Sri Lanka Telecom Group (SLT Group), the national ICT solutions provider, recorded positive overall revenue of Rs 79.6 billion representing a consolidated growth of 3.9% for the first nine months of 2022 compared to the same period last year, driven in large part by prudent measures. and proactive measures taken in financial and operational management.
Demonstrating the resilience of its business model, at the enterprise level, SLT Q3 revenue grew to Rs. 16.9 billion, an increase of 7.4% over the same period last year, reflected also by an optimistic growth of 10.6% since the beginning of the year to 49.4 billion rupees.
SLT Group’s contribution to the government of Sri Lanka in the first nine months of 2022 amounted to Rs. 21 billion in direct and indirect taxes including levies and dividends.
Group gross profit growth for the third quarter saw a marginal increase of 0.8% to 11.1 billion rupees, compared to the previous quarter. Weighing the growth, a negative gross profit of 3.4% to 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% (TQ) while year-to-date also reflected downward momentum at 34.1%.
At company level, SLT posted a positive increase of 9.3% in gross profit of Rs 7.2 billion for the third quarter, QoQ and ended the nine months of the year also in a similar trend of 7 .1% to Rs. 20.4 billion. In addition, at the company level, pre-tax profit for the first nine months recorded a significant increase of 136.1% compared to the same period last year.
SLT Group Chairman Rohan Fernando said: “I am pleased to report another quarter of positive revenue growth for the group. The resilience of our results is mainly due to the intervention of the management to contain costs, the reduction of energy costs, the consolidation of operations in the company premises and the monetization of assets subject to the policy government is stable to attract FDI.
“These results demonstrate how we continue to make tangible progress in generating stable revenues despite 2022 being one of the most difficult times in Sri Lanka’s history. The company cautiously enters the fourth quarter meeting all obstacles. with positive outlook.
The company’s revenue growth was primarily driven by increased revenue streams from domestic, broadband and international carriers.
Operators The domestic growth is mainly due to the expansion of the provision of Ethernet services, international private leased circuits (IPLC) and Internet leased lines (ILL). Broadband saw revenue growth driven primarily by FTTH broadband, while Carrier International’s growth was primarily due to the appreciation of the US dollar.
Commenting on the future, the Chairman added, “SLT Group’s vision of becoming a regional technology conglomerate will be pursued vigorously with the unified brand and the consolidation of operations under one roof taking place gradually with the deployment of our state-of- the art, high-tech and green building by the middle of 2023.”