“Sri Lanka Telecom under restructure for the second time after 1996”
In response to the article published in the Business Times on April 9, 2023 under the above heading, the management of the SLT Group states the following:
The article in question uses generalisations and facts and figures out of context to build an extremely misleading perception about the current status of the Sri Lanka Telecom Group, particularly in the background of ongoing discussions on the sale of its shares held by the Sri Lanka Treasury.
First and foremost is the comparison of the SLT Group’s profitability ratio to that of its main competitor. Contrary to the information in the article, the SLT Group has maintained an average profitability ratio of 7.7 per cent over the last five years (2018-2022).
At a time when all other telco operators have been negatively impacted, the SLT Group Management’s strategic vision for the company, and prudent action to mitigate the impact of impending macro-economic issues and reduce inefficiencies have resulted in this achievement.
The next misconception is that of the SLT Group’s ‘less contribution’ to the economy and its growth, citing ‘inefficiencies’ and ‘unproductivity’ as the main contributing factors. Contrary to the information in the article, the SLT Group’s positive impact can be measured through several key components.
Throughout it’s over 160-year history, the company has continued to innovate and improve access to technology across Sri Lanka, and maintains the largest fibre network in the nation which is currently at over 65,000km. Understanding their national responsibility to meet present and future demand, the SLT Group has been on a journey in the past few years to transform from a Telco company into a Techco (technology and communication) organisation.
Major changes were implemented in line with the SLT and Mobitel brand unification in 2021, resulting in an YoY increase in revenue of 12.3 per cent and 5.2 percent in 2021 and 2022 respectively. This growth in revenue was achieved simultaneous to a YoY reduction in sales and marketing costs over revenue of 2.7 per cent in 2021 and 7.3 per cent in 2022.
Like any progressive business, the SLT Group understands the acute need to transform in order to not only evolve and navigate challenging market conditions, but to also secure business sustainability and enable a future-ready workforce.
During the last three years, the technological and communication needs of the country have witnessed tremendous acceleration and change. The responsibility of the SLT Group has become critical now more than ever, and the company remains focused on its stability and performance in order to meet these needs and drive the nation’s progress.
BT Reporter notes: The story was based on a Finance Ministry assessment.
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