Sri Lanka Telecom Group (SLT Group), the National ICT Solutions Provider, has reported positive overall revenues of Rs 79.6 billion, a consolidated growth of 3.9 percent for the first nine months of 2022 compared to the same period last year, driven largely by prudent and proactive measures undertaken in financial and operational management.
Demonstrating resilience in its business model, at company level, SLT Q3 revenues grew to Rs. 16.9 billion, an increase of 7.4 percent when compared to the same period last year, also reflected in optimistic year-to-date growth of 10.6 percent at Rs 49.4 billion.
SLT Group’s contribution to the Government of Sri Lanka during the first nine months of 2022 amounted to Rs. 21 billion in direct and indirect taxes including levies and dividends.
The Group’s Gross Profit growth for Q3 witnessed a marginal 0.8 percent increase at Rs 11.1 billion, in comparison to the previous quarter. Weighing down growth, a negative 3.4 percent in Gross Profit at Rs 33.4 billion was recorded for the first nine months of the year, compared to the same period last year. Group Profit After Tax (PAT) growth declined to 27.1 percent (QoQ) while year-to-date also reflected a downward momentum at 34.1 percent.
At company level, SLT posted a positive a 9.3 percent Gross Profit increase of Rs 7.2 billion for Q3, QoQ and ended the nine months of the year also in a similar trend of 7.1 percent at Rs. 20.4 billion. Furthermore, at company level, Profit Before Tax for the first nine months recorded a significant increase of 136.1 percent when compared with the same period last year.
SLT Group Chairman, Rohan Fernando said, “I am pleased to announce yet another quarter of positive revenue growth for the Group. The resilience in our results is primarily due to management intervention in containing costs, the reduction in energy costs, consolidation of operations moving into company owned premises, and asset monetization subject to government policy being stable to attract FDIs.”
“These results demonstrate how we continue to make tangible progress in delivering steady revenues despite 2022 being one of the most difficult periods in the history of Sri Lanka. The company is cautiously moving into the fourth quarter meeting all obstacles with a positive outlook.”
Company revenue growth was primarily driven by increases in Carrier Domestic, Broadband and Carrier International revenue streams.
Carrier Domestic growth was predominantly from expansion in provision of Ethernet, international private leased circuit (IPLC) and internet leased line (ILL) services. Broadband saw revenue growth mainly from FTTH Broadband while Carrier International growth was chiefly due to US dollar appreciation.
Commenting on the future, the Chairman added, “The vision of the SLT Group of becoming a regional tech conglomerate will be pursued vigorously with the unified brand and consolidation of operations under one roof taking place gradually with the deployment of our state-of-the-art, high-tech, green building by the middle of 2023.”
