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SLT Group annual revenue surpasses Rs. 100 bn amid unprecedented challenges

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Sri Lanka Telecom Group (SLT Group) posted an impressive overall growth with annual revenue surpassing Rs 100 bn once again, recording Rs 108 bn for the financial year 2022.

This resulted in the Group recording a revenue increase of 5.2% for the financial year 2022, strengthened by a healthy bottom line of Rs 4,765 Mn Profit after Tax, enabling the Company to deliver on commitments to stakeholders against a backdrop of unprecedented macroeconomic and industry challenges.

Results at Group level is reflective of the transformational journey commenced in 2021 with a clear focus on operational efficiency through a consolidated business structure, optimisation of facilities, and cost efficiencies through the unified brand.

SLT Group Chairman, Rohan Fernando said: “2022 was a year of economic and social distress never witnessed before in the recent past in the country. Despite the tough operating environment and the many challenges unique to our industry, I’m proud to note that we have been able to stabilize the Group performance by infusing innovations into our core business and prudent cost saving measures. At the same time, learning to navigate through this volatile market conditions have placed the group in a strong position. Like any progressive business, transformation is critical to evolve and navigate challenging market conditions, to secure business sustainability and enable a future-ready workforce. We are firm in our resolve to realise our single-minded vision of transforming from a Telco company into a Techco (technology and communication) organisation to provide state-of-the-art solutions to individual customers, corporates, investors whilst supporting the growth of the country’s vital IT sector and enable socioeconomic progress. With business resilience, strategic management decisions and the capabilities of our 10,000 strong staff, we are confident we can leverage the opportunities, that are also presenting itself in this tough operating environment.”

At Company level, SLT Q4 revenues recorded a robust growth of 19.9% to Rs 18.1 Bn compared to the same period last year and more heightened growth with year-to-date figures indicating a 13% increase to Rs 67.6 Bn as against last year. As a result, SLT Company posted a strong Profit after Tax of Rs. 8,463 Mn for the financial year 2022 with a 44.3% increase compared to last year.

The key YoY revenue drivers were the increases in Carrier Domestic, Broadband and Carrier International revenue streams. Additionally, due to the devaluation of the Sri Lankan Rupee since March 2022, the company registered a substantial foreign surplus.

The Group’s Operating Profit for Q4 showed a growth of 5.1% to Rs 3 Bn against the previous quarter. Quarter on Quarter (QoQ) performance was stronger compared to last year, increasing 16% at Rs 3 Bn. But due to the impact of the weak economic and business environment throughout the financial year the operating profit for the year declined to 9.6% at Rs 12.5 Bn compared to 2021.

The Group’s Operational Cost significantly grew last year due to rupee devaluation, inflation and rising interest rates, and stood at Rs 67.7 Bn for the financial year 2022.

Further some subsidiaries including Mobitel (Pvt.) Ltd., the mobile arm of the Group, that faced heavy forex losses during this period, did impact and curb the growth of the Group last year.

During the last three years, the technological and communication needs of the country have witnessed tremendous acceleration and change. The responsibility of SLT-MOBITEL, in meeting the present and future demands, has become critical now more than ever as SLT-MOBITEL is also the sole backbone service provider for uninterrupted technical and communication operations of institutions and sectors that are vital for the country. The stability and performance of the organization therefore is critical during this time and all organizational decisions are made considering this national responsibility.



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Our objective is to ensure that the Commission to Investigate Allegations of Bribery or Corruption operates as an independent institution, free from any external influence – PM

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Prime Minister Dr. Harini Amarasuriya stated that the government’s objective is to ensure the environment for the Commission to Investigate Allegations of Bribery or Corruption [CIABOC] to function as an independent body, without influence from anyone, including Members of Parliament and Ministers.

The Prime Minister made these remarks while participating in the debate on the interim resolution concerning the determination of salaries and service conditions of the officers and employees of the Commission under the Anti-Corruption Act.

The Prime Minister stated:

“Honourable Speaker, I consider the proposal presented today on determining the remuneration and service conditions of the officers and employees of the Commission to Investigate Allegations of Bribery or Corruption to be highly important. Although the Anti-Corruption Act was passed in 2023, we only began to truly feel the presence of an active Commission from 2025.

Since then, we have had to experience a number of challenges in operationalizing the Commission. In particular, there were several obstacles, including limitations in recruiting officers, which hindered the Commission from functioning as required. It was necessary to establish several practical conditions, such as granting the Commission the freedom to determine allowances for its staff, to formulate the rules and regulations required for its operations, to recruit personnel, and to submit budget estimates relevant to its annual plans. At the time the new Director General assumed duties, there were over 4,000 investigation files within the Commission where investigations had been completed but cases had not yet been filed. Moreover, there were only about 31 legal officers.

Follow the adoption of this proposal, the Commission will be granted the authority to recruit officers, determine necessary allowances, and make independent decisions regarding financial matters. This will enable the Commission to effectively fulfill its intended mandate. This proposal plays a significant role in building a new political culture in our country, one that is anti-corruption and committed to a transparent public service that is free from bribery”.

Further commenting, the Prime Minister also addressed the country’s response to the ongoing global energy crisis.

“In the current global context, our economy and energy sector are facing multiple challenges. These conditions are constantly evolving and difficult to predict. However, it is our responsibility as a government to recognize these changes and manage their impact on our economy.

Following that, the Cabinet has decided to appoint four special committees. Accordingly, one committee will focus on ensuring the uninterrupted provision of essential services to the public; while another will make decisions on maintaining public services through energy management within the public sector; a third will work with the Procurement Commission to identify new methods of energy procurement in addition to existing mechanisms; and a fourth will examine the social impacts arising from this situation, including its effects on vulnerable groups, and recommend fair solutions, relief measures, and welfare services.

This is a situation that we, as a country, must face collectively. The public service, the private sector, the political leadership regardless of party differences and the people of our country must come together to overcome this, just as we have faced previous challenges. We are confident that, we will be able to successfully face this situation through proper leadership and management, and by making timely decisions.

[Prime Minister’s Media Division]

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Heat Index at ‘Caution Level’ in the Western, Sabaragamuwa, North-central, Southern and North-western provinces and in Monaragala, Mannar, Vavuniya and Mullaitivu districts

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Warm Weather Advisory Issued by the Natural Hazards Early Warning Centre of the Department of Meteorology at 3.30 p.m. on 18 March 2026, valid for 19 March 2026

The general public are cautioned that the Heat index, the temperature felt on human body is likely to increase up to ‘Caution level’ at some places in the Western, Sabaragamuwa, North-central, Southern and North-western provinces and in Monaragala, Mannar, Vavuniya and Mullaitivu districts.

The Heat Index Forecast is calculated by using relative humidity and maximum temperature and this is the condition that is felt on your body. This is not the forecast of maximum temperature. It is generated by the Department of Meteorology for the next day period and prepared by using global numerical weather prediction model data.

Effect of the heat index on human body is mentioned in the above table and it is prepared on the advice of the Ministry of Health and Indigenous Medical Services.

ACTION REQUIRED

Job sites: Stay hydrated and takes breaks in the shade as often as possible.

Indoors: Check up on the elderly and the sick.

Vehicles: Never leave children unattended.

Outdoors: Limit strenuous outdoor activities, find shade and stay hydrated.

Dress: Wear lightweight and white or light-colored clothing.

Note:
In addition, please refer to advisories issued by the Disaster Preparedness & Response Division, Ministry of Health in this regard as well. For further clarifications please contact 011-7446491.

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Pay hike demand: CEB workers climb down from 40 % to 15–20%

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A salary increase in the range of 15 to 20 percent is currently under discussion within the Ceylon Electricity Board (CEB), though no official decision has yet been taken, The Island reliably learns.

A senior electrical engineer who is is privy to ongoing salary negotiations, speaking on condition of anonymity, said the proposal had been put forward as a reasonable and necessary measure, rather than a rigid demand, in light of the prolonged delay in salary revisions. Earlier they have been asking for a staggering 40% salary increase.

“We are not insisting on this as a primary demand or condition. What we are requesting is for the authorities to seriously consider the possibility of granting an increase,” he said.

He emphasised that CEB employees had not received any salary increment since 2024 due to the ongoing reform and restructuring process, leaving staff to cope with rising living costs without adjustment.

“Under normal circumstances, the next salary revision would only be due in January 2027. That creates a significant and unfair gap. This proposal is, therefore, a justified attempt to secure at least a reasonable percentage in the interim,” he said.

The engineer warned that continued inaction could have serious implications for staff morale and operational efficiency at a time when the power sector is undergoing critical reforms.

Sources said that while internal discussions have pointed towards a 15 to 20 percent increase, the matter has not yet been formally taken up at policy level.

However, pressure is mounting on authorities to reach a timely and equitable decision, as frustration grows among employees over the absence of salary adjustments for nearly three years.

By Ifham Nizam

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