Dialog approves nominee director from Axiata Group Berhad; 2Q profits up

Aug 09, 2018 (LBO) – Dialog Axiata has approved the appointment of Dato’ Mohd Izzaddin Idris as a Non-Executive Director to the board of Dialog, as a Nominee Director of Axiata Group Berhad effective from today. He is also a Non-Executive Director of Axiata Group Berhad and is currently the Group Managing Director and Chief Executive Officer of UEM Group Berhad of Malaysia, a position he has held since 2009. As a Nominee Director, he has a relevant interest in 83.32 percent ordinary shares of Dialog.

Meanwhile, Sri Lanka’s Dialog Axiata Group has recorded a 21 percent increase in profits attributable to the owners of the company. Group Net Profit After Tax in the second quarter, however, remained at first quarter level of 2.8 billion rupees, as EBITDA improvement was negated by the increase in depreciation and taxes. Revenue growth moderated to 2 percent to be recorded at 26.6 billion for the second quarter of 2018. Group Earnings before Interest, Tax, Depreciation, and Amortisation (“EBITDA”) grew 4 percent to reach 10.

4 billion rupees for the second quarter. At an entity level, company revenue grew by 3 percent with revenue being recorded at 21.3 billion rupees. The adoption of SLFRS 15 ‘Revenue from Contracts with Customers’ with effect from 1st January 2018 resulted in an EBITDA upliftment of 1 billion rupees for the first half of 2018 which is a 1.6pp increase in EBITDA margin.