The Sri Lanka Telecom (SLT) Group has announced a remarkable financial recovery for the year ending December 2024, achieving a Profit After Tax (PAT) of Rs. 3.1 billion. This marks a substantial turnaround from the Rs. 3.9 billion loss reported in 2023, reflecting a positive shift of Rs. 7 billion.

The Group’s annual revenue increased by 4.4% to Rs. 111.1 billion, with gross profit rising by 19.6% to Rs. 46.1 billion. Focused efforts on operational efficiency led to a 4% reduction in operating expenses, totalling Rs. 71.2 billion. This cost management contributed to a 23.7% improvement in Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA), reaching Rs. 40 billion, and a significant 172.8% increase in operating profit to Rs. 11.2 billion. Additionally, finance costs were reduced by 20.5% to Rs. 9 billion. 

In the fourth quarter of 2024, SLT Group reported revenue of Rs. 29.1 billion, an 11.9% increase compared to the same period in 2023. Gross profit for the quarter was Rs. 12.9 billion, up 50% year-on-year, while EBITDA grew by 28.9% to Rs. 11.5 billion. Operating profit more than doubled to Rs. 4 billion. The PAT for Q4 2024 stood at Rs. 2.4 billion, a notable improvement from Rs. 1.1 billion in Q3 2024 and a significant reversal from the Rs. 1.2 billion loss in Q4 2023.

The mobile segment, Mobitel, also demonstrated a strong performance, with revenue growing by 7.4% to Rs. 45.8 billion in 2024, primarily driven by broadband services. Mobitel achieved an operating profit of Rs. 2.9 billion, reversing previous losses, and recorded a net profit of Rs. 0.1 billion, compared to a Rs. 3.7 billion loss in 2023. 

These results underscore SLT Group’s effective implementation of strategic initiatives focused on operational efficiency and cost management, positioning the company for sustainable growth in the coming years.