SLT-MOBITEL posts Rs. 3.2 bn PAT in 3Q
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.
SLT Group Revenue for Q32021 grew by 15.6% compared to the same quarter of the previous year to Rs. 26.7 billion.
The EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) 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.
Topline for the first 9 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 Profit After Tax (PAT) of Rs. 9.2 billion, which is a 36.1% increase compared to the same period last year.
For the first 9 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.
SLT Group’s contribution to the Government of Sri Lanka During the first 9 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 in 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 newly tech park in Welikada.”
“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.”
SLT Group Chief Executive Officer, Lalith Seneviratne remarked. 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 9 months of 2021, driven by a topline growth of 17.3% year-on-year to Rs. 44.7 billion.
SLT Chief Executive Officer, Kiththi Perera commented, “The initiatives undertaken by
SLT-MOBITEL to accelerate the fibre expansion programme are generating superior results, alongwith 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.”
SLT-MOBITEL launched various products and services during this year especially targeting stakeholders affected by the impact of the pandemic.
The first nine months of 2021, ending September 30, saw the revenue of Mobitel (Pvt.) Ltd, the Mobile services arm of the Group,growing by more than Rs 3 billion., marking a 10% growth year-on-year. Mobitel achieved growth in revenue, despite an economic slowdown and other challenges during a difficult period. In the nine-month period under review, Mobitel surpassed its highest reported profits in history, recording Rs. 5.7 billion.in PAT, a whopping 45.9% increase year-on-year.
Mobitel Chief Executive Officer, Chandika Vitharena stated, “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”.
To encourage distance learning, Mobitel introduced attractive Work from Home and Learn from Home packages, initially as a response to conditions created by the pandemic and later towards continually supporting the concept of digitisation.