Business
‘Despite challenges in the market, SLT-MOBITEL reports moderate revenue growth in 1H 2024’
SLT-MOBITEL, the National ICT Solutions Provider, has reported moderate revenue growth for the first half of 2024, while demonstrating savings through cost management initiatives.
The 1H 2024 performance establishes SLT-MOBITEL’s resilience and adaptability in a challenging market environment. The moderate revenue growth, coupled with successful cost-saving initiatives, has led to notable improvements.
The Group’s revenue for 1H 2024 reached Rs. 53.5 billion, marking a 1.6% increase compared to the same period last year. Gross Profit at Group level has also increased by 4.0% to Rs 20.9 billion with the gross profit margin expanding to 39.0% from 38.1% in the previous year. The moderate growth was achieved despite challenges in the market such as customer churn and less demand for new connections.
The Group’s EBITDA for the first half showed an increase of 17.1%, reaching Rs. 18.0 billion, while Operating Profit surged by 54.5% to Rs 3.6 billion. The EBITDA margin improved significantly to 33.6% from 29.2% in 1H 2023, reflecting the Group’s ability to enhance operational efficiency while maintaining service quality.
SLT-MOBITEL also benefited from reduced finance costs, with interest expenses decreasing by 19.5% at the Group level, primarily due to lower interest rates. This contributed to an improvement in the Group’s bottom line, with the Net Loss narrowing to Rs. 323 million compared to a loss of Rs. 1,159 million in 1H 2023.
At Sri Lanka Telecom PLC, the company level revenue growth was a marginal increase of 0.9% for 1H 2024 at Rs 35.0 billion. Operating Profit reported a growth of 2.9%. Strategic cost-saving initiatives such as annual maintenance cost, hiring cost, repair and maintenance costs contributed to reduced operational expenses, enhancing overall profitability. The company experienced a 27.2% degrowth in finance cost mainly due to interest rate reduction. As a result, company posted a Net Profit of Rs. 272 million compared to a loss of Rs. 401 million in 1H 2023.
The company remains focused on leveraging its strategic initiatives to drive future growth and sustainability. With ongoing efforts to enhance operational efficiency and cost management, SLT-MOBITEL is well-positioned to navigate the evolving market landscape and deliver long-term value to its stakeholders.
Mobitel showed modest revenue growth of 3.6% year-on-year for 1H 2024 compared to 1H 2023 despite 3% increase in Value Added Tax. Revenue growth was mainly driven by growing demand for broadband services and the efforts aimed at streamlining product offerings. Steady revenue growth combined with reduction of cost led to a significant improvement in profitability, with a growth in EBITDA by 26% in 1H 2024.
Business
JAT Holdings celebrates the 6th Pintharu Abhiman Convocation, uplifting over 800 painters through NVQ certification
JAT Holdings PLC marked a significant milestone with the successful conclusion of the 6th JAT Pintharu Abhiman Convocation, recognising more than 800 painters who have earned their NVQ Level 3 qualification, an internationally recognised professional certification delivered in partnership with the National Apprentice and Industrial Training Authority (NAITA).
JAT Pintharu Abhiman was established to uplift Sri Lanka’s painter community through structured skills development, professional recognition and stronger earning potential. This year’s graduating cohort reflects the programme’s expanding reach and the tangible changes it continues to deliver for individuals, families and communities.JAT in collaboration with NAITA has streamlined the certification process such that what would traditionally take up to six months has been refined into an efficient and high-impact three-day assessment model. This approach ensures painters can obtain their qualification without sacrificing extended periods of work, while JAT fully absorbs the certification cost, removing financial barriers and enabling wider access to formal recognition.
Research conducted amongst NVQ qualified participants shows meaningful improvements in livelihoods, with 90 percent reporting increased personal confidence and 76 percent noting an improvement in their overall standard of living. This uplift demonstrates the long-term value of industry-aligned professional training.
A noteworthy moment at this year’s convocation was the recognition of four female painters who received their NVQ certifications. Their achievement marks an important step in broadening female participation in a field that has historically been male dominated, reinforcing JAT Holdings’ commitment to creating inclusive pathways for technical development and sustainable employment.
Speaking at the ceremony, Mr. Wasantha Gunaratne, Director Sales and Technical (South Asia) of JAT Holdings PLC, said:
“Pintharu Abhiman is fundamentally about development, giving painters the knowledge, structure and recognition they need to progress in their careers. By equipping over 800 painters with an internationally recognised NVQ qualification, we are not only strengthening the technical standards of the industry but also creating real pathways for entrepreneurship and financial independence. It is especially encouraging to see that one in five certified painters have already begun building their own businesses. These are the outcomes that matter because they show that when we invest in skills, we unlock opportunity. JAT remains committed to expanding these avenues so every painter has the chance to grow, lead and build a sustainable future.”
The 6th JAT Pintharu Abhiman Convocation underscores JAT’s continued dedication to uplifting the painter community, enhancing industry standards and supporting national skills development through accessible, professionally recognised qualifications.
Business
Industry bodies flag gaps in Draft National Electricity Policy
The Ceylon Chamber of Commerce, together with the American Chamber of Commerce, Exporters Association of Sri Lanka, Federation of Renewable Energy Developers, Joint Apparel Association Forum, National Chamber of Commerce of Sri Lanka and Sri Lanka Association for Software and Services Companies, has submitted joint observations on the Draft National Electricity Policy, highlighting that several key issues have not been adequately addressed.
Whilst recognizing the need for reform in the electricity sector, the submission flags several gaps in the draft policy that require closer attention. Key areas such as affordability, decarbonisation commitments, incentives for renewable energy, competition, and the long-term financial health of the sector are either missing or not addressed in sufficient depth.
The proposed tariff revisions outlined in the draft energy policy raise concerns, particularly regarding the removal of cross-subsidies and the proposal to restrict subsidies exclusively to households consuming less than 30 kWh per month. Without detailed analysis, these measures could weaken access to sustainable and affordable energy and potentially lead to fiscal risks.
The provisions allowing uncompensated curtailment, removing feed-in tariffs, and imposing mandatory time-of-use tariffs on rooftop solar users could make renewable energy projects un-bankable for international lenders, thereby increasing the cost of capital for Sri Lanka.
Calling for a more future-focused approach, the submission stresses the need for a policy that reflects modern electricity systems, including planning for the energy transition, energy storage, market competition, cross-border electricity trading, and emerging technologies.
The Chambers and Associations request a comprehensive revision of the Draft National Electricity Policy, alignment with the Electricity Act, and resubmission following substantive consultation, and reiterate support to engage constructively with policymakers to shape a policy that supports affordability, investment confidence, and Sri Lanka’s long-term energy security.
Business
Bank of Ceylon partners with 36th APB Sri Lanka Convention
Bank of Ceylon (BOC) partnered with the 36th Annual Convention of the Association of Professional Bankers (APB) Sri Lanka, reaffirming its commitment to promoting professional excellence and knowledge sharing within the banking sector. The partnership was officially handed over by Sameera D. Liyanage, Chief Marketing Officer of Bank of Ceylon and M. R. N. Rohana Kumara, Deputy General Manager Business Revival Unit of Bank of Ceylon, reflecting BOC’s focus on empowering banking professionals and supporting the sustainable growth of Sri Lanka’s financial services industry.
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