eChannelling Q3 financial performance sets foundation for growth: Records 116-pct growth YOY

Mobitel-X-Station-lanka

eChannelling PLC, the largest Channelling Network in Sri Lanka and a subsidiary of SLT-MOBITEL, is gearing towards a quantum leap with acquisitions, expansion plans, partnerships and product innovation to further uplift the nation’s digital lifestyle experience. Supporting this trajectory is eChannelling’s strong Q3 performance, forming a firm foundation for its strategic relaunch and future growth.

SLT Group Chairman Rohan Fernando said, “eChannelling PLC as a subsidiary of Mobitel Pvt Ltd is set to transform the digital ecosystem of our nation by accelerating and enabling significant strategic shifts in digital lifestyle services through cutting edge products and superior service offerings. As eChannelling PLC celebrates two decades of transforming lives, it is also earmarking an exciting future yet to come. Powering eChannelling’s ground-breaking spirit is SLT-MOBITEL whose technology and platforms have contributed to the digitalisation and enrichment of healthcare and other service standards of the nation. The recent strong Q3 performance reflects eChannelling’s continued success in leading the transformation of digital services not limited to healthcare and expanding access for all. We are pleased to announce that the strategic brand direction will provide more scalability and acceleration to the businesses and we believe 2022 will undoubtedly be an exciting year for eChannelling PLC with its robust strategic plan to empower lives and grow businesses by several folds and continue its position as the leader in the digital sphere.”

For two decades eChannelling’s transformational journey in digital healthcare services has successfully delivered the most sought-after digital lifestyle services through strategic partnerships and innovative service offerings. Further, eChannelling’s recent expansions in digital lifestyle services has enabled the company to diversify its offerings and provide unparalleled customer convenience thereby set new benchmarks in the industry.

Creating a firm footing for the future, eChannelling recorded a revenue of Rs 47 million for the quarter ended September 30, 2021, an increase of 17% compared to last year. Reported year-to-date revenues during the first nine months, were an impressive Rs 134 million, a 41% increase compared to the same period last year.

Furthermore, net profit after tax was Rs 16 million, reflecting a growth of 19% over the same quarter last year. Significantly, the Company has achieved a tremendous 116% growth in profitability amounting to Rs. 43 million in the FY first nine months period compared to Rs. 20 million accrued during the same period in 2020. The stellar Q3 results demonstrate eChannelling’s ability to evolve through strategic shifts, consolidate services and to proactively develop timely new revenue streams. In a year inundated with many challenges especially for the healthcare services, the company has notably risen to the task and continued to create value for all stakeholders.

The Company achieved a total assets growth of Rs. 49 million as at 30th September 2021, a 12% increase when compared to 31st December 2020. The period closed with the Company’s total assets recording Rs. 441 million compared to Rs. 392 million recorded at 31st December 2020. eChannelling PLC is the first company in Sri Lanka to offer a complete e-commerce-based service in the health sector and one of the first public quoted technology companies on the Colombo Stock Exchange.