Dialog Axiata PLC, Sri Lanka’s leading telecommunications provider, has announced robust financial results for the year ended December 31, 2024. The Group recorded a 10% Year-to-Date (YTD) growth in core revenue, reaching Rs151.3 billion, with EBITDA growing by 8% YTD to Rs66.3 billion. Net Profit After Tax (NPAT) for FY 2024 reached Rs12.4 billion, down 38% YTD, primarily due to forex gains recorded in the prior year. However, on a normalized basis, NPAT decline was limited to 12%, supported by strong EBITDA performance and cost rescaling initiatives.
The Group achieved significant progress in its strategic goals, with Q4 2024 revenue reaching Rs45.8 billion, up 7% Quarter-on-Quarter (QoQ) and 6% Year-on-Year (YoY). EBITDA for Q4 2024 surged 18% QoQ to Rs21.2 billion, with an EBITDA margin of 46.3%. The company paid Rs47.3 billion in taxes to the Government of Sri Lanka (GoSL) for FY 2024, including Rs10.6 billion in direct taxes and Rs36.7 billion in indirect taxes.
Dialog Axiata continues to strengthen its infrastructure with investments in high-speed broadband and other key technologies, with FY 2024 capital expenditure reaching Rs30.3 billion. The company also recorded an operating free cash flow (OFCF) of Rs34.0 billion, up 35% YTD. A proposed dividend of Rs1.00 per share has been recommended for ordinary shareholders, translating to an 8.5% dividend yield based on the share’s closing price.
In a key development, Dialog completed the acquisition of Bharti Airtel Lanka, further solidifying its leadership in Sri Lanka’s digital infrastructure and broadband services. Dialog Broadband Networks (DBN), comprising fixed telecommunications, broadband, and international business, recorded a 33% YTD decline in revenue, due to the scaling down of low-margin international wholesale business.
Dialog Television (DTV), the company’s digital pay television service, maintained a subscriber base of over 1.6 million and posted a marginal 1% YTD growth in revenue. However, DTV EBITDA saw a decline of 27% YTD due to rising satellite and content costs, resulting in a negative PAT for FY 2024.
Key Highlights:
- Core Revenue: Rs151.3 billion (+10% YTD)
- EBITDA: Rs66.3 billion (+8% YTD)
- NPAT: Rs12.4 billion (-38% YTD)
- Operating Free Cash Flow: Rs34.0 billion (+35% YTD)
- Proposed Dividend: Rs1.00 per share (8.5% yield)
Dialog Axiata’s performance underscores its commitment to expanding digital services and infrastructure in Sri Lanka, while contributing significantly to the country’s revenue through taxes and investments. The company continues to strengthen its position as a leading player in Sri Lanka’s telecom and broadband sectors.
