Diaolog Axiata, the Sri Lankan wing of Axiata Group has posted a positive financial report for the 6 months (H1) of 2023 ending on June 30. As per the report, the private operator generated Sri Lankan Rupee (SLR) 97.7 billion which is a 20% year-to-date (YTD) growth.
The company said that strong performance in mobile services, fixed-line, digital Pay-TV, tele-infrastructures, etc. boosted the company’s revenues. However, the second quarter (Q2) revenue dropped by 5% to SLR 47.7 billion. A drop in non-core revenue from LKR appreciation against the US Dollar is said to have caused the fall.
Likewise, Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) declined by 1% YTD at SLR 27.2 billion due to unfavorable factors. EBITDA for Q2 2023 was SLR 14.2 billion, a growth of 9%. Dialog says that its core business stood firm and resilient as its core EBITDA margin stood at 40.2% for the first half of 2023.
Overall, the core business remained resilient to record a core EBITDA margin of 40.2 percent for 1H 2023.
Similarly, the Dialog Group remained a significant contributor to the state as it paid SLR 21.9 billion to the Government during the first six months of 2023 which is an increase of 29 percent YTD. The contribution included Direct Taxes and Levies amounting to SLR 6.4 billion and Rs.15.5 billion in Consumption Taxes collected on behalf of the Government.