Business
Dialog profitability improves in 1H 2023,driven by cost rescaling initiatives
Dialog Axiata PLC announced, Thursday 10th August 2023, its consolidated financial results for the six months ended 30th June 2023. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group concluded the 1H 2023 with positive revenue performance being recorded across all business segments, namely, Mobile, Fixed Line, Digital Pay Television, International and Tele-infrastructure to record a consolidated Revenue of Rs97.7Bn, demonstrating a growth of 20% Year-to-Date (“YTD”). However, Revenue declined of 5% Quarter-on-Quarter (“QoQ”) to reach Rs47.7Bn for Q2 2023 due to drop in non-core revenue1 resulting from LKR appreciation against the USD. Despite the elevated cost base due to unfavourable externalities, Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) maintained flattish and marginally declined by 1% YTD to record at Rs27.2Bn. The EBITDA for Q2 2023 was recorded at Rs14.2Bn up 9% QoQ as cost rescaling initiatives gained more traction to record a saving of Rs5Bn for the quarter (Rs7.5Bn for 1H 2023). Overall, the core business remained resilient to record a core EBITDA margin of 40.2% for 1H 2023.
The Group Net Profit After Tax (“NPAT”) continued to benefit from forex gains to record at Rs11.8Bn for 1H 2023, with a growth exceeding 100% YTD, whilst on a QoQ basis NPAT recorded a decline of 64% to reach Rs3.1Bn for Q2 2023. The Sri Lanka Rupee (“LKR”) appreciated against the United States Dollar (“USD”) by 5.6% during the quarter resulting in a forex gain for the group. Normalised for the forex gain a Net Loss was recorded at Rs.0.5Bn for 1H 2023 and Rs0.3Bn for Q2 2023.
Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs21.9Bn to the Government of Sri Lanka (GoSL) during the first six months of 2023, an increase of 29% YTD. Total remittances included Direct Taxes and Levies amounting to Rs6.4Bn and Rs15.5Bn in Consumption Taxes collected on behalf of the GoSL.
The Group continued to support infrastructure investments in 1H 2023 to ensure seamless customer experience and leadership in Sri Lankas’ Broadband and ICT sectors. Accordingly, the Capital expenditure reached Rs14.0Bn for 1H 2023 representing a decline of 38% YTD. In line with the above Capex, the Group recorded positive Operating Free Cash Flow (“OFCF”) of Rs6.2Bn for 1H 2023, up over 100% YTD. In its 20th annual review, Brand Finance, the world’s foremost independent brand valuation consultancy, bestowed the prestigious title of ‘Sri Lanka’s Most Valuable Brand’ upon Dialog Axiata PLC, for the fifth consecutive year, with a brand value of Rs52Bn. Dialog emerged as the strongest brand in Sri Lanka, earning the esteemed AAA+ brand rating. The Company was also accorded the title of ‘Most Valuable Telecommunications Brand’ for the 16th consecutive year. At an entity level, Dialog Axiata PLC (the “Company”) continued to contribute a major share of Group Revenue (52%) and Group EBITDA (63%). Company revenue was recorded at Rs50.4Bn for 1H 2023 up 3% YTD resulting from the growth in data segment. On a QoQ basis revenue declined 3% QoQ to reach Rs24.8Bn due to the impact from consumer affordability challenges. Profitability continued to be impacted YTD due to higher network spend and rise in operating expenses resulting from LKR depreciation against the USD as alluded to earlier. Accordingly, Company EBITDA was recorded at Rs17.2Bn for 1H 2023 down 10% albeit improving on a QoQ basis by 7% to reach Rs8.8Bn due to traction gained on cost rescaling initiatives. Company NPAT was recorded at Rs9.6Bn for 1H 2023 and Rs2Bn for Q2 2023.
More details are available at the following links:
Dialog Axiata PLC direct weblink for results: https://www.dialog.lk/quarterly-reports
CSE direct weblink for results: https://www.cse.lk/home/company-info/DIAL.N0000/financial
Dialog sustainability: https://www.dialog.lk/sustainability.
Business
USA–Sri Lanka Chamber of Commerce plans New York campaign to promote Tourism and Business
Timing aligns with national policy discussions
By Sanath Nanayakkare
The USA–Sri Lanka Chamber of Commerce is exploring an innovative promotional initiative to showcase Sri Lanka’s tourism, cultural heritage, and commercial opportunities in the heart of New York City during the upcoming Christmas and holiday season.
The proposed campaign aims to bring Sri Lanka’s unique identity to one of the world’s most internationally recognized cities through a mobile digital billboard featuring high-quality photographs and videos highlighting the island’s natural beauty, rich heritage, and diverse commercial offerings. Designed to capitalize on New York City’s significant holiday-season foot traffic, the initiative will reach American consumers, international tourists, and potential business partners.
The digital showcase will feature pristine beaches, scenic mountains, waterfalls, tea plantations, wildlife, ancient cities, Buddhist heritage, traditional arts, authentic cuisine, and modern attractions, positioning the country as a premier international travel destination. An interactive QR code linking to comprehensive tourism information will also be incorporated, allowing viewers to directly explore travel opportunities.
Beyond destination promotion, the initiative provides Sri Lankan businesses with a vital platform to introduce their products and services to the American market. Enterprises representing Ceylon tea, spices, food products, gems and jewellery, apparel, handicrafts, wellness, hospitality, and tourism will have the opportunity to showcase their brands alongside the broader national campaign.
The Chamber notes that this effort will be particularly beneficial for small and medium-sized enterprises (SMEs) seeking greater international exposure, brand recognition, and commercial partnerships in the United States. By integrating tourism promotion with commercial visibility, the project aims to strengthen Sri Lanka’s international image while supporting trade, investment, and business development.
Operating under the central message of “Discover Sri Lanka. Experience Sri Lanka. Visit Sri Lanka,” the campaign presents the island as a destination defined by natural beauty, cultural richness, distinctive products, and entrepreneurial potential. More information on the initiative is accessible at www.usaslcc.org.
Tourism sector stakeholders have welcomed the move, noting that private-sector-led initiatives of this nature bypass cumbersome bureaucratic procurement procedures and complex tender processes typically associated with state-run promotional campaigns abroad.
The timing aligns with recent national policy discussions regarding tourism promotion. Participating in a Fireside Chat at the inauguration of the Sri Lanka Economic and Investment Summit 2026, organized by the Ceylon Chamber of Commerce, President Anura Kumara Dissanayake emphasized that a proper procurement mechanism needs to be established before acquiring tourism promotional concepts, recommending a performance-based system where agencies are compensated according to verified growth in tourist arrivals.
Business
Seylan Bank partners Colombo Motor Show 2026 as official banking and leasing partner
For 10th consecutive year
Seylan Bank PLC, the Bank with a Heart, has reaffirmed its commitment to supporting Sri Lanka’s automotive industry by partnering with the 20th edition of the Colombo Motor Show 2026 as the Official Banking & Leasing Partner for the 10th consecutive year. This makes Seylan Bank the longest-standing partner of the Colombo Motor Show, further reflecting its longstanding association with one of Sri Lanka’s most prominent automotive exhibitions. The four-day exhibition is scheduled to take place from 20th to 23rd November 2026 at the Bandaranaike Memorial International Conference Hall (BMICH), marking the first time the Colombo Motor Show will be held as a four-day event.
As one of Sri Lanka’s leading international motor and motor accessories exhibitions, the Colombo Motor Show will bring together vehicle enthusiasts, prospective buyers, industry professionals and automotive service providers. The 2026 edition is expected to feature over 200 trade stalls covering motor vehicles, accessories, spare parts, lubricants, tyres, batteries, leasing facilities and other motor-related services.
Through its continued partnership, Seylan Bank will showcase a comprehensive range of financial solutions designed to support customers in meeting their personal and business needs, with a particular focus on Seylan Leasing facilities. Visitors to the exhibition will have the opportunity to receive on-the-spot leasing evaluations and expert guidance from Seylan Leasing Specialists, helping them explore vehicle financing options conveniently during the event.
Business
WCIC sharpens focus on scaling women-owned businesses
The Women’s Chamber of Industry and Commerce (WCIC) is sharpening its focus on helping women entrepreneurs move beyond business creation towards sustainable growth, as it expands its membership, partnerships and advocacy footprint.
WCIC Chairperson Gayani de Alwis, concluding her second tenure, highlighted the Chamber’s efforts had increasingly centered on creating pathways for women to translate entrepreneurial ambition into viable enterprises and, importantly, build those businesses for the longer term.
“Ultimately, our impact is not measured by the number of programmes we conducted, but by the women whose businesses grew, whose voices became stronger, whose horizons expanded and whose contribution to the economy became greater,” she said addressing the WCIC 41st Annual General Meeting (AGM) held on 22 September for which the Chief Guest was Canadian High Commissioner to Sri Lanka and the Maldives Isabelle Martin.
The focus has included a special initiative for female university students with an entrepreneurial mindset, regional chapter initiatives in the Northern Province, capacity-building programmes and the inaugural ‘Beyond Ramp Up’ workshop.
The Chairperson said these initiatives were designed to move women “from aspiration to enterprise, and from enterprise to sustainable growth”, signaling a broader focus on strengthening the progression of women entrepreneurs beyond the initial stages of business formation.
WCIC recorded a 20 percent increase in membership during the period with membership crossing 460 and expanded its ecosystem through a series of strategic partnerships.
Internally, WCIC moved to strengthen its governance framework, revising its Articles of Association to ensure regulatory compliance and introducing a Code of Conduct and Board self-assessment. Clearer organisational roles, job descriptions and performance targets were also introduced as part of efforts to strengthen accountability and professionalise its operations.
Reflecting on her tenure, the Chairperson said the period had been about building a stronger, more connected and professionally governed organisation, while converting its wider ambitions into tangible opportunities for women in business.
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