Sri Lanka Telecom Group (SLT Group), posted impressive overall growth with annual revenue surpassing Rs. 100 billion once again, recording Rs. 108 billion for the financial year 2022.
This resulted in the Group recording a revenue increase of 5.2% for the financial year 2022, strengthened by a healthy bottom line of Rs. 4,765 Mn Profit after Tax, enabling the Company to deliver on commitments to stakeholders against a backdrop of unprecedented macroeconomic and industry challenges.
Sources in the SLT said, “2022 was a year of economic and social distress never witnessed before in the recent past in the country. Despite the tough operating environment and the many challenges unique to our industry, we have been able to stabilize the Group performance by infusing innovations into our core business and prudent cost saving measures.”
“At the same time, learning to navigate through this volatile market conditions have placed the group in a strong position. Like any progressive business, transformation is critical to evolve and navigate challenging market conditions, to secure business sustainability and enable a future-ready workforce.”
“We are firm in our resolve to realise our single-minded vision of transforming from a Telco company into a Techco (technology and communication) organisation to provide state-of-the-art solutions to individual customers, corporates, investors whilst supporting the growth of the country’s vital IT sector and enable socioeconomic progress.”
With business resilience, strategic management decisions and the capabilities of our 10,000 strong staff, we are confident we can leverage the opportunities that are also presenting itself in this tough operating environment.”
At Company level, SLT Q4 revenues recorded a robust growth of 19.9% to Rs 18.1 Bn compared to the same period last year and more heightened growth with year-to-date figures indicating a 13% increase to Rs 67.6 Bn as against last year.
As a result, SLT company posted a strong Profit after Tax of Rs. 8,463 Mnfor the financial year 2022 with a 44.3% increase compared to last year .
The key YoY revenue drivers were the increases in Carrier Domestic, Broadbandand Carrier International revenue streams.
The Group’s Operating Profit for Q4 showed a growth of 5.1% to Rs 3 Bn against the previous quarter.
Quarter on Quarter (QoQ) performance was stronger compared to last year, increasing 16% at Rs 3 Bn. But due to the impact of the weak economic and business environment throughout the financial year the operating profit for the year declined to 9.6% at Rs 12.5 Bn compared to 2021.
The Group’s Operational Cost significantly grew last year due to rupee devaluation, inflation and rising interest rates,and stood at Rs 67.7Bn for the financial year 2022.