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.