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The global Co-vid 19 pandemic has greatly affected the world’s economy and Sri Lankan businesses were no exception to the unfortunate situation as the pandemic spread across the island resulting in large scale lockdowns and quarantines.
During this challenging time Dialog Axiata PLC business was impacted in avenues such as distribution, network roll out and network capacity management and therefore faced a unique challenge where the company had to ensure the safety of citizens while ensuring pre Co-vid connectivity. This prompted a change in the management focus of the company.
Despite the challenges the company has managed to record a robust performance in the 1st quarter of the 2021 financial year. Through Dialog Broadband Networks the company managed to acquire 100% stake in Sri Lanka’s leading Microsoft solution provider, H One Ltd on the 7th of January, 2021. Additionally Dialog Health Ltd. Also acquired 100% stake My Health Solutions Ltd.
After tax profits of the company was increased by 65% to record over LKR 2.43 billion. The Consolidated pre-tax profits were also up by 52% recording LKR 2.9 billion. The Group revenue was recorded at LKR 32.8 billion which is 12% increase compared to the same time period the previous year which recorded LKR 29.2 billion. Company level revenue also experienced an increase with it recording LKR 21.96 billion compared to the 20.17 billion the previous year.
Television services demonstrated a modest improvement in profits from LKR 2.2 billion the previous year to LKR 2.3 billion in 2021. Fixed Telephony and Broadband recorded a significant improvement increasing from LKR 6.8 billion the previous year to record 8.5 billion in 1Q 2021. The Mobile business too demonstrated improvement from 4.1 billion in 2020 to record 4.5 billion in the same time period in 2021.
Officials note that any improvements in revenue depends on the prevailing co vid 19 condition in the nation, and with the increase of the number of new cases the future remains uncertain.
