Business
SLT Group posts 3Q 2023 results with moderate growth
The SLT Group released its financial results for the third quarter ending September 30, 2023, presenting moderate growth. SLT PLC reported a revenue of LKR 17,490 Mn with a growth of 3.7%, while Mobitel recorded 2.7% de-growth during Q3’23 compared to Q3’22.
The Group’s consolidated revenue for the quarter increased by 3.9% to LKR 27.7 Bn, compared to LKR 26.7 Bn in Q3 2022. SLT PLC revenue growth was driven mainly by growth in broadband, PEOTV and enterprise revenue streams. During the 3rd quarter, Mobitel regained its growth after several quarters of decline and revenue has begun to increase in Q3 with a 3% growth over Q2.
Compared to Q3 2022, SLT Group’s operational expenditure (Opex) increased by 13.3% in Q3 2023 to LKR 19.7 Bn. Major causes of SLT’s rising Opex are increased costs related to electricity, repair and maintenance. Despite the growth in revenue that was recorded, SLT was unable to match the increase in costs which has impacted SLT’s profitability.
For the 9 months ending September 2023, SLT Group’s Opex was LKR 57 Bn, a 14.9% increase from LKR 49.6 Bn in the same period last year. Cost surges are attributed to economic conditions such as higher electricity tariffs, LKR devaluation against USD, and import restrictions.
The SLT Group’s financial performance in Q3’23 was significantly impacted by a steep decline in profitability of its subsidiary, Mobitel. Group EBITDA decreased by 13.7% compared to the corresponding quarter in previous year, primarily due to decrease in Mobitel EBITDA. The drop in revenue and increase in Opex, have led the Mobitel EBITDA to decrease during Q3’23. Accordingly, Group Operating Profit also dropped by 81% during the quarter. Group PAT decreased by 208% mainly due to Operating loss in Mobitel as well as increase in finance cost of SLT PLC.
However, Mobitel profitability has improved notably in Q3’23 compared to Q2’23 as Mobitel records an increase in EBITDA by 36%, EBIT by 93% and NPAT by 44% due to the growth in revenue and optimization of business parameters. Tighter cost controls and revenue growth initiatives at Mobitel, along with lower finance costs, will be critical to restoring the Group’s profit trajectory going forward.
Janaka R. Abeysinghe, CEO of Sri Lanka Telecom said, “The third quarter of 2023 continued to be challenging for SLT Group due to the ‘country’s economic conditions.
However, through concerted efforts to optimise operations and carefully managed costs, SLT and Mobitel have been able to arrest further deterioration of the situation compared to the previous quarters, which appears to be stabilizing. Our persistent focus on delivering high-quality telecommunication services and arresting the high churn seen earlier has provided positive results. As a Group, we remain fully committed to overcoming the current challenges and providing seamless connectivity to all Sri Lankans.”
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
Commercial Bank leads nationwide aquatic clean-up drive
Commercial Bank of Ceylon mobilised employees, customers, volunteers and community members for a nationwide coastal and aquatic clean-up campaign across 20 locations on September 19 to mark International Coastal Cleanup Day 2026.
Conducted under the bank’s sustainability platform, themed ‘Forward Together for a Cleaner Future’, the initiative covered 16 coastal locations and four inland waterways, bringing together stakeholders for a coordinated environmental conservation effort.
The flagship programme was held at Mount Lavinia Beach, with additional activities at Wellawatte and Galle Face beaches. Similar initiatives were conducted by the bank’s regional offices at locations including Kalutara, Negombo, Trincomalee, Batticaloa, Puttalam, Jaffna, Galle, Dondra, Tangalle and along the Mahaweli River.
Employees, management, Future Force volunteers, customers and their families participated alongside the Marine Environment Protection Authority (MEPA), United Nations Global Compact Network Sri Lanka, government and local authorities, environmental organisations and community members.
The bank said the initiative reflected its commitment to water stewardship after adopting Sustainable Development Goal 6 — Clean Water and Sanitation — as a priority goal in 2025.
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