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SLT Group topline surpasses Rs. 100 billion, recording Rs. 12.2 billion Profit After Taxes

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Sri Lanka Telecom PLC (SLT) Group, the National ICT Solutions Provider, concluded the financial year 2021 on a high note, recording a turnover of Rs. 102.3 Bn for the year ended December 31, 2021 marking a topline growth of 12.3% year-on-year. The Group’s sustained growth resulted in a Profit After Tax (PAT) of Rs. 12.2 Bn, a growth of 54.3% as compared to the previous year.

Group profits were propelled forward by robust performances by multiple business segments. The EBITDA of the Group grew at 16.6% during the period on the backdrop of Operating Profit growth of 19.0%. SLT’s sustained investment on expanding fiber connectivity (FTTH) and significant expansions and upgrades in the 4G/LTE network resulted in the surge in Broadband revenue during the year. Further, SLT experienced a revenue growth in PEO TV in a market receptive to quality education and entertainment options online, expanding to hitherto untapped markets during the year under review. Xyntac, the Global unit of SLT-MOBITEL adds strength to the overall business, with the investment in the new SEA-ME-WE 6 cable, set to elevate Sri Lanka’s global connectivity capacity to the next level. The state-of-the-art data center that bolsters the digital capabilities of SLT-MOBITEL, and the Akaza multi-cloud platform too continue to add value to the company.

SLT Group Chairman, Rohan Fernando stated, “Looking back on 2021, I can proudly say that we have achieved way beyond what we expected and closed the year with an all-time best record in every aspect may it be financial, corporate governance or above all else national responsibility. The principles we diligently adhered to on zero corruption, waste control, high efficiency and inclusive management has helped overcome all obstacles in 2021. Going forward our new direction will be in meeting competition and enticing customers towards the SLT Group. We will look at the transformation of our business from “Telco to Techno”, to cover many aspects of technology directly involved with our business. Technology companies are the most powerful in the world driving economies and all services essentially required for human beings. We at SLT-MOBITEL are at the center of technology and best positioned to be a driving force in Sri Lanka.”

Group revenue for Q4 2021 grew by 7.5% compared to the same quarter of the previous year to Rs. 25.7 Bn, with the EBITDA and Operating Profit growing by 21.3% and 34.8% respectively. The Group Profit After Tax (PAT) for the quarter climbed to Rs. 3.0 Bn, a 162.9% year-on-year growth.

“The past year was one of discovery and resilience, and one we were all fully invested in. Our growth in all areas is a testament to it. The SLT-MOBITEL brand unification propelled the Group forward, enticing customers to embrace the National Service Provider and to trust in us to provide uninterrupted connectivity despite the challenges we faced as a country. The divesting of our non-core businesses has brought in good results and will now allow us single minded focus on our core businesses, allowing us to propel SLT Group’s to the pinnacle of digital leadership. The Group is passionate to cement our leadership in the industry and meet the competition head on, and with a commitment to inclusive management, we will work as one team to achieve our business goals as SLT-MOBITEL.” Remarked SLT Group Chief Executive Officer Lalith Seneviratne.

The holding company of the Group, Sri Lanka Telecom PLC (SLT) recorded an impressive 16.0% increase in revenue over the last year reaching Rs. 59.8 Bn. The PAT of the company went up to Rs. 5.9 Bn, reflecting a 45.9% year-on-year growth. The Company saw a heightened growth in revenues from Broadband, PEOTV and Carrier Domestic services during the year compared to the year before.

SLT Chief Executive Officer, Janaka Abeysinghe commented, “Our decision to boldly pursue digitalisation unabated during the pandemic, has stood us in good stead. The people depended on the national ICT solutions provider to give them uninterrupted domestic and global voice and data services and our ability to provide them with that has driven both topline and bottom-line growth in the company. We work to ensure the digital divide continues to shrink, capitalising on our growth with the support of our committed employees, to deliver the best for our customers.”

Mobitel (Pvt.) Ltd., the mobile arm of the Group recorded its highest profits in its 28-year history with a PAT of Rs. 8.0 Bn. marking a growth of 63.8% in PAT year-on-year. The growth was mainly driven by the Broadband segment. Despite the adverse macroeconomic conditions and other challenges, Mobitel recorded a revenue of Rs. 47.1 Bn, a noteworthy 8.7% year-on-year growth compared to the previous year. Mobitel’s post-paid voice revenue and international incoming Voice revenue too reported a considerable growth during the same period. EBITDA increased by 17.7% to Rs. 19.5 Bn, reflecting the growth in revenue and operational efficiencies.

“The Mobitel Team has diligently worked on ensuring it fulfills the need for essential mobile connectivity in Sri Lanka. It is gratifying to see the outstanding results of that hard work, especially given the less-than-ideal macroeconomic conditions we faced. As the only truly Sri Lankan mobile services provider, Mobitel is committed to provide our customers island-wide an enriching voice and data usage experience, ensuring a smooth digital journey for all.” stated Mobitel (Pvt) Ltd, Chief Executive Officer, Chandika Vitharena.

SLT managed to lower its group level borrowings during the year under review. Further, the Group’s Operating cash flows displayed a continuous improvement with a 22.8% increase compared to the previous year. The Group stated that despite forex challenges in the country, the devaluation exposure to the Group was low, with SLT making gains on exchange due to prudent forex management.



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Sri Lanka’s economic confidence index plummets

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‘No one has rated Sri Lanka’s economic condition as excellent. 1.8 % rated it as good and 1.3 % rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022, a wide ranging Verite Research public opinion survey reveals.

Key findings of the survey:

Government approval rating drops from 10% to 3%

The second round of the Gallup Style “Mood of the Nation” poll was conducted in June by Verité Research. It assessed the approval, satisfaction, and confidence of the nation in relation to the government, the country, and the economy.

The poll was conducted as a part of the syndicated survey instrument by Verité Research. This instrument also provides other organisations the opportunity to survey the sentiments of Sri Lanka.

1. Government approval rating | 3% | To the question, “Do you approve or disapprove of the way the current government is working?” only 3% said they approve. In January 2022 this rating was at 10%.

2. Sri Lanka satisfaction | 2% | To the question, “In general, are you satisfied or dissatisfied with the way things are going in Sri Lanka?” only 2% said they were satisfied. This rating was at 6% in January 2022.

3. Economic confidence | negative (-) 96 | Multiple choice questions on the condition and trajectory of the economy are used to generate an economic confidence score. The score can range from negative (-) 100 to positive (+) 100. A score above zero means more people see the economic conditions positively rather than negatively. If everyone thinks the economy is in either excellent or good condition, and everyone also thinks it is getting better, the score will be (+) 10. If everyone thinks that the economy is in a poor condition, and everyone also thinks it is getting worse, the score will be a (-) 100. No one rated the economic condition as excellent. 1.8% rated it as good; and 1.3% rated it as getting better. The resulting score was a (-) 96. This rating was (-) 83 in January 2022.

Implementation of “Mood of

the Nation”

The poll is based on an island wide nationally representative sample of responses from 1,052 Sri Lankan adults, conducted in June 2022. The sample and methodology was designed to ensure a maximum error margin of under 3% at a 95% confidence interval. The polling partner was Vanguard Survey (Pvt) Ltd.

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Decline in share market in the wake of rate hike reports

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By Hiran H.Senewiratne

CSE trading activities began on a positive note yesterday but during the latter part of the day the market experienced a dip on account of the overall supply chain economy being subjected to a contraction, stemming from the fuel crisis. Consequently, CSE activities were relatively low keyed, market analysts said.

“We are reverting to the negative. There is uncertainty on all fronts, from the political to the economic. Therefore, we are expecting a rate hike on Thursday. This is creating a bit of a cloud and we may see this continuing further, a top market analyst said.

Even if top level decision- making is happening in Sri Lanka the impact is not felt at the grassroots level. This has resulted in unrest in the country, the analyst said.

Amid those developments, both indices moved downwards. The All- Share Price Index went down by 97.9 points and S and P SL20 declined by 34.3 points. Turnover stood at Rs 1.3 billion with one crossing. The crossing was reported in JKH, which crossed 600,000 shares to the tune of Rs 73.2 million, its shares traded at Rs 122.

In the retail market, the top seven companies that mainly contributed to the turnover were; Lanka IOC Rs 611 million (7.3 million shares traded), Expolanka Holdings Rs 173.9 million (one million shares traded). LOLC Holdings Rs 47.4 million (120,000 sha4es traded), Hayleys PLC Rs 46.5 million (697.000 shares traded), Browns Investments Rs 46.3 million (6.4 million shares traded), JKH Rs 21 million (173,000 shares traded) and Softlogic Holdings Rs 20.5 million (794,000 shares traded). During the day 109 million share volumes changed hands in 15000 transactions.

The International Monetary Fund said last Thursday its talks with crisis-hit Sri Lanka had been “constructive”, thereby raising hopes it would soon grant preliminary approval for a desperately needed financial support package, observers said.

Meanwhile, the Colombo Consumer Price index rose 54.6 per cent year-on-year in June against a 39.1 per cent rise in May, according to the Statistics Department.

Yesterday the US dollar rate was Rs 360.73, which is now being controlled due to the prudent fiscal and monetary policies of the Central Bank.

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Dialog Club vision members receive access to an exclusive screening of ‘Jurassic World Dominion’

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In a bold and breath-taking new global adventure, the epic conclusion to the Jurassic film franchise ‘Jurassic World Dominion’ hit theatres across the world on June 10. Just a day after its global premiere, Dialog Club Vision Red members and their loved ones received special access to an exclusive screening of the film at the Kandy City Centre Multiplex on June 11.

The explosive end to the Jurassic era sees two generations of the film’s franchise unite for the first time with Hollywood’s Chris Pratt and Bryce Dallas Howard joined by Oscar winner Laura Dern, Jeff Goldblum and Sam Neill. Dialog Club Vision members were some of the first to witness the utopian world where Dinosaurs and humans co-exist.

With the best interests of its members and their loved ones at heart, Dialog Club Vision continues to deliver a world of exclusivity and privileges such as personalized care, exclusive discounts and offers, lifestyle and entertainment events and more. To explore more exciting offers available for Dialog Club Vision members, and to learn more about Sri Lanka’s premier loyalty programme, customers can visit the MyDialog App or visit dialog.lk/club-vision

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