SLT’s significant turnaround in profit for 2024
View(s):The SLT Group has 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, it said in a media release.
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. Annual revenue for the group in 2024 grew by 4.4 per cent to Rs.111.1 billion, with Gross Profit showing robust growth of 19.6 per cent to reach Rs.46.1 billion.
The group’s focus on operational efficiency resulted in a 4 per cent reduction in operating expenses to Rs.71.2 billion, contributing to a 23.7 per cent improvement in EBITDA to Rs.40 billion, and a considerable 172.8 per cent increase in operating profit to Rs.11.2 billion. Finance costs were also reduced by 20.5 per cent to Rs.9 billion, supporting the group’s strong 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 per cent compared to Q4 2023 and maintaining momentum with 1.8 per cent 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 per cent year-on-year, EBITDA growing to Rs.11.5 billion, an increase of 28.9 per cent, and operating profit more than doubling to Rs.4 billion.
The group’s mobile segment, Mobitel, achieved a significant turnaround in 2024, with revenue growing 7.4 per cent to Rs.45.8 billion compared to 2023, driven by broadband growth. Mobitel reversed its operating loss, recording an operating profit of Rs.2.9 billion in 2024 and achieving a positive net profit of Rs.0.1 billion compared to a Rs.3.7 billion loss in 2023.
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