Business

SLT Group ends FY 2024 with significant turnaround in profitability

Published

2 years ago

2025/03/1

SLT-MOBITEL CEO Janaka Abeysinghe

The SLT Group reported a massive turnaround in profitability as of December 2024, driven by strong operational performance and successful cost optimization across fixed and mobile segments, with momentum accelerating steadily during the year.

The Group recorded a Profit after Tax (PAT) of Rs. 3.1 billion for 2024, compared to a loss of Rs. 3.9 billion in 2023, representing a substantial turnaround of Rs. 7 billion. Annual revenue for the Group in 2024 grew by 4.4% to Rs. 111.1 billion, with Gross Profit showing robust growth of 19.6% to reach Rs. 46.1 billion.

The Group’s focus on operational efficiency resulted in a 4% reduction in operating expenses to Rs. 71.2 billion, contributing to a 23.7% improvement in EBITDA to Rs. 40 billion, and a considerable 172.8% increase in operating profit to Rs. 11.2 billion. Finance costs were also reduced by 20.5% to Rs. 9 billion, supporting the Group’s outstanding turnaround.

SLT Group demonstrated strong financial performance with robust results in the fourth quarter. Revenue reached Rs. 29.1 billion, showing impressive growth of 11.9% compared to Q4 2023 and maintaining momentum with 1.8% sequential growth from Q3 2024. The quarter saw important improvements across key metrics for the Group, with gross profit rising to Rs. 12.9 billion, up 50% year-on-year, EBITDA growing to Rs. 11.5 billion, an increase of 28.9%, and operating profit more than doubling to Rs. 4 billion.

SLT Group’s Q4 2024 also delivered a notable PAT of Rs. 2.4 billion, representing a significant improvement from the Rs. 1.1 billion in Q3 2024, a 115% growth and an even more dramatic turnaround from the loss of Rs. 1.2 billion in Q4 2023. The quarterly performance contributed to a strong finish for the year, showcasing the success of the Group’s strategic initiatives in operational efficiency and cost management.

SLT Group remained a key contributor to the state revenues, delivering a total of Rs. 31.5 billion to the Government of Sri Lanka (GoSL) as taxes and levies during the year 2024.

At company level, SLT delivered steady growth as of December 2024 with an increase of revenue by 2.3% to Rs. 71.3 billion. The company’s broadband segment grew by 5.4%, led by FTTH services, while enterprise revenue surged by 11.8%. Government sector and SME segments showed strong growth of 11.0% and 23.6% respectively. Cost optimization efforts yielded considerable results, with a 2.2% reduction in operating expenses, including notable savings in AMC costs and internet backbone charges. The company reported a net profit of Rs. 2.1 billion for the FY 2024.

SLT delivered a strong performance in the fourth quarter of 2024, with revenue reaching to Rs. 18.3 billion, representing a 3.9% increase compared to Q4 2023. The growth was primarily driven by multiple revenue streams, with broadband revenue increasing by 10.2%, led by FTTH services. The Enterprise sector revenue grew by 11%, supported by increased earnings from networking, Internet, and managed services. The government sector showed impressive growth of 14.3%, while the SME sector revenue rose by 20.9%.

During the quarter, the company’s operational efficiency improved significantly, with operating profit growing by 17% to Rs. 1.8 billion, supported by effective cost management and a 4.6% reduction in depreciation. As a result, SLT recorded a net profit of Rs. 909 million for Q4 2024.

The Group’s mobile segment, Mobitel, achieved a significant turnaround in 2024, with revenue growing 7.4% to Rs. 45.8 billion compared to 2023, driven by broadband growth. EBITDA margin improved significantly to 30%, up 9 percentage points from 2023, reflecting both revenue growth and successful cost optimization strategies, further supported by a 4.9% reduction in operating costs through targeted optimizations across all functions including marketing, distribution and admin.

Mobitel reversed its operating loss, recording an operating profit of Rs. 2.9 billion in 2024 and achieving a positive net profit of Rs. 0.1 billion compared to Rs. 3.7 billion losses in 2023.

During Q4 2024, Mobitel delivered exceptional results with revenue growing 14.3% year-on-year to Rs. 12.3 billion. EBITDA rose by 137.1% to Rs. 4.6 billion, with margin improving to 37%. Operating profit showed substantial growth of 478% year-on-year to Rs. 1.8 billion, while net profit reached Rs. 1.2 billion, a 191.8% improvement. The quarter demonstrated strong momentum with 12.5% reduction in operating costs and continued improvement across all key metrics.

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Business

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

11 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

11 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

11 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.