The SLT Group reported a massive turnaround in profitability as of December 2024, driven by strong operational performance and successful cost optimization across fixed and mobile segments, with momentum accelerating steadily during the year.
The Group recorded a Profit after Tax (PAT) of 3.1 billion rupees for 2024, compared to a loss of 3.9 billion rupees in 2023, representing a substantial turnaround of seven billion rupees. Annual revenue for the Group in 2024 grew by 4.4 percent to 111.1 billion rupees, with Gross Profit showing robust growth of 19.6 percent to reach 46.1 billion rupees. The Group’s focus on operational efficiency resulted in a four percent reduction in operating expenses to 71.2 billion rupees, contributing to a 23.7 percent improvement in EBITDA to 40 billion rupees, and a considerable 172.8 percent increase in operating profit to 11.2 billion rupees. Finance costs were also reduced by 20.5 percent to nine billion rupees, supporting the Group’s outstanding turnaround.
SLT Group demonstrated strong financial performance with robust results in the fourth quarter. Revenue reached 29.1 billion rupees, showing impressive growth of 11.9 percent compared to Q4 2023 and maintaining momentum with 1.8 percent sequential growth from Q3 2024. The quarter saw important improvements across key metrics for the Group, with gross profit rising to 12.9 billion rupees, up 50 percent year-on-year, EBITDA growing to 11.5 billion rupees, an increase of 28.9 percent, and operating profit more than doubling to four billion rupees. SLT Group’s Q4 2024 also delivered a notable PAT of 2.4 billion rupees, representing a significant improvement from the 1.1 billion rupees in Q3 2024, a 115 percent growth, and an even more dramatic turnaround from the loss of 1.2 billion rupees in Q4 2023. The quarterly performance contributed to a strong finish for the year, showcasing the success of the Group’s strategic initiatives in operational efficiency and cost management.
SLT Group remained a key contributor to state revenues, delivering a total of 31.5 billion rupees to the Government of Sri Lanka (GoSL) as taxes and levies during the year 2024. SLT delivered steady growth as of December 2024 with an increase in revenue of 2.3 percent to 71.3 billion rupees. The company’s broadband segment grew by 5.4 percent led by FTTH services, while enterprise revenue surged by 11.8 percent. Government sector and SME segments showed strong growth of 11 percent and 23.6 percent, respectively. Cost optimization efforts yielded considerable results, with a 2.2 percent reduction in operating expenses, including notable savings in AMC costs and internet backbone charges. The company reported a net profit of 2.1 billion rupees for FY 2024.
SLT delivered a strong performance with revenue reaching 18.3 billion rupees, a 3.9 percent increase. The growth was primarily driven by multiple revenue streams, with broadband revenue increasing by 10.2 percent, led by FTTH services. The Enterprise sector revenue grew by 11 percent, supported by increased earnings from networking, Internet, and managed services. The government sector showed impressive growth of 14.3 percent, while the SME sector revenue rose by 20.9 percent. During the quarter, the company’s operational efficiency improved significantly, with operating profit growing by 17 percent to 1.8 billion rupees, supported by effective cost management and a 4.6 percent reduction in depreciation. SLT recorded a net profit of 909 million rupees for Q4 2024. The Group’s mobile segment, Mobitel, achieved a significant turnaround in 2024, with revenue growing 7.4 percent to 45.8 billion rupees, driven by broadband growth. The EBITDA margin improved significantly to 30 percent, reflecting revenue growth and successful cost optimization strategies, supported by a 4.9 percent reduction in operating costs through targeted optimizations across all functions, including marketing, distribution, and administration. Mobitel reversed its operating loss, recording an operating profit of 2.9 billion rupees in 2024 and achieving a positive net profit of 0.1 billion rupees. Mobitel delivered exceptional results with revenue growing 14.3 percent year-on-year to 12.3 billion rupees. EBITDA rose by 137.1 percent to 4.6 billion rupees, with margin improving to 37 percent. Operating profit showed substantial growth of 478 percent year-on-year to 1.8 billion rupees, while net profit reached 1.2 billion rupees, a 191.8 percent improvement. The quarter demonstrated strong momentum with a 12.5 percent reduction in operating costs and continued improvement across all key metrics.
