Sri Lanka’s Dialog Axiata, a leading player in mobile, fixed access telephony, and pay television, reported a 4.5% increase in profit to 6.77 billion rupees in the December 2024 quarter, driven by higher revenue, lower direct costs, and foreign exchange gains.
The company posted earnings of 0.74 rupees per share for the quarter, while full-year profit stood at 12.5 billion rupees with earnings of 1.43 rupees per share. Annual forex gains amounted to 3.79 billion rupees, supported by currency appreciation.
Dialog Axiata’s Q4 2024 revenue increased to 45.8 billion rupees, compared to 42.2 billion rupees in the same quarter of 2023. Direct costs declined to 23.7 billion rupees from 25.2 billion rupees, leading to a gross profit rise to 22.1 billion rupees from 17 billion rupees. However, administrative costs increased from 5.9 billion rupees to 7.9 billion rupees.
The Board of Directors has proposed a final dividend of 1.00 rupee per share for FY 2024.
Additionally, Dialog completed its acquisition of 100% of Bharti Airtel Lanka (Private) Limited in June 2024. As consideration for the transaction, 952,694,689 ordinary voting shares were issued to Bharti through a share swap, representing 10.355% of Dialog’s total issued shares. Airtel Lanka remained a subsidiary of Dialog Group until August 30, 2024.