SLT-Mobitel, achieved a 49.2% year-on-year growth of profit after tax (PAT) in Q3 2021, posting Rs. 3.2 billion in PAT, reiterating consumer confidence in the national ICT solutions provider. Issuing a statement yesterday (9), the commitment to cost consolidation across verticals combined with the group-wide undertaking to minimise waste, convert waste to cash, and manage operating expense (OPEX) costs, resulted in savings over the year and is reflected in the year-on-year bottom-line and continued dividend payments. SLT group revenue for Q3 2021 grew by 15.6% compared to the same quarter of the previous year to Rs. 26.7 billion. The earnings before interest, tax, depreciation, and amortisation (EBITDA) of the group stood at Rs. 10.8 billion reflecting a 25.7% year-on-year growth and the EBITDA margin improved to 40.4% compared to 37.1% in Q3 2020. The top line for the first nine months of 2021 was Rs. 76.6 billion, a 14% increase compared to the same period in 2020. This achievement was made possible due to a customer-centric marketing strategy, with demand coming in for fibre connectivity for residential and corporate customers together with the demand for PEO TV and mobile services. The heightened demand resulted in a PAT of Rs. 9.2 billion, which is a 36.1% increase compared to the same period last year. For the first nine months of 2021, the capital expenditure investment of the group amounted to Rs. 18.2 billion. The group’s commitment to improve the quality of digital connectivity in Sri Lanka progressed during the period with the ongoing accelerated Fibre Expansion Project under the National Fiberisation Programme and investment in new LTE base stations and towers. The upcoming 5G technology for which the ground is being prepared is also set to provide Sri Lankans with an enhanced experience. The group’s investments in submarine cable network and domestic transport network are going strong, improving quality and service levels to customers. The SLT Group’s contribution to the Government of Sri Lanka during the first nine months amounted to a total of Rs. 15.1 billion in direct and indirect taxes including levies, and dividends. SLT Group Chairman Rohan Fernando stated: “SLT-Mobitel is on the cusp of transformation from telephony to technology, backed by research and development, moving Sri Lanka to the digital platform. To reiterate our commitment to service and technology the construction of a technologically advanced Mobitel headquarters commenced this year. On completion in 2022, all our mobile services will be brought under one roof in a new tech park in Welikada. We are dedicating an entire floor in the new headquarters for research and state-of-the-art innovations. Our efforts to connect the nation in support of the Government’s commitment to bridge the digital divide continues unabated, as we serve the nation and its people.” SLT Group Chief Executive Officer (CEO) Lalith Seneviratne stated: “As the country cautiously steps up to full efficiency with a vaccinated workforce, the SLT Group is playing its part to strengthen the digital links connecting the Government, the people, and organisations. The dedication shown by every member of the group and the tasks we have carried out during a particularly challenging time, are reflected in our outstanding financial results. We are humbled in the knowledge that Sri Lankans continue to place their utmost trust in us to provide outstanding services and have embraced us as their solution provider of choice.” Sri Lanka Telecom PLC (SLT), the holding company of the group, posted an impressive 45.4% year-on-year increase in PAT to Rs. 5.1 billion for the first nine months of 2021, driven by a top-line growth of 17.3% year-on-year to Rs. 44.7 billion. The company experienced a heightened growth in revenues from Broadband, PEO TV, and carrier domestic services during the current period compared to the same period last year, as Sri Lankans flocked to the national service provider for new-age solutions. SLT CEO Kiththi Perera commented: “The initiatives undertaken by SLT-Mobitel to accelerate the fibre expansion programme are generating superior results, along with the growth of the 4G network. Our employees rose to the task to facilitate the accelerated expansion on the back of the pandemic, supported by the company that ensured employees suffered no loss of income or benefits across the board. As the national ICT solutions provider, we are intent on taking all Sri Lankans into the future of digital connectivity and are poised to deliver robust results for all our stakeholders with our unified brand, overcoming all obstacles.” Mobitel CEO Chandika Vitharena stated: “As the national mobile services provider, Mobitel is committed towards the digital transformation of Sri Lanka in line with the Government’s vision for the country. At Mobitel, we aim to facilitate the adoption of digital transactions in Sri Lanka and highlight issues related to using cash, encouraging consumers to enjoy the convenience of payments through digital platforms. Moreover, we are facilitating ‘work from home’, a mainstay of the new normal, by digitising systems and processes and shifting towards paperless operations. The company also encourages distance learning initiatives, as they allow anyone anywhere to access the best resource personnel and material at their fingertips.”
