Business
Dialog’s Net Profit After Tax turned positive in FY 2023
Positive YTD growth in all key financial lines:
YTD Revenue 187.8Bn, EBITDA 61.5Bn and NPAT Rs20.1Bn
YTD Revenue Growth at +5%, EBITDA Growth at +19% and NPAT at >+100%
Recommended Dividend: 55% of Earnings, 1.34 Cents per Share
Total Taxes Paid to GoSL Rs40.8Bn for FY 2023 which included Rs9.5Bn in Direct and Rs31.3Bn in Indirect Taxes
FY 2023 Investments in High-Speed Broadband and other Infrastructure Tops Rs25.5Bn
Dialog Axiata PLC announced its consolidated financial results for the year ended 31st December 2023. Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the “Group”).
The Group concluded the Financial Year (“FY”) with positive topline performance across all business segments, namely, Mobile, Fixed, Digital Pay Television, International, Digital Platforms and Tele-infrastructure businesses. Group consolidated revenue was recorded at Rs187.8Bn for FY 2023 demonstrating a growth of 5% Year-to-Date (“YTD”). Group Revenue for Q4 2023 was recorded at Rs43.4Bn down 7% Quarter-on-Quarter (“QoQ”). Downstream of topline performance Group Earnings Before Interest, Tax, Depreciation and Amortisation (“EBITDA”) recorded strong double-digit growth of 19% YTD to reach Rs61.5Bn for FY 2023 whilst Group EBITDA decline moderated to 2% QoQ to reach Rs17.0Bn for Q4 2023. The positive outcome from Cost Rescaling and resilience actions taken by the Group helped achieve an EBITDA growth that exceeded Revenue growth on both YTD and QoQ basis. Accordingly, EBITDA margin improved 3.8pp to reach 32.8% for FY2023.
The Group Net Profit After Tax (“NPAT”) turned positive for the year to cross Rs20Bn mark for FY 2023 up >+100% underpinned by strong EBITDA performance, lower depreciation, forex gains and lower finance cost. Group NPAT for Q4 2023 was recorded at Rs5.3Bn up 72% QoQ. The YTD NPAT performance was strongly supported by a forex gain of LKR10.2Bn for FY 2023 as the Sri Lankan Rupee (“LKR”) appreciated 11.5% against the United States Dollar (“USD”). Normalized for the forex gain, the Group NPAT was recorded at Rs9.9Bn for FY 2023, up >+100% YTD.
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 16th February 2024, resolved to propose for consideration by the Shareholders of the Company, a dividend to ordinary shareholders amounting to Rs1.34 per share. The said dividend, if approved by shareholders, would translate to a Dividend Yield of 14.9% based on share closing price for FY 2023. 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.
Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs40.8Bn to the GoSL during the financial year ended 31st December 2023 and Rs10.0Bn for Q4 2023, which represent a 14% increase YTD. Total remittances included Direct Taxes and Levies amounting to Rs9.5Bn and Rs31.3Bn in Consumption Taxes collected on behalf of the GoSL.
The Group capital expenditure for the year ended 31st December 2023 reached Rs25.5Bn, resulting in a Capex to Revenue ratio of 14%. Capital expenditure was directed towards investments in High-Speed Broadband infrastructure to further expand the Group’s leadership in Sri Lanka’s Broadband sector. Accordingly, the Group recorded Operating Free Cash Flow (“OFCF”) of Rs25.1Bn for FY 2023 up over 100% YTD.
Dialog Group being the first telecommunications service provider in the South Asian region to demonstrate 5G capabilities in 2018, reached a milestone of enabling over 200,000 Sri Lankans to experience the power of 5G on Dialog’s 5G Trial network. Dialog’s 5G trial network, recognised as Sri Lanka’s largest 5G trial network, spans over 70 locations across the country, including Colombo and several key cities.
Business
Asia-Pacific business leaders to accelerate sustainable business action
More than 200 senior business leaders, policymakers, investors, sustainability practitioners and United Nations representatives convened in Colombo on 11–12 August for Forward Faster Now | APAC 2026: Driving Business Leadership for Sustainable and Inclusive Growth—the United Nations Global Compact’s flagship regional forum in Asia-Pacific.
Hosted by UN Global Compact Network Sri Lanka and organized by the UN Global Compact APAC Hub in collaboration with 14 Global Compact Country Networks, the forum strengthened regional collaboration and demonstrated the growing role of business leadership in advancing sustainable and inclusive growth across Asia-Pacific.
More than 80 high-level speakers from across the region contributed to the two-day programme, bringing together expertise from business, finance, government, the United Nations and civil society. The forum also convened an exceptional audience of CEOs, C-Suite, Board Directors, Heads of UN agencies and senior decision-makers, creating one of the region’s most significant platforms for cross-sector dialogue on sustainable business.
Across plenary dialogues, leadership panels and action-oriented workshops, participants explored the issues shaping the future of business in Asia-Pacific, including climate action, sustainable finance, gender equality, resilient supply chains, water stewardship, governance and integrity, digital innovation, human rights due diligence, circular economy solutions and ESG data for decision-making. Rather than focusing solely on ambition, Forward Faster Now challenged businesses to move from broad sustainability goals to target setting, practical decisions, stronger systems and action that can deliver progress at scale.
A defining milestone of the forum was the visit of Sanda Ojiambo, Assistant Secretary-General, CEO and Executive Director of the UN Global Compact. Her presence in Sri Lanka underscored the country’s growing role within the regional sustainability agenda and reinforced the importance of private sector leadership in delivering the Sustainable Development Goals.
Beyond the public programme, her visit included a series of bilateral engagements and strategic convenings with business and institutional leaders, deepening relationships and opening new avenues for engagement between the UN Global Compact and stakeholders in Sri Lanka.
The event also marked the launch of three significant initiatives by UN Global Compact Network Sri Lanka that will extend the impact of the convening well beyond the event itself. The Responsible Business Coalition was introduced as a new partnership to embed sustainability, and strengthen governance by bringing together Sri Lanka’s leading professional and industry associations to embed the Ten Principles of the UN Global Compact into their existing convening, training and thought-leadership channels, moving responsible business from a standalone function to a shared C-Suite and Board responsibility.
Business
Sri Lanka Insurance Corporation General celebrates ‘One Team, One Vision’ sales excellence at Annual Awards 2025
The Sri Lanka Insurance Corporation General Ltd. (SLICGL) team gathered to honour its top-performing sales professionals at the Annual Sales Awards 2025, held under the theme ‘One Team, One Vision’ on 20th August at the Monarch Imperial.
The evening convened sales leaders and high achievers throughout the island to celebrate a year of sustained performance, customer trust, and commitment which has kept SLICGL at the forefront of Sri Lanka’s general insurance sector.
Affirming SLICGL’s appreciation for the people driving success on the ground, the Sales Awards 2025 recognised those who went beyond targets, deepened client relationships, and contributed directly to the company’s continued expansion.
The event drew an unprecedented audience of over 700 participants. This year’s celebrations recognised a record number of winners, more than double the achievements honoured last year covering a diverse range of award categories reflecting excellence at every level of the business.
Nusith Kumaratunga, Chairman, Sri Lanka Insurance Corporation graced the event as the Chief Guest together with the Board of Directors and senior management of SLICGL also present as invited guests, encouraging and commending the winners for their outstanding achievements.
The award winners at this year’s ceremony included Insurance Advisors, Marketing Executives, Branch Managers, Regional Managers, and members of the Head Office Sales Channels, who were recognised and celebrated for their outstanding achievements in multiple categories.
Business
Sri Lanka to host SEARIC Summit 2026 for the first time, welcoming over 500 youth leaders from across South East Asia
Sri Lanka is set to host the SEARIC Summit 2026 from 11 to 13 September 2026 at the Pegasus Reef Hotel, marking the first time the country will host the flagship regional gathering of the South East Asia Rotaract Information Centre (SEARIC).
Hosted by Rotaract in Rotary International District 3220 (RID 3220) – Sri Lanka & Maldives, the three-day summit is expected to bring together more than 500 delegates from six countries, creating a regional platform for leadership development, knowledge exchange, cultural understanding and collaboration among young leaders. The South-East Asia Rotaract Information Centre (SEARIC) serves as a regional platform connecting Rotaract districts across South East Asia. It facilitates collaboration, information exchange, cultural understanding and joint initiatives among Rotaractors across the region. The annual SEARIC Summit serves as the network’s flagship gathering, bringing together Rotaractors and Rotarians from participating countries for shared learning, fellowship, cultural exchange and collective growth.
Under the theme “The Role of Technology in the Future of Careers and Services,” SEARIC Summit Sri Lanka 2026 will explore the rapidly changing relationship between technology, careers, leadership and community service. As emerging technologies continue to transform industries and the way people work, the summit will provide a platform for young leaders to examine how technology can be used not only to prepare for the future of work, but also to strengthen the way communities are served. Across three days, delegates will participate in leadership and professional development sessions, discussions, cultural experiences, networking opportunities and community-focused programming, with the central theme reflected throughout the summit programme.
Beyond the Rotaract movement, the event also contributes to Sri Lanka’s broader positioning as a destination for international conferences, youth leadership programmes and regional collaboration. With hundreds of international delegates travelling to the country, the summit provides an opportunity to showcase Sri Lanka’s hospitality, culture and potential as a host destination for future international gatherings. The event further creates a platform for young leaders from across South East Asia to connect with Sri Lankan counterparts, exchange ideas and explore opportunities for cross-border collaboration.
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