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
The Ceylon Chamber’s Commercial Document Registration Division expands export support
The Commercial Documents Registration Division (CDRD) of The Ceylon Chamber of Commerce has expanded its export support services with the introduction of the Free Sale Letter for Pharmaceuticals, providing Sri Lankan pharmaceutical manufacturers and exporters with an additional document certification service to support their export processes and compliance requirements in international markets.
The new service expands CDRD’s portfolio of trade documentation solutions, which includes Certificates of Origin and the certification of key commercial documents required by overseas buyers, customs authorities, and regulatory bodies. These services assist exporters across sectors by helping ensure their documentation meets applicable requirements for international trade.
Established in 1925 as one of the authorised institutions to issue Certificates of Origin in Sri Lanka, CDRD has supported the country’s international trade for nearly a century. Today, the Division provides certification and verification services to exporters, manufacturers, freight forwarders, logistics providers, and other trade stakeholders, supporting businesses in meeting documentation requirements for global markets.
In addition to pharmaceutical certification, CDRD facilitates the certification of Commercial Invoices, Packing Lists, Price Lists, Health Certificates, Phytosanitary Certificates, Certificates of Analysis, Bills of Lading, Survey Reports, Beneficiary Certificates, and other export-related documents. The Division also issues Free Sale Letters and Surveyor Appointment Letters, while supporting exporters through the Ministry of Foreign Affairs’ Electronic Document Attestation System (e-DAS), enabling secure and efficient document authentication.
Through established processes, digital solutions, and its e-service platform, CDRD continues to enhance the efficiency and accessibility of trade documentation services. Available 24/7 and 365 days of the year, the platform enables exporters to submit and manage documentation requirements conveniently while ensuring that certified documents meet internationally accepted requirements. By providing reliable documentation support and adapting its services to changing trade needs, the Division assists Sri Lankan businesses in managing export requirements and accessing international markets.
For more information on obtaining commercial document registration services, contact Achala via achala@chamber.lk / 0115588886
Business
Siyapatha Finance unveils newest branch in Bandarawela
Siyapatha Finance PLC recently expanded its island-wide footprint with the successful inauguration of its 64th branch in Bandarawela. Strategically located in scenic hill town in the Badulla District, the latest branch offers convenient and wider access to tailored, customer-centric financial solutions.
The branch was ceremoniously declared open by Siyapatha Finance PLC Chief Executive Officer (CEO) Mathisha Hewavitharana, joined by Chief Operating Officer (COO)Rajeev De Silva, Ms.D.M. Dewmi Tharindi, a student of Bandarawela Dharmapala Vidyalaya who won the Under-18 Girls’ 3,000m event at the Junior National Athletics Championship, the Senior Management and staff members as well as Traffic OIC Kandasami, Trade Association Secretary Sunanda Rathnayaka, representatives of the government and private banks and insurance companies and well-wishers.
Sharing his thoughts, Siyapatha Finance PLC CEO Mathisha Hewavitharana remarked: “We are deeply honoured to be of service to the people of Bandarawela. Opening this branch is a pivotal step in our 2026 expansion strategy and a reflection of our commitment to strengthen our presence in Sri Lanka. It is a region that showcases potential for greater economic development primarily through the country’s traditional agricultural practices. We look forward to reaching as many different communities as possible in the coming years.”
The Bandarawela branch offers a comprehensive product portfolio including leasing, fixed deposits, gold financing, business loans, personal loans, fast draft, and factoring to Smart Pay, the Company’s bill payment facility. With a thorough understanding about the current socio-economic dynamics of the region, the well-trained team at the newest branch is dedicated to providing flexible financial solutions to aspiring individuals as well as small and medium-scale enterprises (SMEs).
Business
Dialog recognised as Sri Lanka’s Most Loved Service and Telecommunications Brand for third consecutive year
Dialog Axiata PLC, Sri Lanka’s #1 connectivity provider, has once again been recognised as Sri Lanka’s Most Loved Brand in the Service and Telecommunications sectors, while also ranking among the top Corporate Brands in the LMD Brands Annual. Marking its third consecutive year at the top of both categories, the recognition reflects the company’s commitment to enriching Sri Lankan lives and enterprises through technology, while creating value for customers, communities and the nation.
The accolades were awarded through the LMD Brands Annual survey, conducted independently by PepperCube Consultants on behalf of Media Services. Based on responses from 400 readers across Sri Lanka, representing a broad demographic and geographic mix, the survey identified the brands that resonated most strongly with consumers in terms of trust, loyalty and brand affinity.
Lasantha Theverapperuma, Group Chief Marketing Officer of Dialog Axiata PLC said, “Being recognised as Sri Lanka’s Most Loved Brand across both the Service and Telecommunications sectors is a meaningful endorsement of the trust and confidence that Sri Lankans continue to place in Dialog. This recognition reflects our commitment to understanding and serving the evolving needs of our customers while expanding access to digital connectivity, services and opportunities. As we continue to innovate and grow, we remain focused on creating value for communities and supporting Sri Lanka’s digital and socioeconomic progress.”
The recognition also reflects Dialog’s continued focus on innovation, customer-centricity and investments that support Sri Lanka’s digital future, including expanded 5G connectivity, AI-powered digital experiences and broader access to digital services.
Beyond connectivity, Dialog continues to support communities, livelihoods and the environment through initiatives such as Govi Mithuru, which provides AI-driven agricultural advisory services to over one million farmers, and Shishyadhara, which has enabled subsidy distribution to more than 450,000 underprivileged students. The company also continues to advance its Net Zero 2050 ambition through energy optimisation, renewable energy adoption and the expansion of solar-powered network infrastructure.
Further underscoring the brand’s standing among Sri Lankan consumers, Dialog was also recognised as the ‘Service Brand of the Year’ for the fifth time and the ‘Telecommunication Brand of the Year’ for the 15th consecutive year at the SLIM-KANTAR People’s Awards 2026.
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