Dialog Axiata PLC announced its consolidated financial results for the nine months ended September 30, recording a Group Revenue growth of 5% on a Year-on-Year (“YoY”) basis to reach Rs. 30.5 billion for Q3 2020 mainly due to the recovery in mobile revenue.
Group Earnings before Interest, Tax, Depreciation and Amortisation (“EBITDA”) reached Rs13.6 billion for Q3 2020 up 14% YoY driven by revenue performance and diligent cost control initiatives. Group Net Profit After Tax (“NPAT”) reached Rs4.8billion to record growth >100% YoY for Q3 2020 due to EBITDA performance and forex gain of Rs.188Mn relative to the forex loss of Rs1.0Bn in Q3 2019.
On a Year-to-Date (“YTD”) basis the Group performance remained moderate owing to free offers and challenges associated with Covid-19 dampening the performance in Q2 2020. The YTD Revenue impact from Covid-19 is estimated to be Rs4Bn led by Roaming, Enterprise and Television and Retail Mobile segments.
The Dialog Group recorded consolidated revenue of Rs87.9 billion for the nine months ended September 30, 2020, demonstrating a growth of 1% YTD. On the back of cost control initiatives, Group EBITDA grew 4% YTD to reach Rs. 36.5 billion. The Group EBITDA Margin was accordingly recorded at 41.5% for the nine months ended September 30, 2020.
Dialog Group continued to be a significant contributor to state revenues, remitting a total of Rs13.8 billion to the Government of Sri Lanka (“GoSL”) during the nine months ended September 30, 2020. Total Public remittances included direct taxes and Levies amounting to Rs 4.1 billion and Rs 9.7 billion in consumption taxes collected on behalf of the GoSL.
The Group capital investment for the first nine months of 2020 was recorded at Rs 12 billion representing a capex to revenue ratio of 14%.
At an entity level, Dialog Axiata PLC (the “Company”) continued to contribute a major share of Group Revenue (69%) and Group EBITDA (75%). Company revenue was record at Rs21.1billion for Q3 2020 and Rs 60.6 billion for the first nine months of 2020 up 3% YoY albeit declining 2% YTD, mainly due to the Covid-19 related core Revenue slowdown.
Company EBITDA was recorded at Rs10.2Bn for Q3 2020 up 12% YoY while it reached Rs27.3Bn for the first nine months of 2020 representing an increase of 2% YTD.
Dialog Television (“DTV”), continued its leadership position in the Digital Pay Television space with a subscriber growth of 11% YoY by end Q3 2020. DTV Revenue declined 3% YoY to reach Rs 2.2 billion for Q3 2020 amid continued consumer wallet pressure. Public Dialog Broadband Networks (“DBN”) featuring the Group’s Fixed Telecommunications, Broadband and International Businesses recorded revenue of Rs8.0Bn for Q3 2020 up 10% YoY.
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