News & market updates

The newly appointed Board of the Information and Communication Technology Agency (ICTA) held its inaugural meeting with Dr. Hans Wijeyasuriya as non-executive chairman; board members include Jiffry Zulfer (founder/CEO of Digital Mobility Solutions Lanka, PickMe) and other industry leaders.

Colombo Stock Exchange rose with the ASPI up 0.88% (113.67 pts) to 12,988 and the S&P SL20 up 0.85% to 3,887. Top contributors included John Keells, C T Holdings, Bukit Darah and DFCC while Dialog Axiata was weaker; net foreign inflow was LKR 25 million and interest rose in non-bank/diversified financials ahead of a possible lifting of the vehicle import ban.

The Institute of Supply and Materials Management held National Supply Chain Day on 24 Oct 2024 in Colombo, hosting an international seminar and awards attended by ~400 participants. The event featured CEOs from Dialog and Singer, and listed firms including Hayleys, Lion Brewery, Dipped Products, CIC, Alumex, DIMO and Haycarb were among nominees.

Dialog Axiata's Dialog Television will broadcast the New Zealand tour of Sri Lanka from 9–19 Nov (2 T20Is, 3 ODIs) and stream matches via the Dialog ViU apps with 72-hour catch-up; free streaming available for users on Dialog connections.

The Lanka Angel Network partnered with the Sri Lanka Design Festival to host the 'Creative Entrepreneurs for Social Change' competition, won by Generation Alpha. Community partners included Dialog IdeaMart, Hatch and 4Planet to support social entrepreneurship in the creative sector.

Dialog Axiata PLC reported Q3 2024 net profit of Rs4.5Bn (up >100% QoQ) and Q3 revenue of Rs42.8Bn, with Group YTD core revenue up 6% and YTD EBITDA at Rs45.1Bn; the Group completed the amalgamation with Bharti Airtel Lanka effective 30 Aug 2024.

Dialog Axiata PLC reported a Q3 FY24 rebound: Group Q3 revenue Rs. 42.8b (+5% QoQ), Q3 EBITDA Rs. 18.1b (+33% QoQ) and Q3 NPAT Rs. 4.5b (>+100% QoQ). YTD core revenue rose 6% and YTD Group EBITDA reached Rs. 45.1b (+1%), while YTD revenue fell 10% due to scaling down low-margin international wholesale.

Dialog Axiata PLC has deployed the world's first commercial virtual Base Station Controller (vBSC) with Ericsson, enhancing network performance and reliability while reducing operating costs. The virtualized BSC adds flexibility and scalability and supports network modernization across technology generations.

Sri Lanka Telecom PLC appointed Dr. Mothilal de Silva as Independent Non-Executive Director and Chairman and added three independent directors: Chandrasiri Kalupahana, T.M. Thilakarantne and Niel D.B. Unamboowe. Mothilal is an industry veteran with multinational telecom leadership and turnaround experience.

Dialog Axiata PLC welcomed the Sri Lanka national netball team at Bandaranaike International Airport after the team finished as runners-up (64-67 loss to Singapore) at the 2024 Asian Netball Championship. Dialog reaffirmed its sponsorship since 2018 and reiterated its commitment to supporting women's sports and inclusivity.

The Global Innovation Index 2024 is being launched in Colombo, with Sri Lanka ranked 89th overall and 14th in ICT services exports, highlighting innovation's role in economic recovery and citing Dialog Axiata and Sri Lanka Telecom as leading ICT players.

Sri Lanka Telecom PLC appointed Dr. Mothilal de Silva as Chairman effective November 4, 2024. He is a noted turnaround specialist who led Telecom Fiji's recovery and previously held senior roles at Dialog Axiata and MTN.

Samsung Sri Lanka opened orders for the Galaxy S24 FE from 1 Nov to 31 Dec, priced at Rs.255,688 (Rs.24,491 saving) with offers including two-year two-times screen replacement and 24-month instalments of Rs.9,411. Orders available via authorised partners including Softlogic showrooms; buyers get 600GB data bundles from Dialog and Mobitel.

Dr Hans Wijayasuriya, Axiata Group's CEO of Telecommunications Business, will step down effective 15 January 2025 to serve as Chief Advisor to the President on Digital Economy in Sri Lanka. Axiata says he will continue his Axiata responsibilities during an interim transition; the Group notes its presence in Sri Lanka through Dialog Axiata.

Samsung Sri Lanka opened orders for the Galaxy S24FE (Nov 1–Dec 31, 2024) priced at LKR 255,688 with LKR 24,491 saving, offering 2-year two-times screen replacement and a 24-month instalment plan (LKR 9,411/month). Promotions include complimentary 600GB data bundles from Dialog and sales via partners including Softlogic showrooms.

Dialog Enterprise (Dialog Axiata PLC, DIAL.N0000) was the title sponsor of the 8th Dialog Enterprise Rotary Metro Par 3 Charity Golf Classic on Oct 26 at the Royal Colombo Golf Club, raising funds for healthcare, education and community projects.

Colombo Stock Exchange closed higher: ASPI +0.74% to 12,610 and S&P SL20 +0.84% to 3,790, with turnover Rs4.4bn; Hatton National Bank accounted for Rs926m of turnover and there was a net foreign outflow of Rs12.21m.

Dialog Axiata PLC announced a partnership with Barista to launch a virtual Barista Café on its Dialog Futureverse platform, offering virtual coffee experiences and redeemable coffee vouchers at Barista outlets. Barista is the platform's first QSR partner as Dialog expands Futureverse brand engagements.

Dialog Axiata PLC marked its second consecutive International Customer Experience Day with panel discussions and customer engagement activities at its Customer Experience Centers. Senior management from group operators in Cambodia, Indonesia and Bangladesh participated, emphasizing empathy-driven, customer-centric service.

SLIIT RoboFest 2024 concluded on October 1 at SLIIT Malabe, drawing over 150 school and 175 university team registrations and naming Team Mavericks (Badulla Central College) and Team Phantom (SLIIT) as the school and university champions. Dr. Romesh Ranawana of Dialog Axiata attended as chief guest.

Dialog Axiata PLC launched the 5G-ready iPhone 16 series in Sri Lanka and is the first network in South Asia to offer eSIM Quick Transfer on iPhones. Pricing starts at LKR 399,000; Dialog bundles 1TB data for four months plus warranty and repair benefits.

Dialog Axiata PLC showcased its Smart Home and Android TV solutions at Google's 2024 APAC TV Summit, demonstrating successful deployment and leadership in Sri Lanka's smart home market. The Dialog Smart Home platform (launched 2022) and Dialog Television's Android TV (launched 2019) integrate device control, surveillance and connectivity.

Samsung Sri Lanka opened Galaxy S24FE pre-orders Oct 15–31 with a pre-order price of LKR 253,838 (saving LKR 24,491) and offers including two screen replacements, 24-month instalments, 600GB data from Dialog and Mobitel and 2 months OneDrive; pre-orders via partners including JKOA and Softlogic.

Colombo Stock Exchange rebounded as the ASPI rose 0.27% to 12,290 on turnover of about Rs.1.75 billion, driven by gains in hotel counters and select plantation and telecom stocks.

Colombo Stock Exchange closed higher: All Share Index +0.27% to 12,290 and S&P SL20 +0.17% to 3,613 on turnover of Rs 1.7 billion. Top movers included Dialog, Digital Mobility, Dipped Products, Maskeliya and Hemas, with net foreign outflow of Rs 317 million and mixed foreign buying/selling across counters.

Dialog Axiata PLC published its 16th Annual Sustainability Report for Jan 1–Dec 31, 2023 and became the first company in South Asia to achieve SLFRS S1 and S2 compliance. The report details the group's ESG performance and notes compliance with GRI, SASB and GSMA standards.

Dialog Axiata's Doc990 has launched Sri Lanka's first comprehensive Wellness Marketplace, allowing customers to purchase medical packages (check-ups, home care, cosmetic and weight-loss services) from hospitals including Asiri and Nawaloka via the Doc990 app.

Dialog Enterprise is sponsoring the 8th Dialog Enterprise Rotary Par 3 Charity Golf Classic on Oct 26, 2024 at Royal Colombo Golf Club to raise funds for the Rotary for Little Hearts Project supporting pediatric cardiac care at Lady Ridgeway Hospital (part of a US$1m District 3220 target).

Colombo Stock Exchange closed up, with the All Share Index rising 0.05% to 12,171 and the S&P SL20 up 0.14% to 3,595. Turnover was 1.3 billion, top turnover generators included Commercial Bank, Hayleys, John Keells and Sampath Bank, and there was a net foreign outflow of 21 million rupees.

Dialog Axiata appointed Vish Govindasamy as an Independent, Non-Executive Director effective 1 October 2024. Govindasamy currently holds board roles at Sunshine Holdings, Watawala Plantations, Softlogic Life Insurance, TAL Lanka Hotels, United Motors Lanka and is a member of the Central Bank Governing Board.