistant Director of the Tri-Services Security Coordination Unit, the principals and teaching staff of Pinnawala Central College and Matale Siri Seevali College, and students were among those present on the occasion.
President’s Media Division (PMD)
News
Sajith vows to scrap 22A under future govt.
Opposition and SJB Leader Sajith Premadasa yesterday vowed that an SJB government would repeal the 22nd Amendment (22A) to the Constitution.Premadasa made the pledge while addressing thousands of SJB supporters who gathered near Parliament to protest against 22A.
Addressing the rally at Polduwa Junction, Battaramulla, Premadasa said the proposed constitutional amendment would undermine democracy and judicial independence and enable the concentration of political power in the Executive.
“Even if they pass it, under an SJB government we will scrap it,” Premadasa told the gathering, claiming that 22A was aimed at paving the way for a one-party state and placing the State under the control of a single political party.
Braving the rain, Premadasa said they had gathered there peacefully and had no intention of resorting to violence.
“We have gathered here to protect democracy,” he said, challenging the government to hold Provincial Council elections if it was confident of facing the people.
Premadasa said the SJB was prepared to work with any democratic and clean political force committed to the country’s progress and public welfare, amid ongoing discussions on cooperation among Opposition parties, including the United National Party.
Premadasa also accused groups aligned with the government of attempting to discourage people from attending the protest through statements and other measures.
SJB General Secretary Ranjith Madduma Bandara said the protest had been organised against the proposed amendment, which the party had opposed on the grounds that it could pave the way for authoritarianism.
The demonstration began around 9 a.m. at Polduwa Junction and coincided with Parliament taking up the proposed 22nd Amendment for debate. Proceedings on the Bill are scheduled to continue today (25).
The Supreme Court has determined that the proposed amendment does not require approval at a referendum and could be passed with a special majority in Parliament.
Meanwhile, traffic congestion was reported on roads surrounding Parliament and Polduwa Junction following the demonstration.
Security was also tightened in and around the Parliamentary complex, with a heavy police presence observed at Polduwa Junction and near the main entrance to Parliament.
News
Two retired female Navy officers remanded over disappearance of two women during war
Two retired female Navy petty officers were ordered to be remanded until October 5 over their alleged involvement in the abduction and disappearance of two women in Trincomalee during the war.
Trincomalee Chief Magistrate M.S.M. Samsudeen yesterday ordered that the two suspects be remanded and directed that they be produced for an identification parade on October 5.
The suspects, residents of Chilaw and Haputale, were arrested after appearing before the CID in connection with another court case. They were subsequently produced before the Trincomalee Magistrate’s Court.
The court was informed that the investigation concerned the alleged abduction of Sasikumar Thenmoli and Mary Delsia, residents of Paalaiyootru, Trincomalee, on or around May 13, 2008.
The CID told court that information uncovered during its investigations indicated that the two women had allegedly been detained at an underground location known as the “Gun Site” at the Trincomalee Naval Base while the two suspects were serving in the Navy. The women were subsequently reported missing.
Further investigations into the alleged abduction and disappearance of the two women are continuing.
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