The SLT Group has announced a remarkable turnaround in its financial performance for 2024, posting a Profit After Tax (PAT) of Rs. 3.1 billion, a Rs. 7 billion improvement compared to the loss of Rs. 3.9 billion in 2023. This strong performance was fueled by successful cost optimization and operational efficiency across both the fixed and mobile segments.
The Group’s revenue for 2024 increased by 4.4%, reaching Rs. 111.1 billion, while gross profit grew by 19.6%, totaling Rs. 46.1 billion. Operating expenses were reduced by 4%, amounting to Rs. 71.2 billion, and EBITDA showed a 23.7% improvement, rising to Rs. 40 billion. The operating profit surged by 172.8%, reaching Rs. 11.2 billion, and finance costs decreased by 20.5%, contributing to the Group’s outstanding turnaround.
In the fourth quarter of 2024, the Group saw impressive growth, with revenue reaching Rs. 29.1 billion, an 11.9% increase compared to Q4 2023. The quarter also saw significant improvements in key financial metrics, with gross profit rising by 50% year-on-year to Rs. 12.9 billion, EBITDA growing by 28.9%, and operating profit more than doubling to Rs. 4 billion. Q4 PAT stood at Rs. 2.4 billion, marking a 115% growth compared to the previous quarter.
SLT Group continued to be a significant contributor to state revenue, delivering Rs. 31.5 billion to the Government of Sri Lanka in taxes and levies for 2024.
On a company level, SLT showed steady growth in 2024, with revenue increasing by 2.3% to Rs. 71.3 billion. The company’s broadband segment grew by 5.4%, led by FTTH services, while enterprise revenue surged by 11.8%. The SME and government sectors showed strong growth of 23.6% and 11.0%, respectively. SLT also achieved a 2.2% reduction in operating expenses and reported a net profit of Rs. 2.1 billion for the year.
In Q4 2024, SLT’s revenue reached Rs. 18.3 billion, a 3.9% increase compared to Q4 2023. The broadband segment saw a 10.2% increase, and the enterprise sector grew by 11%. The company’s operating profit grew by 17% to Rs. 1.8 billion, supported by effective cost management and a reduction in depreciation. Q4 net profit was Rs. 909 million.
The mobile segment, Mobitel, achieved a major turnaround in 2024, with revenue growing by 7.4% to Rs. 45.8 billion. EBITDA margin improved to 30%, and operating profit was Rs. 2.9 billion, reversing the operating loss from 2023. Mobitel’s Q4 performance was even stronger, with revenue increasing by 14.3%, EBITDA rising by 137.1%, and operating profit growing by 478%. Q4 net profit reached Rs. 1.2 billion, a 191.8% improvement.
Mobitel also emerged as Sri Lanka’s fastest mobile network in the Ookla® Speedtest Awards™ for 2024, cementing its position as the market leader.
The SLT Group’s strong 2024 performance reflects the successful execution of strategic initiatives focused on digital transformation, operational efficiency, and cost discipline. Moving into 2025, SLT-MOBITEL aims to expand its digital services portfolio while maintaining its focus on operational efficiency for sustainable growth.
