Business
Dialog’s Net Profit After Tax turned positive in FY 2023
Positive YTD growth in all key financial lines:
YTD Revenue 187.8Bn, EBITDA 61.5Bn and NPAT Rs20.1Bn
YTD Revenue Growth at +5%, EBITDA Growth at +19% and NPAT at >+100%
Recommended Dividend: 55% of Earnings, 1.34 Cents per Share
Total Taxes Paid to GoSL Rs40.8Bn for FY 2023 which included Rs9.5Bn in Direct and Rs31.3Bn in Indirect Taxes
FY 2023 Investments in High-Speed Broadband and other Infrastructure Tops Rs25.5Bn
Dialog Axiata PLC announced its consolidated financial results for the year ended 31st December 2023. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group concluded the Financial Year (“FY”) with positive topline performance across all business segments, namely, Mobile, Fixed, Digital Pay Television, International, Digital Platforms and Tele-infrastructure businesses. Group consolidated revenue was recorded at Rs187.8Bn for FY 2023 demonstrating a growth of 5% Year-to-Date (“YTD”). Group Revenue for Q4 2023 was recorded at Rs43.4Bn down 7% Quarter-on-Quarter (“QoQ”). Downstream of topline performance Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) recorded strong double-digit growth of 19% YTD to reach Rs61.5Bn for FY 2023 whilst Group EBITDA decline moderated to 2% QoQ to reach Rs17.0Bn for Q4 2023. The positive outcome from Cost Rescaling and resilience actions taken by the Group helped achieve an EBITDA growth that exceeded Revenue growth on both YTD and QoQ basis. Accordingly, EBITDA margin improved 3.8pp to reach 32.8% for FY2023.
The Group Net Profit After Tax (“NPAT”) turned positive for the year to cross Rs20Bn mark for FY 2023 up >+100% underpinned by strong EBITDA performance, lower depreciation, forex gains and lower finance cost. Group NPAT for Q4 2023 was recorded at Rs5.3Bn up 72% QoQ. The YTD NPAT performance was strongly supported by a forex gain of LKR10.2Bn for FY 2023 as the Sri Lankan Rupee (“LKR”) appreciated 11.5% against the United States Dollar (“USD”). Normalized for the forex gain, the Group NPAT was recorded at Rs9.9Bn for FY 2023, up >+100% YTD.
In line with the dividend policy and financial performance of the Group and taking into account the forward investment requirements to serve the nation’s demand for Broadband and Digital services, the
Board of Directors of Dialog Axiata PLC at its meeting held on 16th February 2024, resolved to propose for consideration by the Shareholders of the Company, a dividend to ordinary shareholders amounting to Rs1.34 per share. The said dividend, if approved by shareholders, would translate to a Dividend Yield of 14.9% based on share closing price for FY 2023. The dividend so proposed will be considered for approval by the shareholders at the Annual General Meeting (AGM) of the Company, the date pertaining to which would be notified in due course.
Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs40.8Bn to the GoSL during the financial year ended 31st December 2023 and Rs10.0Bn for Q4 2023, which represent a 14% increase YTD. Total remittances included Direct Taxes and Levies amounting to Rs9.5Bn and Rs31.3Bn in Consumption Taxes collected on behalf of the GoSL.
The Group capital expenditure for the year ended 31st December 2023 reached Rs25.5Bn, resulting in a Capex to Revenue ratio of 14%. Capital expenditure was directed towards investments in High-Speed Broadband infrastructure to further expand the Group’s leadership in Sri Lanka’s Broadband sector. Accordingly, the Group recorded Operating Free Cash Flow (“OFCF”) of Rs25.1Bn for FY 2023 up over 100% YTD.
Dialog Group being the first telecommunications service provider in the South Asian region to demonstrate 5G capabilities in 2018, reached a milestone of enabling over 200,000 Sri Lankans to experience the power of 5G on Dialog’s 5G Trial network. Dialog’s 5G trial network, recognised as Sri Lanka’s largest 5G trial network, spans over 70 locations across the country, including Colombo and several key cities.
Business
Mahindra Ideal Motors celebrates gala ‘Excellence Awards’ honouring outstanding performance and innovation
The Mahindra Ideal Motors Excellence Awards ceremony, a grand celebration to recognize dealers and other stakeholders of Ideal Motors, was held at the Wave n’ Lake Banquet Hall & Restaurant in Welisara recently.
The event was graced by the presence of special guests including Nalin Welgama, Founder and Chairman Ideal Motors, Dilani Yatawaka, Group Managing Director/CEO Ideal Motors, Nimisha Welgama, Director Legal and Corporate Affairs Ideal Motor, Sachin Arolka, Head International Operations, Auto Division Mahindra & Mahindra India. Senthil Selvaraju, Head International Operations and Customer Service Automotive Division Mahindra & Mahindra India, Sujeeth Jayant, Country Head Mahindra & Mahindra India and Shitam Kundu, Head Domestic Services Mahindra & Mahindra India.
Also, in attendance from Ideal Motors were Kasun Fernando, General Manager Commercial Vehicle Sales Division, Sameera Bamunuarachchi, Deputy General Manager Spare Parts, Logistics & Inventory and Prasanna Manamperi, Deputy General Manager After Seles Service.
Speaking at the event, Nalin Welgama Ideal Motors Founder and Chairman said, “When we began our journey with Mahindra in 2009, the previous company had sold 300 vehicles in the country, of which nearly 150 had various defects. At that time our journey began by engaging with the parent company in India and repairing those vehicles free of charge. That commitment has brought us to where we are today. As we believe, our journey truly begins after the sale. We are dedicated to strengthening our customers, and in doing so, strengthening ourselves. That is how we transformed the after-sales service experience.”
He added, “Our main strength is the Mahindra Bolero, which has sold more than 10,000 units in just two years. In a very short period, we grew from zero to over 100,000 vehicles sold. This is not my victory, but the victory of all of you who contributed to it. Despite the challenges of the COVID-19 pandemic and the economic crisis we faced, this awards ceremony was organized to express our gratitude to all of you who trusted our institution and stood by us. Let us continue our victorious journey together.”
Dilani Yatawaka, Group Managing Director Ideal Motors, said: “Today is a very happy day for us. This is the first time in history of the organisation, that representatives of our vehicles, spare parts, services, and financial institutions are meeting together under one roof.”
Speaking on the occasion, Sachin Arolka, Head International Operations, Auto Division Mahindra & Mahindra India, stated that Ideal Motors in Sri Lanka is one of the largest seller of Mahindra vehicles in Asia.
More than 300 dealers and finance partners participated in the event which concluded with dinner, fellowship and entertainment.
Business
Police engagement supports wildlife protection in hill country
Strengthening conservation through active law enforcement
An awareness and capacity-building program on wildlife crime prevention, with a special focus on the Sri Lankan leopard (Panthera pardus kotiya), was successfully conducted on March 20 at the Dimbula Athletics & Cricket Club, Radella.
The session was organized under the ongoing Multi-Regional Leopard Research and Conservation Project implemented by the Wildlife & Nature Protection Society (WNPS), in collaboration with LOLC. It brought together senior officers representing 28 Police stations across the Nuwara Eliya and Kandy districts, underscoring the growing importance of law enforcement in conservation efforts within multi-use landscapes, a WNPS news release said.
The Central Highlands present a unique conservation challenge, where increasing habitat loss and fragmentation, depletion of natural prey, and use of snares continue to threaten leopards inhabiting these landscapes majority outside formally protected areas. The session therefore focused on strengthening the capacity of Police officers to identify, prevent, and respond to wildlife crimes, while fostering closer coordination with conservation stakeholders, it explained.
Co-Chair of the Wildcats Subcommittee, Prof. Enoka Kudavidanage, highlighted the ecological and economic significance of leopards as apex predators, emphasizing their role in maintaining ecosystem balance and supporting nature-based tourism. She also outlined the current conservation challenges in the Hill Country and presented ongoing interventions under the WNPS–LOLC project.
Dr. Sanjaya Weerakody, Postdoctoral Fellow at the Xishuangbanna Tropical Botanical Garden (XTBG), Chinese Academy of Sciences, shared key research findings on leopard mortality trends over the past 17 years revealing concerning patterns, including the disproportionate loss of mature male individuals and the increasing prevalence of snaring as a primary cause of death highlighting an urgent need for targeted enforcement.
Attorney – at – Law Charaka Jayaratne provided an in-depth overview of the legal provisions under the Fauna and Flora Protection Ordinance, with particular attention to offences related to snaring. He discussed how Police can take more proactive and effective action, identifying gaps in current approaches and suggesting practical measures to strengthen enforcement outcomes.
Adding further perspective, Samantha Gunasekara, former Deputy Director of Customs and Chairman of the Marine Environment Protection Authority (MEPA), spoke on the broader context of illegal wildlife trade in Sri Lanka. Drawing from past cases and recent observations, he highlighted emerging trends and risks associated with wildlife trafficking.
Representing the Department of Wildlife Conservation, Ranger Srinath Dissanayake of the Hakgala Wildlife Range shared recent cases on leopard deaths and rescue operations recorded in 2025. He emphasized on personal observations, importance of timely intervention, and strong collaboration between field officers and the Police to mitigate human–wildlife conflict and prevent avoidable losses.
An interactive discussion followed, allowing officers to raise questions, clarify procedures, and exchange experiences while sharing their feedback as well. This dialogue contributed to reinforcing the value of strategic engagement between the Police, the Department of Wildlife Conservation, and conservation partners while strengthening inter-agency understanding and highlighting the need for coordinated responses during leopard-related incidents.
The session commenced with opening remarks by WNPS President Graham Marshall, who expressed appreciation for the participation of the Sri Lanka Police and reiterated the critical role of law enforcement in safeguarding biodiversity beyond protected areas.
WNPS Past President and WNPS LOLC Project Head Spencer Manuelpillai, Project Coordinator Gihani Hettiarachchi, Regional Center Coordinators, Thilanka Dissanayake and Attorney-at-Law Malaka Palliyaguruge were also present as part of the WNPS team.
WNPS extends its sincere appreciation to all officers who participated for their commitment and active engagement. Supported by LOLC, these initiatives form part of a broader effort to strengthen practical conservation through collaboration, knowledge sharing, and effective enforcement in Sri Lanka’s Hill Country.
Business
Mangala Tex marks expansion with new Kurunegala Branch
Fashion retail leader Mangala Tex celebrated the grand opening of its newest branch in Kurunegala on Saturday, March 14, 2026, adding a vibrant new dimension to the city’s commercial landscape.
Since its inception, Mangala Tex has been synonymous with style, durability, and quality, earning a lasting reputation as a premier clothing retailer. Guided by the visionary leadership of Chairman Ronald Nimal Hope, the brand has successfully established a strong presence with thriving outlets in Yatinuwara Veediya, Kandy, Cross Street, Kandy, and Peradeniya, Kandy.
The Kurunegala expansion marks a significant milestone in the company’s growth, bringing its signature fashion offerings closer to a wider customer base. True to its slogan, “Let Your Clothing Do The Talking,” the new store features an extensive range of apparel catering to all age groups, blending contemporary style with durable, high-quality fabrics.
Shoppers at the Kurunegala branch are greeted by a welcoming atmosphere and attentive staff, which long-time customers cite as key reasons for their loyalty. The store’s combination of trendy designs, reliable quality, and customer-centric service continues to set it apart in Sri Lanka’s competitive fashion retail sector.
Mangala Tex now employs more than 120 staff members across its branches, remaining a proudly family-driven enterprise alongside Managing Director Pahan Dissanayaka and Directress M M G P Dissanayaka.
With the official opening in Kurunegala, Mangala Tex demonstrates that consistent quality, style, and service can drive sustained growth, expanding the brand’s reach to new communities while reinforcing its status as a trusted name in Sri Lankan fashion.
Text and Pix by SK Samaranayake
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