Business
Dialog profitability improves in 1H 2023,driven by cost rescaling initiatives
Dialog Axiata PLC announced, Thursday 10th August 2023, its consolidated financial results for the six months ended 30th June 2023. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group concluded the 1H 2023 with positive revenue performance being recorded across all business segments, namely, Mobile, Fixed Line, Digital Pay Television, International and Tele-infrastructure to record a consolidated Revenue of Rs97.7Bn, demonstrating a growth of 20% Year-to-Date (“YTD”). However, Revenue declined of 5% Quarter-on-Quarter (“QoQ”) to reach Rs47.7Bn for Q2 2023 due to drop in non-core revenue1 resulting from LKR appreciation against the USD. Despite the elevated cost base due to unfavourable externalities, Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) maintained flattish and marginally declined by 1% YTD to record at Rs27.2Bn. The EBITDA for Q2 2023 was recorded at Rs14.2Bn up 9% QoQ as cost rescaling initiatives gained more traction to record a saving of Rs5Bn for the quarter (Rs7.5Bn for 1H 2023). Overall, the core business remained resilient to record a core EBITDA margin of 40.2% for 1H 2023.
The Group Net Profit After Tax (“NPAT”) continued to benefit from forex gains to record at Rs11.8Bn for 1H 2023, with a growth exceeding 100% YTD, whilst on a QoQ basis NPAT recorded a decline of 64% to reach Rs3.1Bn for Q2 2023. The Sri Lanka Rupee (“LKR”) appreciated against the United States Dollar (“USD”) by 5.6% during the quarter resulting in a forex gain for the group. Normalised for the forex gain a Net Loss was recorded at Rs.0.5Bn for 1H 2023 and Rs0.3Bn for Q2 2023.
Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs21.9Bn to the Government of Sri Lanka (GoSL) during the first six months of 2023, an increase of 29% YTD. Total remittances included Direct Taxes and Levies amounting to Rs6.4Bn and Rs15.5Bn in Consumption Taxes collected on behalf of the GoSL.
The Group continued to support infrastructure investments in 1H 2023 to ensure seamless customer experience and leadership in Sri Lankas’ Broadband and ICT sectors. Accordingly, the Capital expenditure reached Rs14.0Bn for 1H 2023 representing a decline of 38% YTD. In line with the above Capex, the Group recorded positive Operating Free Cash Flow (“OFCF”) of Rs6.2Bn for 1H 2023, up over 100% YTD. In its 20th annual review, Brand Finance, the world’s foremost independent brand valuation consultancy, bestowed the prestigious title of ‘Sri Lanka’s Most Valuable Brand’ upon Dialog Axiata PLC, for the fifth consecutive year, with a brand value of Rs52Bn. Dialog emerged as the strongest brand in Sri Lanka, earning the esteemed AAA+ brand rating. The Company was also accorded the title of ‘Most Valuable Telecommunications Brand’ for the 16th consecutive year. At an entity level, Dialog Axiata PLC (the “Company”) continued to contribute a major share of Group Revenue (52%) and Group EBITDA (63%). Company revenue was recorded at Rs50.4Bn for 1H 2023 up 3% YTD resulting from the growth in data segment. On a QoQ basis revenue declined 3% QoQ to reach Rs24.8Bn due to the impact from consumer affordability challenges. Profitability continued to be impacted YTD due to higher network spend and rise in operating expenses resulting from LKR depreciation against the USD as alluded to earlier. Accordingly, Company EBITDA was recorded at Rs17.2Bn for 1H 2023 down 10% albeit improving on a QoQ basis by 7% to reach Rs8.8Bn due to traction gained on cost rescaling initiatives. Company NPAT was recorded at Rs9.6Bn for 1H 2023 and Rs2Bn for Q2 2023.
More details are available at the following links:
Dialog Axiata PLC direct weblink for results: https://www.dialog.lk/quarterly-reports
CSE direct weblink for results: https://www.cse.lk/home/company-info/DIAL.N0000/financial
Dialog sustainability: https://www.dialog.lk/sustainability.
Business
Financial literacy central to country’s development – CBSL Governor
By Hiran H. Senewiratne
Sri Lanka’s financial literacy rate is approximately 58 percent. Such literacy is absolutely necessary for the inclusion of people in the country’s financial system which in turn is central to overall economic development, Central Bank Governor Dr. Nandalal Weerasinghe said.
‘One needs to have knowledge and skills of a financial nature to figure in financial inclusiveness. While 86 percent of Sri Lanka’s population has access to the country’s financial system, 82 percent of the public has at least a savings account in the country’s banking system, Dr Weerasinghe said.
The Governor made these comments recently at the inauguration of Financial Literacy Month 2026 at the Central Bank’s Centre for Banking Studies, Rajagiriya.
Dr. Weerasinghe added: ‘Suitable, affordable and quality financial instruments are needed to enhance financial literacy in the country.
‘Financial information has to be accurate, risk-free and accountable, thus creating confidentiality in the financial system, which would enable the sector to reach greater heights’.
Meanwhile CBSL sources said: ‘The Literacy Month opened with the two-day ‘FinLit Expo Colombo’. The expo gives the public the opportunity to engage with institutions, better understand financial services, gain practical insights into managing their finances and learn how to protect themselves from financial fraud and scams.
‘The CBSL is leading the program in collaboration with stakeholder institutions. It forms part of the Financial Literacy Roadmap for Sri Lanka, which is implemented under the National Financial Inclusion Strategy (NFIS), the national framework for widening access to and use of formal financial services.
‘The Colombo event will be followed by six regional ‘FinLit Expos’ aimed at direct engagement with local communities. Partner institutions will also run awareness activities. Together, the events are intended to provide financial education to communities and encourage people to apply financial knowledge in everyday life.
‘A public awareness campaign on television, radio, newspapers and social media will extend the program’s reach. The program also includes digital financial literacy activities and the promotion of QR codes and other online payment methods.
‘The public and stakeholder institutions are encouraged to take part in the month’s activities under the theme, “Towards a Financially Literate Sri Lanka”.
Business
HUTCH strikes five awards as the only telco honoured at SLIM DIGIS 2.6
HUTCH Sri Lanka strengthened its position as a leader in digital engagement by securing five accolades at SLIM Digis 2.6, emerging as one of the most recognized brands at this year’s digital excellence awards. The achievement was further highlighted by HUTCH being the only telecom operator to be recognized at the event.
Organized by the Sri Lanka Institute of Marketing (SLIM), SLIM Digis is Sri Lanka’s premier platform celebrating excellence, innovation, and outstanding achievements in the digital marketing industry. The recognition highlights HUTCH’s growing strength in digital-first, agile, and creative marketing, and its ability to respond to everyday moments, engage audiences, and deliver impactful digital campaigns.
The Gold Award for Best Use of Agile and Moment Marketing, a Silver for Best Use of Digital in a Marketing Campaign, and a Bronze for Best Performance Marketing were all awarded for “Keeping Sri Lanka Connected Through Ditwah,” HUTCH’s response to the cyclone that struck Sri Lanka in November 2025, recognised for the speed and relevance with which HUTCH kept customers better connected and informed.
HUTCH Roaming also earned two further Bronze awards for Best Use of Digital in a Marketing Campaign and Best Use of Creative Content. Bringing together AI-led storytelling, the campaign was designed around distinct customer clusters, each characterized by unique travel behaviours, needs, and perceptions, delivering relevant content for different audiences within a single overarching campaign.
“These wins are a strong reflection of how HUTCH approaches marketing today, staying close to the moments that matter to our customers and responding with speed, relevance, and creativity. Being the only telco recognised at SLIM DIGIS 2.6, and across five categories, is proof that agility and thoughtful storytelling can go hand in hand. This recognition reflects the collective efforts with our strategic partners, whose collaboration, expertise, and shared commitment brought great campaigns to life,” said Hamdhy Hassen, Chief Marketing Officer, HUTCH Sri Lanka.
Business
Fairway Colombo named Official Accommodation Partner of Manhunt International 2026
Sri Lanka’s Smart Luxury Business Hotel to Host Delegates and Contestants from Over 40 Countries as the Island Nation Hosts Its First-Ever Global Pageant of This Scale
Fairway Colombo, a subsidiary of Fairway Holdings (Pvt) Ltd, has been appointed as the Official Accommodation Partner for Manhunt International 2026, one of the world’s most prestigious male pageants, scheduled to take place in Sri Lanka.
The event marks a historic milestone for Sri Lanka, as the country prepares to host a global pageant of this scale for the very first time. More than 40 contestants representing countries from across the world will arrive in Colombo, bringing together diverse cultures, international media attention, and a global audience — further strengthening Sri Lanka’s position as a premier destination for tourism, culture, and hospitality.
As the official accommodation partner, Fairway Colombo will welcome and host international delegates and contestants throughout their stay in Colombo, delivering the exceptional hospitality experience and personalized service that the hotel is recognized for.
A Landmark Partnership for Sri Lankan Tourism
“We are truly honored to be selected as the Official Accommodation Partner for Manhunt International 2026. This partnership is a proud moment not only for Fairway Colombo but also for Sri Lanka as a whole. Hosting an event of this global stature provides us with an opportunity to showcase our commitment to smart luxury, innovation, and authentic Sri Lankan hospitality to an international audience. We look forward to creating a memorable and seamless experience for all delegates and guests,” said Avinga Wanigasekara, General Manager of Fairway Colombo.
Strategically located in the heart of Colombo’s historic Fort district, Fairway Colombo is recognized as a Smart Luxury Business Hotel, combining modern comfort, advanced technology, and exceptional service. As part of Fairway Holdings (Pvt) Ltd, the property represents the group’s vision of delivering innovative, world-class experiences across the hospitality and leisure sectors.
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