The SLT Group has reported a remarkable performance for the first quarter of 2026, showcasing a 10.6% increase in overall revenue, primarily propelled by the demand for internet services. The group’s operating profit surged by 39.1%, while profit before tax rose by 55.4%, and net profit showed a significant increase of 53.3%.
SLT PLC’s revenue reached LKR 19.7 billion, reflecting a 10.6% growth from LKR 17.8 billion in the same quarter of the previous year. Operating profit for SLT PLC improved by 36%, contributing to a robust financial outcome. Meanwhile, Mobitel experienced a revenue growth of 9.9%, with operating profit increasing by 54.7% and net profit soaring by 63.7%.
The SLT Group’s results indicate a substantial turnaround and positive momentum as they enter the remainder of the year. In the first quarter of 2026, consolidated revenue rose to LKR 30.8 billion, a notable increase from LKR 27.9 billion in Q1 2025. Gross profit saw a 14.1% rise, reaching LKR 14.6 billion, supported by the heightened demand for broadband services.
Operating profit climbed to LKR 5.1 billion, up from LKR 3.7 billion the previous year, marking a 39.1% improvement. Profit before tax was reported at LKR 4.2 billion, a 55.4% increase from LKR 2.7 billion in Q1 2025. After-tax profit for the quarter rose to LKR 3.1 billion, compared to LKR 2 billion last year, reflecting a 53.3% growth.
Despite a 7.6% rise in direct costs driven by increasing electricity tariffs, fuel prices, and currency fluctuations, the revenue growth significantly outpaced these cost increases. Additionally, finance costs decreased, and favorable foreign exchange movements contributed positively to profitability compared to losses in Q1 2025. Income tax expenses rose by 61.3% in response to the sharp increase in profitability.
Dr. Mothilal de Silva, Chairman of the SLT Group, expressed confidence in the results, stating that the first-quarter performance underscores the group’s resilience and the effectiveness of its strategic initiatives. He emphasized the group’s commitment to innovation, enhanced connectivity, and sustainable value creation for all stakeholders as Sri Lanka’s National ICT Solutions Provider.
At the company level, SLT PLC exhibited strong growth, with revenue rising to LKR 19.7 billion, a 10.6% increase from LKR 17.8 billion in Q1 2025. Gross profit also increased to LKR 9.9 billion, reflecting a 13.4% year-on-year rise.
Operating profit for SLT PLC improved to LKR 3.5 billion, an increase from LKR 2.5 billion in the same period last year, marking a 36% growth. Profit before tax reached LKR 2.9 billion, up 51% from LKR 1.9 billion in the prior year. The company’s after-tax profit for the quarter stood at LKR 2.1 billion, compared to LKR 1.3 billion last year, representing a 53.3% increase. Direct costs rose by 7.9%, reflecting similar pressures from tariffs and fuel prices, but revenue growth and operational efficiency more than compensated for these challenges.
This performance underscores SLT PLC’s ability to sustain revenue growth while maintaining cost discipline, thereby enhancing profitability and returns.
Riyaaz Rasheed, CEO of SLT-MOBITEL, remarked that the results indicate the company’s strong position for continued growth, focusing on expanding digital services and advancing AI and 5G innovations. He highlighted Mobitel’s ongoing subscriber growth and increasing broadband demand as evidence of their effective customer-centered strategies and digital transformation initiatives. With rising revenues and broadband expansion, the company is strategically positioned to leverage opportunities in a data-driven future while upholding cost efficiency.
Mobitel reported a 9.9% increase in revenue for Q1 2026, totaling LKR 1.2 billion more than the prior year. This growth was largely attributed to a 28% rise in broadband revenue, along with improvements in value-added services, solution revenues, and roaming, despite declines in voice and international termination revenues. Positive subscriber momentum continued from last year, reinforcing the success of Mobitel’s acquisition and retention strategies.
