SLT Group ends 2024 with significant turnaround in profitability

The SLT Group reported a massive turnaround in profitability as of December 2024, driven by strong operational performance and successful cost optimization across fixed and mobile segments, with momentum accelerating steadily during the year.

The Group recorded a Profit after Tax (PAT) of Rs. 3.1 billion for 2024, compared to a loss of Rs. 3.9 billion in 2023, representing a substantial turnaround of Rs. 7 billion.

Annual revenue for the Group in 2024 grew by 4.4% to Rs. 111.1 billion, with Gross Profit showing robust growth of 19.6% to reach Rs. 46.1 billion.

The Group’s focus on operational efficiency resulted in a 4% reduction in operating expenses to Rs. 71.2 billion, contributing to a 23.7% improvement in EBITDA to Rs. 40 billion, and a considerable 172.8% increase in operating profit to Rs. 11.2 billion.

Finance costs were also reduced by 20.5% to Rs. 9 billion, supporting the Group’s outstanding turnaround.

SLT Group demonstrated strong financial performance with robust results in the fourth quarter. Revenue reached Rs. 29.1 billion, showing impressive growth of 11.9% compared to Q4 2023 and maintaining momentum with 1.8% sequential growth from Q3 2024.

The quarter saw important improvements across key metrics for the Group, with gross profit rising to Rs. 12.9 billion, up 50% year-on-year, EBITDA growing to Rs. 11.5 billion, an increase of 28.9%, and operating profit more than doubling to Rs. 4 billion.

SLT Group’s Q4 2024 also delivered a notable PAT of Rs. 2.4 billion, representing a significant improvement from the Rs. 1.1 billion in Q3 2024, a 115% growth and an even more dramatic turnaround from the loss of Rs. 1.2 billion in Q4 2023.

The quarterly performance contributed to a strong finish for the year, showcasing the success of the Group’s strategic initiatives in operational efficiency and cost management.

SLT Group remained a key contributor to the state revenues, delivering a total of Rs. 31.5 billion to the Government of Sri Lanka (GoSL) as taxes and levies during the year 2024.

Laying the groundwork for 2025, SLT-MOBITEL is focused on expanding its digital services portfolio while maintaining operational efficiency to drive sustainable growth.

 Source:Daily News