SLT-MOBITEL says driving digital Sri Lanka forward through strong financial momentum

From left: SLT Group COO Imantha Wijekoon, SLT-MOBITEL CEO Riyaaz Rasheed, SLT Group Chairman Dr. Mothilal de Silva, and Chief Financial Officer Sanjeewa Samaranayake 

SLT-Mobitel this week said it is driving digital Sri Lanka forward through strong financial momentum.

It said the SLT Group reported a strong start to 2026, delivering double-digit revenue growth and significantly higher profitability in the first quarter compared to Q1 2025, driven by sustained demand for broadband (internet) services and strong gains in operating profit and net earnings, marking the highest operating profit and net earnings in the Group’s history. 

Speaking at a media conference on Tuesday, SLT-MOBITEL announced that all group companies delivered broad-based growth, contributing to the SLT Group’s best-ever quarterly performance. The results reflect strong execution, operational excellence, and continued customer trust, and signal a decisive turnaround with sustained momentum for the year ahead.

The media conference was attended by Chairman Dr. Mothilal de Silva, SLT-MOBITEL CEO M. Riyaaz Rasheed, Chief Operating Officer Imantha Wijekoon and Chief Financial Officer Sanjeewa Samaranayake, who highlighted the Group’s exceptional first-quarter performance and outlined its continued focus on driving Sri Lanka’s digital transformation through strategic investment and innovation.

As reflected in the financial results released to CSE recently, the Group recorded a strong start to 2026, with its consolidated revenue rising to Rs. 30.8 billion, up 10.6% from Rs. 27.9 billion in Q1 2025. Gross profit rose by 141% to Rs. 14.6 billion, supported by higher broadband demand. Operating profit surged to Rs. 5.1 billion, compared with Rs. 3.7 billion in the preceding year, highlighting a 39.1% improvement. Profit before tax rose by 55.4% to Rs. 4.2 billion, from Rs. 2.7 billion in Q1 2025. Profit after tax for the period rose to Rs. 3.1 billion, compared with Rs. 2 billion last year, a 53.3% increase.

At company level, SLT PLC delivered robust growth. Revenue increased by 10.6% to Rs. 19.7 billion, from Rs. 17.8 billion in Q1 2025. Gross profit rose by 13.4% to Rs. 9.9 billion. Operating profit improved by 36% to Rs. 3.5 billion. Profit before tax rose by 51% to Rs. 2.9 billion. Profit after tax for the quarter rose by 53.3% to Rs. 2.1 billion.

Mobitel posted a 9.9% revenue increase in Q1 2026, adding Rs. 1.2 billion compared to the previous year. Growth was fuelled through a 28% rise in broadband revenue, alongside gains in value‑added services, solution revenues and roaming. Subscriber momentum also turned positive during the quarter, continuing from the growth seen last year, reiterating the success of Mobitel’s acquisition and retention strategies.

SLT-MOBITEL marked a major milestone in Sri Lanka’s digital transformation journey by making its 5G network publicly accessible, democratising access to next-generation connectivity and enabling Sri Lankans to experience the transformative power of 5G. This achievement is underpinned by years of strategic investment in network expansion, high-capacity fibre infrastructure, and expanded wireless coverage, reflecting the company’s continued commitment to strengthening the country’s digital foundation and ensuring advanced technologies are accessible to individuals, businesses, and communities across the nation.

Beyond delivering unprecedented speed and ultra-low latency, 5G has the potential to reshape key sectors including education, healthcare, manufacturing, and enterprise innovation, accelerating Sri Lanka’s emergence as a digitally empowered economy. The investments by SLT-MOBITEL are already creating tangible impact, extending beyond urban centres to rural communities through expanded broadband and mobile connectivity, enabling greater access to education, economic opportunity, and digital services, ensuring no Sri Lankan is left behind. By making 5G publicly available at scale, SLT-MOBITEL is reinforcing its role in powering national progress and ensuring Sri Lanka is equipped to compete and thrive in the digital future.

- Pix by Ruwan Walpola