SLT Group consolidates cost, manages waste to deliver positive results in first half 2021

SLT-MOBITEL, the National ICT, Telecommunications and Mobile Services Provider, announced its financial results for the first half of 2021, posting a 29.9% year-on-year growth of Group Profit After Tax (PAT) of Rs. 6.0 Bn. Cost consolidation across verticals and a group wide undertaking to minimize waste, convert waste to cash, and manage OPEX cost resulted in the healthy bottom-line. SLT-MOBITEL ensured its customers benefited most during the tough pandemic period, with improved service levels, upgraded infrastructure and innovative product offers, the Group announced.

SLT Group Revenue grew to Rs. 49.9 Bn. in the period under review, a 13.3% increase against the comparable period in the previous year, driven by the focus on business continuity despite the Coronavirus pandemic. The EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) of the Group stood at Rs. 19.6 Bn. a 10.0% year-on-year growth, whilst Operating Profit for the Group was Rs. 7.2 Bn. reflecting a 4.2% growth over the first half of 2020.

The Group Revenue for Q2 2021 grew by 15.2% compared to the same quarter of the previous year to Rs. 25.3 Bn. lifting the EBITDA and Operating Profit to Rs. 9.9 Bn. and Rs. 3.8 Bn. respectively. The Group Profit After Tax (PAT) for the quarter reported at Rs. 3.8 Bn. a 40.7% year-on-year growth.

Topline growth can be attributed to customer focused delivery of essential products and services, during the pandemic period. SLT-MOBITEL strived to provide residential Fibre connectivity and to increase PEO TV and mobile services as customer demand grew. This strategy led to more customer acquisition, aided by value added services, competitive pricing and the launch of innovative consumer centric services such as unlimited data packages.

SLT Group continued its contribution to the Government of Sri Lanka during the first half of 2021, paying a total of Rs. 10.3 Bn. in direct and indirect taxes including levies, and dividends. The Group has also committed to long term infrastructure investments positively impacting the quality of digital connectivity in Sri Lanka, including the investments in submarine cable networks, backbone infrastructure, and ongoing capital infusion on an extensive Island wide fibre optic network, 4G towers, and base stations amongst these.