Business
Dialog delivers strong FY 2024 performance with 10% Core Revenue Growth
Dialog Axiata PLC announced, Friday 14th February 2025, its consolidated financial results for the year ended 31st December 2024. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group delivered a strong performance across Mobile, Fixed Line, Digital Pay Television and Teleinfrastructure businesses recording a positive core Revenue growth of 10% Year to Date (“YTD”). Group Headline Revenue reached Rs171.2Bn down 9% mainly resulting from a conscious scaling down of low margin international wholesale business amounting to Rs24.3Bn. The Q4 2024 Revenue was recorded at Rs45.8Bn up 7% Quarter-on-Quarter (“QoQ”) and 6% Year-on-Year (“YoY”). The Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) reached Rs66.3Bn up 8% YTD supported by Core Revenue performance and Cost Rescaling Initiatives. On a QoQ basis Group EBITDA demonstrated a strong growth to record at Rs21.2Bn up 18% QoQ with an EBITDA margin of 46.3% as Cost Rescaling Initiatives yielded positive results. Group EBITDA margin reached 38.7% for FY 2024, up 5.4pp.
Group Net Profit After Tax (“NPAT”) reached Rs12.4Bn for FY 2024 down 38% YTD mainly resulting from significant forex gains recorded in prior year. Normalized for forex impact, NPAT decline was limited to 12% YTD to recorded at Rs8.7Bn, due to dilution from Airtel (Rs2.2Bn) and higher taxation (Rs1.1Bn). On a QoQ basis NPAT grew 51% to reach Rs6.8Bn resulting from strong EBITDA performance and lower finance cost.
Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs47.3Bn to the Government of Sri Lanka (GoSL) during FY 2024. Total remittances included Direct Taxes and Levies amounting to Rs10.6Bn and Rs36.7Bn in Consumption Taxes collected on behalf of the GoSL.
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 14th February 2025, resolved to propose for consideration by the Shareholders of the Company, a dividend to ordinary shareholders amounting to Rs1.00 per share. The said dividend, if approved by shareholders, would translate to a Dividend Yield of 8.5% based on share closing price for FY 2024. 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.
Business
Ceylinco Life agent among three global finalists for award
Ceylinco Life’s Ambalantota branch agent AIP Manjula has been named one of three global finalists for the prestigious Insurance Agent of the Year award at the 11th Asia Trusted Life Agents & Advisers Awards (ATLAA) 2026.
The recognition places a Sri Lankan insurance professional among the finalists in a regional field spanning South Asia, Southeast Asia, East Asia and the wider Asia-Pacific region.
Ceylinco Life said the achievement reflected the calibre and customer-focused approach of its agency force, while recognising Manjula’s professionalism and commitment to policyholders.
The award evaluates insurance agents on criteria extending beyond sales performance, including ethical conduct, client service, policy persistency, digital adoption, innovative practices and contributions to the insurance industry and community.
The awards are organised by Asia Advisers Network and Asia Insurance Review, with LIMRA as co-organiser. An independent judging and balloting process is monitored by KPMG as the official scrutineer. The judging panel comprises senior insurance executives, association presidents and industry experts from across the Asia-Pacific region.
Business
CEAT Kelani retains AA+ rating for sixth year
CEAT Kelani Holdings (CKH) has retained its National Long-Term Rating of ‘AA+(lka)’ with a Stable Outlook from Fitch Ratings for the sixth consecutive year, reflecting the company’s financial resilience and leading position in Sri Lanka’s pneumatic tyre market.
The ‘AA+(lka)’ rating, the second-highest on Fitch’s national scale, indicates a very strong capacity to meet financial commitments.
Fitch said CKH’s established market leadership and resilient financial profile remained key strengths, while noting its exposure to price-sensitive, cyclical and highly competitive markets.
The Stable Outlook reflects expectations that the company will maintain its market position despite rising input costs and increasing competition from imported tyres, while preserving adequate credit metrics during periods of weaker earnings and higher investment.
Fitch expects CKH’s established brand, extensive dealer network and adaptive pricing strategies to support its market position. Planned production facility upgrades are also expected to improve product quality, particularly in the radial tyre segment.
The rating agency expects near-term pressure on margins from higher raw material and energy costs but said the company’s low leverage and sound liquidity would provide a cushion.
CKH Chairman Chanaka De Silva said the rating reinforced the company’s focus on disciplined financial management, operational adaptability and long-term investment.
Business
Rivon Agriglobe introduces ZETOR tractors, Rover e-bikes
Rivon Agriglobe and Rivon Lanka, affiliated with Celogen Lanka, Assidua Technologies and Kelun Lifesciences, have introduced ZETOR and Agriglobe tractors, the Z-Tukoba power tiller and Rover electric motorcycles to the Sri Lankan market.
The new range was launched at a special event held on September 4 at the Sannasa Hotel in Dambulla, attended by more than 120 dealers from across the country.
The event was graced by Nalin Welgama as Chief Guest, together with Rishi Kumar, Managing Director; WH Roshan, Finance Director; Sadish Kumar, Director; Sumith Nandana, General Manager; Suresh Dhammika, Head of Sales; and Jayasuriya, Operations Manager.
The agricultural machinery range includes the 50-horsepower ZETOR HORTUS 50 and Agriglobe 50 tractors and the Z-Tukoba power tiller, offering what the company described as European-engineered technology for Sri Lankan farmers.
The launch also featured the recognition of Rover E-Bike dealers, highlighting the company’s efforts to expand its island-wide dealer network and promote electric mobility.
The companies said the new models would be available through their growing dealer network across Sri Lanka, providing customers with access to agricultural machinery and electric motorcycles.
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