Dialog Axiata PLC released its consolidated financial results for the year ended December 31, 2024 recently. The financial results included those of Dialog Axiata PLC (Company) and of the Dialog Axiata Group (Group).
The Group delivered a strong performance across Mobile, Fixed Line, Digital PayTelevision and Tele infrastructure businesses recording a positive core Revenue growth of 10% Year to Date (YTD). Group Headline Revenue reached Rs171.2 bn down 9% mainly resulting from a conscious scaling down of low margin international wholesale business amounting to Rs 24.3 bn.
The Q4 2024 Revenue was recorded at Rs 45.8 bn up 7% Quarter-on-Quarter (QoQ) and 6% Year-on-Year (YoY). The Group Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) reached Rs66.3 bn up 8% YTD supported by Core Revenue performance and Cost Rescaling Initiatives.
On a QoQ basis Group EBITDA demonstrated a strong growth to record at Rs 21.2 bn up 18% QoQ with an EBITDA margin of 46.3% as Cost Rescaling Initiatives yielded positive results. Group EBITDA margin reached 38.7% for FY 2024, up 5.4pp.
Group Net Profit After Tax (NPAT) reached Rs12.4 bn for FY 2024 down 38% YTD mainly resulting from significant forex gains recorded in prior year. Normalised for forex impact, NPAT decline was limited to 12% YTD to recorded at Rs 8.7 bn, due to dilution from Airtel (Rs 2.2 bn) and higher taxation (Rs1.1 bn). On a QoQ basis NPAT grew 51% to reach Rs 6.8 bn resulting from strong EBITDA performance and lower finance cost.
In line with the dividend policy and financial performance of the Group and taking into account the forward investment requirements to serve the nation’s demand for Broadband and Digital services, the Board of Directors of Dialog Axiata PLC at its meeting held on February 14, 2025, resolved to propose for consideration by the Shareholders of the Company, a dividend to ordinary shareholders amounting to Rs1.00 per share.
The said dividend, if approved by shareholders, would translate to a Dividend Yield of 8.5% based on share closing price for FY 2024. The dividend so proposed will be considered for approval by the shareholders at the Annual General Meeting of the Company, the date pertaining to which would be notified in due course.
The Group capital expenditure for the year ended December 31, 2024 reached Rs30.3 bn, resulting in a Capex to Revenue ratio of 18%. The Group recorded Operating Free Cash Flow (OFCF) of Rs 34.0 bn for FY 2024 up 35% YTD.
During FY 2024 Dialog completed the acquisition and amalgamation with Bharti Airtel Lanka (Pvt) Limited. This was a significant step forward in advancing Sri Lanka’s digital infrastructure, underscoring the combined strength and commitment of the Axiata and Bharti groups in delivering enhanced connectivity and more robust digital services across the country while reducing the carbon footprint through consolidation of duplicated network infrastructure.
