Posts Net Profit of Rs. 4.5 Billion for Q3, up 100% QoQ

Dialog Axiata PLC announced its consolidated financial results for the nine months ended 30 September 2024 delivering a strong performance across Mobile, Fixed Line, Digital Pay Television, International and Tele-infrastructure businesses recording a positive core Revenue growth of 6% Year to Date (“YTD”).

Excluding revenue from Airtel Lanka, YTD core Revenue growth was at 3%. Group Revenue reached Rs. 125.4 Bn down 10% mainly resulting from the scaling down of low margin international wholesale business. The Q3 2024 Revenue was recorded at Rs42.8Bn up 5% Quarter-on-Quarter (QoQ).

Financial results included those of Dialog Axiata PLC (the “Company”) and of the Dialog Axiata Group (the Group).

Group Net Profit After Tax (NPAT) reached Rs. 4.5 Bn for Q3 2024 up 100% QoQ and 45% Year on Year (YoY) while the NPAT was recorded at Rs. 5.7 Bn for the first nine months of 2024, down 62% YTD which predominantly resulted from significantly higher favorable forex movement in 2023.

Normalized for forex, PAT was down 54% YTD to record at Rs1.9 Bn for the first nine months of 2024, owing to higher Deprecation, dilution from Airtel consolidation and Taxation.

Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs35.1Bn to the Government (GoSL) during the first nine months of 2024. Total remittances included Direct Taxes and Levies amounting to Rs8.6Bn and Rs26.5Bn in Consumption Taxes collected on behalf of the GoSL.

Excluding Airtel Lanka, Q3 2024 Revenue was down 3% QoQ albeit up 6% QoQ on Core Revenue basis. The Group Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) reached Rs. 45.1 Bn up 1% YTD supported by top line performance.

On a QoQ basis Group EBITDA demonstrated a strong recovery to record at Rs. 18.1 Bn up 33% QoQ with an EBITDA margin of 42.0% as Cost Rescaling Initiatives yielded positive results. Group EBITDA margin reached 35.9% for the first nine months of 2024, up 4.4 pp.

The Group completed the amalgamation with Bharti Airtel Lanka (Private) Limited (“Airtel”) during the quarter under the applicable provisions of the Companies Act, with Dialog remaining as the surviving entity. This marks the official cessation of Airtel as a corporate entity, effective 30th August 2024.

During the Quarter Company completed the consolidation of Airtel’s 2G/4G radio networks thereby improving network experience to over 2 0million Dialog and Airtel Subscribers. The YTD capital expenditure reached Rs. 14.5 Bn for the nine months ended 30th September 2024 down 32% YTD.

Source:Daily News