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SLT Group FY and 4Q 2023 results impacted by macro-economic challenge.

sltuser — Mon, 04 Mar 2024 10:38:50 +0000

SLT Group FY and 4Q 2023 results impacted by macro-economic challenge. sltuser Mon, 03/04/2024 - 16:08

The SLT Group’s financial results for the fourth quarter and financial year ending December 31, 2023 reflects a downturn in performance amidst a turbulent macro-economic environment in the country.

For 4Q 2023, SLT Group reported a year-on-year consolidated revenue degrowth of 7.5% amounting to LKR 26 billion compared to LKR 28 billion in 2022. The Group’s profits decline was attributed to reduced revenue, despite the efforts of cost optimization measures that resulted in a 5.9% reduction in Operating Expenses (Opex). Consequently, the Group saw a corresponding decline in operating profit, with both Profit Before Tax (PBT) and Profit After Tax (PAT) experiencing decreases in the quarter.

At SLT level, a 3.6% Opex reduction was posted for 4Q 2023 compared to 4Q 2022, attributed mainly to a well-managed cost reduction in staff costs. Further, SLT saw cost savings in other areas credited due to a reduction in advertising and activation costs, with repair and maintenance costs also decreasing during the latter part of 2023. However, these savings were outweighed by a fall in the top line and increase in depreciation, driving overall losses.

Overall, in the financial year of 2023, the Group’s operational costs rose by 9.4% to LKR 74 billion compared to LKR 68 billion in 2022, mainly due to increased electricity tariffs. Additionally, other costs, including, annual maintenance contract costs, vehicle hiring, fuel, and repair costs, contributed to the overall cost increase year-on-year.

Furthermore, over the twelve-month period of 2023, the Group experienced a loss of LKR 3.9 billion, contrasting sharply with the profit of LKR 4.8 billion recorded in 2022, reflecting a staggering decline of 182.3%. Similarly, SLT and Mobitel individually reported losses of LKR 1.1 billion and LKR 3.6 billion for the year, respectively. Additionally, the Group’s revenue experienced a marginal degrowth of 1.2%, amounting to LKR 106.4 billion, compared to the revenue of LKR 107.7 billion in the financial year of 2022.

Offering a positive trend compared to 3Q 2023, the Group recorded a 13.2% reduction in Opex from 3Q to 4Q and a decrease in net losses from LKR 1.5 billion in 3Q to LKR 1.2 billion in 4Q. Moreover, the Group recorded an operating profit of LKR 549 million in 3Q 2023, followed by a surge to LKR 1.2 billion in 4Q 2023, indicating optimistic future forecasts.

Despite the performance decline over previous year, Mobitel showed a 3% growth in revenue and improvement in profitability parameters in the second half of 2023 over the first half of the year. The EBITDA reported a 9% growth and operating loss have reduced by 54% during the period as a result of company’s top line growth and cost optimization efforts.

Janaka Abeysinghe, CEO, SLT-MOBITEL Group noted, “Looking ahead, macro-economic uncertainty persists. Despite the year-on-year decline in profitability, we are optimistic and see encouraging signs for 2024. Our cost base is under continuous review and adjusted to match market conditions. Given these fundamental strengths, we believe we will overcome negatives in these challenging markets and are confident in driving the long-term profitability of the Group”.

The Group remains committed to financial prudence and business continuity while hoping for improved economic forecasts ahead.

SLT-MOBITEL Nebula Institute of Technology receives dual honours at Pearson BTEC Higher Education Forum 2023

sltuser — Fri, 16 Feb 2024 04:08:19 +0000

SLT-MOBITEL Nebula Institute of Technology receives dual honours at Pearson BTEC Higher Education Forum 2023 sltuser Fri, 02/16/2024 - 09:38

During the Pearson BTEC Higher Education Forum 2023 at the Colombo Kingsbury Hotel, the spotlight was on SLT-MOBITEL’s education arm, the Sri Lanka Telecom Training Centre (SLTTC), now known as the SLT-MOBITEL Nebula Institute of Technology. The institute, the education arm of SLT-MOBITEL, received significant recognition at the event securing two prestigious honours. Senior representatives from Pearson including Jane Baker, Vice President, Business Development UK and International Workforce Skills, Premila Paulraj, Director, Employability and Qualifications, Pearson South Asia and Suriya Bibile, DGM, BTEC, PTE and HEd Courseware Pearson, attended the event.

SLTTC received the Pearson awards to honour its track record, before transitioning to the new chapter. Additionally, since the SLT-MOBITEL Nebula Institute of Technology was established, it has accomplished several key achievements including the successful introduction of two new programmes.

In recognition of several key accomplishments, including the Top Performing Centre Bronze award, SLT-MOBITEL Nebula Institute of Technology has also attained success for successfully increasing the number of registrations during a challenging year. The award also affirms the organization’s commitment to shaping technical education and empowering Sri Lankan youth with globally aligned skill competencies relevant on a global scale.

Additionally, the title ‘Emerging Centre of the Year 2022’ was awarded to SLT-MOBITEL Nebula Institute of Technology in acknowledgment of its outstanding contributions during the year. The award also affirms the organization’s commitment to introduce the Pearson Level 03 International Foundation and the Pearson BTEC Level 05 Higher National Diploma in Digital Technologies. Additionally, the centre demonstrated innovation by introducing NVQ Level 06 equivalent qualifications tailored for the Pearson BTEC Level 05 HND in Electrical & Electronics.

The Pearson recognition validates programme excellence, student success prospects, and strengthens the Institute’s competitive positioning and brand reputation as a top-tier globally connected training institute, driving impact at national and individual levels.

Offering an extensive array of programmes, SLT-MOBITEL Nebula Institute of Technology equips individuals with the essential skills and knowledge required to thrive in diverse career paths and contribute positively to society. Among the significant programmes offered are the BEng (Hons) Degree Programme by the University of Hertfordshire, UK, as well as the Pearson BTEC HND Electrical and Electronic Engineering and the Pearson BTEC Digital technologies.

For students aspiring to succeed, the Institute stands out as a leading education partner. With a commitment to excellence and a proven track record of introducing cutting-edge programmes, the centre provides students with a conducive learning environment that contributes to growth and success.

Offering courses such as Engineering degree programmes form University of Hertfordshire UK, Certificate in Applied Information Technology (CAIT), Certificate in Telecommunication Technician (NVQ 3 or 4), Optical Fibre Courses, Network Security Courses, CCNA Courses, and RPL programmes, the SLT-MOBITEL Nebula Institute of Technology also enables students to explore field technology and receive training opportunities.

More information on SLT-MOBITEL Nebula Institute of Technology programmes may be obtained at 0112956633, via info@nebulaedu.lk or https://nebula.edu.lk.

SLT-MOBITEL Annual Report 2022 recognized among best by SAFA.

sltuser — Fri, 16 Feb 2024 04:06:29 +0000

SLT-MOBITEL Annual Report 2022 recognized among best by SAFA. sltuser Fri, 02/16/2024 - 09:36

Celebrating a significant achievement in upholding transparency and excellence for stakeholders, Sri Lanka Telecom PLC's Annual Report 2022 received recognition at the South Asian Federation of Accountants' (SAFA) Best Presented Annual Reports Awards, reaffirming its dedication to global best practices.

At the glittering awards night ceremony held recently in Ghaziabad, India, Shavindri Fernando, Accountant/Financial Accounting and Statutory and Nilmini Wijesinghe, Assistant Manager/Public Relations represented SLT and received the silver accolade.

Sri Lanka Telecom PLC's Annual Report 2022 was recognized for highlighting the company's commitment to integrated reporting, transparency, accountability, high standards of corporate governance disclosures, and overall, presentation quality out of many submissions from across South Asia.

The prestigious SAFA Best Presented Annual Report Awards, Integrated Reporting Awards and SAARC Anniversary Awards for Corporate Governance Disclosure 2022 hosted by the Institute of Chartered Accountants of India recognizes excellence in corporate reporting and corporate governance disclosures. The awards also promote accountability, governance, and transparency through the publication of timely and stakeholder friendly information and disclosures in SAARC region.

The evaluation process was based on various parameters such as statutory compliances, quality, nature, and manner of presenting the information, reporting from a corporate governance perspective, sustainability reporting, and more.

SLT-MOBITEL understands that an integrated annual report plays a vital role in clearly communicating to all stakeholders. The Silver award demonstrates the company’s continuous drive to enhance disclosures, improve clarity and overall, report quality in line with best practices.

SLT-MOBITEL Fibre ‘Get a life with Fibre’ campaign reenergisers the nation with Sri Lanka's first, fastest, and widest home Broadband service.

sltuser — Fri, 16 Feb 2024 04:05:09 +0000

SLT-MOBITEL Fibre ‘Get a life with Fibre’ campaign reenergisers the nation with Sri Lanka's first, fastest, and widest home Broadband service. sltuser Fri, 02/16/2024 - 09:35

SLT-MOBITEL Fibre is reenergizing the nation with the power of high-speed connectivity, inviting families and homes to experience the unparalleled benefits of Sri Lanka’s fastest and widest home broadband service.

SLT-MOBITEL Fibre excels as Sri Lanka's pioneering Fibre-to-the-Home (FTTH) broadband service, recognised as the preferred choice for users seeking a reliable and high-speed internet connection to meet their digital needs.

SLT-MOBITEL Fibre offers extensive islandwide coverage and is now available at superfast speeds at 300Mbps, enabling customers to experience a substantial boost in connectivity. Enhancing the service, SLT-MOBITEL is offering registrants a chance to win amazing gifts worth more than Rs 1,000,000 monthly.

SLT-MOBITEL Fibre stands distinctly apart for its exceptional quality and speed. It is recognised as Sri Lanaka's most premium and prestigious internet service. Subscribing to SLT-MOBITEL Fibre services customers will be joining the Fibre Elite Club of existing users who already enjoy the premium, high quality internet connectivity.

New customers can register through the MySLT app, call 1212, reach out to the SLT-MOBITEL Contact Centre, visit the website https://www.slt.lk/, or visit the nearest SLT-MOBITEL outlet for personal assistance and facilitate registration.

Since the dawn of the new year on 01 January 2024, SLT-MOBITEL has enhanced fibre speed to 300Mbps. For all new and existing customers, the SLT-MOBITEL ‘Midnight Thriller’ provides free night-time internet access for the first time in Sri Lanka, catering to night owls and entertainment enthusiasts.

SLT-MOBITEL is committed to ensuring that every Sri Lankan home enjoys the best technology, and the fibre campaign serves to revolutionize digital connectivity across the island, bringing communities together towards a connected future.

SLT-MOBITEL Annual Report 2022 Secures Gold at TAGS Awards 2023.

sltuser — Fri, 16 Feb 2024 03:59:47 +0000

SLT-MOBITEL Annual Report 2022 Secures Gold at TAGS Awards 2023. sltuser Fri, 02/16/2024 - 09:29

Celebrated for remarkable excellence in corporate reporting the Sri Lanka Telecom’s (SLT) Annual Report 2022 was honoured with the prestigious Gold Award in the Telecommunications & Technology Sector at the TAGS (Transparency, Accountability, Governance and Sustainability) Awards 2023 ceremony held in Colombo recently.

Janaka Abeysinghe, chief executive offer - SLT received the award and Sanjeewa Samaranayake, chief finance officer and Anuruddha Suriyarachhi, GM/Marketing services together with several other senior officials from SLT-MOBITEL who participated in the ceremony.

Organized by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka), the TAGS Awards or the Annual Report Awards Competition, has a monumental legacy of over 56 years. It was rebranded as TAGS Awards by CA Sri Lanka to provide a contemporary competition to honour companies ranging from multinationals to conglomerates, as well as small and medium enterprises, promoting core concepts in both financial and non-financial reporting aspects.

Sri Lanka Telecom’s integrated Annual Report 2022 titled ‘The Future at our Core’ reflects the company's commitment to transparency, excellence, and effective communication with stakeholders. The combination of exhaustive disclosures, structured presentation, compliance to standards and impactful communication targeting key stakeholders demonstrated SLT-MOBITEL’s efforts in setting industry benchmarks for corporate reporting, nurturing trust, and ensuring that investors, partners, and the public are well-informed. SLT-MOBITEL’s win at TAGS 2023 bears evidence to its continued leadership in the telecommunications domain as well as in operational and financial diligence.

SLT-MOBITEL dominates Business Today TOP 40 2022-2023 as only telco recognized in rankings.

sltuser — Fri, 16 Feb 2024 03:57:08 +0000

SLT-MOBITEL dominates Business Today TOP 40 2022-2023 as only telco recognized in rankings. sltuser Fri, 02/16/2024 - 09:27

SLT-MOBITEL, the National ICT Solutions Provider, has achieved another milestone by securing the prestigious honour of being ranked among Business Today’s TOP 40 2022-2023 listings, dominating the telecommunications industry in Sri Lanka.

In the rankings unveiled recently, SLT-MOBITEL is the only telecommunications provider among the Top 40 recognized for its dedication and innovation, a testament to the company’s resilience and excellence in navigating challenges.

Business Today's annual TOP 40 rankings spotlight the most influential and impactful companies in Sri Lanka. SLT-MOBITEL has been included in the prestigious list for being a dynamic force in the telecommunications industry and playing a vital role in shaping the nation's digital environment.

The listing specifically applauds SLT-MOBITEL's efforts in providing widespread connectivity and bridging the digital divide, driving Sri Lanka towards a more connected and technologically advanced future through innovative initiatives that enable progress.

Additionally, the Business Today TOP 40 rankings consider various factors, including financial performance, strategic initiatives, and the impact on industry trends.

The rankings also highlighted the company’s key achievements that contributed towards its continuous growth, including the expansion of its fibre network to over 65,000 km, strengthening infrastructure to enable a smart digital economy, boosting R&D capabilities via its Embryo facility, and forming partnerships to introduce innovative services using technologies such as AI/ML, the metaverse and more.

SLT-MOBITEL remains committed to empowering Sri Lankans with cutting-edge ICT solutions, investing in technologies and transformative solutions that meet the evolving needs of customers and contribute to the nation's digital agenda.

As Sri Lanka's national ICT solutions provider, SLT-MOBITEL powers progress across industry, enterprises, and lifestyles. From connecting rural communities to transforming businesses with cutting-edge solutions, SLT-MOBITEL enables national development through reliable and superior connectivity. SLT-MOBITEL is driving Sri Lanka forward by partnering across sectors, increasing productivity and economic growth, strengthening digital inclusion, and advancing enterprises to the next level with future-ready technologies. As the nation transforms, SLT-MOBITEL continues to empower advancement through technology and connectivity.

SLT-MOBITEL Home Broadband launches ‘Midnight Thriller’ introducing free night-time internet for the first time in Sri Lanka.

sltuser — Thu, 04 Jan 2024 09:31:24 +0000

SLT-MOBITEL Home Broadband launches ‘Midnight Thriller’ introducing free night-time internet for the first time in Sri Lanka. sltuser Thu, 01/04/2024 - 15:01

SLT-MOBITEL has announced an exciting new free night-time internet for all home broadband customers that will include unlimited free data access daily from midnight to 7am. Recognizing the rising demand, SLT-MOBITEL is spearheading a transformative shift in the industry by providing free internet access during the night for the first time in Sri Lanka, representing a major milestone in the nation’s telecommunications industry.

Addressing the diverse needs of customers, Midnight Thriller will provide unlimited internet access from midnight to morning to all existing and new Home Broadband Customers opting for monthly internet packages. Now, night owls, light sleepers, and those burning midnight oil, can freely stream, game, or download during late night hours without worrying about data limits or charges.

With Midnight Thriller, customers can automatically enjoy the night-time free internet without the need for additional subscriptions or opt-ins, enabling unlimited downloads for unlimited thrills during the late-night hours.

The launch of Midnight Thriller is set to enhance the internet experience for customers and demonstrates SLT-MOBITEL's commitment to subscriber satisfaction, providing unmatched value and convenience.

SLT-MOBITEL ‘Life at 300Mpbs’ blazes into 2024 elevating digital lifestyles with limitless possibilities.

sltuser — Thu, 04 Jan 2024 09:22:37 +0000

SLT-MOBITEL ‘Life at 300Mpbs’ blazes into 2024 elevating digital lifestyles with limitless possibilities. sltuser Thu, 01/04/2024 - 14:52

Blazing in to 2024, SLT-MOBITEL ‘Life at 300 Mbps’ offers significantly unprecedented speeds to its Fibre-to-the-Home (FTTH) broadband plans from existing levels, accelerating connectivity from January 01, embracing the digital evolution, and responding to the escalating demand for faster internet.

Reflecting the company's commitment to delivering limitless, exceptional user experiences and looking forward to the future, the speed upgrade will automatically apply to all existing fibre subscribers as well as new customers choosing monthly rental packages. Customers need not pay any additional charges or change their plans to take advantage of the faster ‘Life at 300Mbps’ broadband speeds and 150Mbps upload speeds. To ensure high-quality internet connectivity even at peak usage times, SLT-MOBITEL has invested in network capacity upgrades.

For new SLT-MOBITEL Fibre subscribers, amazing prizes awaits, including the evolutionary high-speed internet that will have an impact on every aspect of their daily lives.

SLT-MOBITEL understands that the digital world requires higher internet speeds to seamlessly power data-driven applications. As technology advances, users increasingly require higher bandwidth to accommodate data-intensive applications. As a customer-focused brand, SLT-MOBITEL ‘Life at 300Mbps’ aims to empower fibre subscribers with future-forward empowered connectivity from the dawn of the New Year, meeting their evolving digital lifestyle needs.

The threefold speed enhancement enables SLT-MOBITEL’s Fibre customers to enjoy faster and more reliable connectivity, unlocking the potential of streaming, surfing, gaming, downloading, and more high-bandwidth online activities.

The broadband speed enhancement offers smoother HD streaming, uninterrupted large downloads, lower-latency online gaming, glitch-free video calls, and virtual meetings, elevating user digital experiences and a smoother, more enjoyable user journey. Customers can seamlessly consume content, engage in online activities with real-time responsiveness, and gain a competitive edge in the digital landscape.

SLT-MOBITEL's commitment to meeting internet demand not only positions the company as a market leader but also showcases dedication to providing cutting-edge services. With the fibre speed enhancement to 300Mbps, SLT-MOBITEL remains at the forefront of delivering high-performance internet solutions, empowering users to stay connected, entertained, and productive in the digital age

SLT-MOBITEL unveils 2024 Calendar with spotlight on mangrove ecosystem.

sltuser — Fri, 08 Dec 2023 10:36:50 +0000

SLT-MOBITEL unveils 2024 Calendar with spotlight on mangrove ecosystem. sltuser Fri, 12/08/2023 - 16:06

Reinforcing a commitment to environmental conservation, SLT-MOBITEL, the National ICT Solutions Provider, proudly unveiled its much-anticipated 2024 calendar themed ‘The Mangrove Ecosystems in Sri Lanka’. The calendar celebrates the beauty and invaluable ecological significance of the country's vital mangrove ecosystems and the intrinsic value of the country’s natural heritage.

As mangrove ecosystems disappear rapidly across the globe, SLT-MOBITEL has carefully chosen its 2024 calendar theme to highlight the mangroves’ unique biodiversity and climate resilience capacity for Sri Lanka and to positively influence attitudes towards safeguarding the country’s remaining mangrove cover while creating public awareness on responsible preservation.

Prabhath Dahanayake, Chief Marketing Officer, SLT said, “As pioneers of accelerating the nation’s digital transformation, SLT-MOBITEL recognizes its responsibility surpasses business goals. We have highlighted the mangroves ecosystem in our annual 2024 Calendar to create awareness on sustainability and initiative a dialogue for action. We believe mangroves represent a delicate balance of livelihoods and climate resiliency similar, to our robust networks and innovative solutions that aims to uplift society. As a purpose-driven national brand, SLT-MOBITEL commits to inspiring environmental consciousness and safeguard the natural interconnected systems for future generations.”

The calendar features 12 stunning paintings, each depicting a different aspect of the mangrove ecosystem in Sri Lanka. The interconnectedness of life within the mangrove ecosystems is beautifully portrayed by the calendar's talented artists, Pulasthi Ediriweera, Parami Vidyarathna, and Piumi Maheshika. They have used their creative talents to capture the beauty and diversity of the mangroves.

Professor Sevvandi Jayakody, the Chairperson of the National Mangrove Expert Committee and the Chair Professor of the Department of Aquaculture and Fisheries of the Wayamba University of Sri Lanka, served as the Resource Person for the calendar, offering valuable advice.

Prof. Sevvandi Jayakody stated, “As the Champion to Commonwealth Blue Charter’s forum on ‘Mangrove Ecosystems, Livelihoods Action Group’, Sri Lanka has taken very positive steps in both conserving, restoring and creating public awareness about mangroves. However, we are dealing with a very fragile ecosystem that we have ignored and treated very badly for many decades. Therefore, love and care from everyone is essential at this hour. It is our best effort to safeguard our island nation and her assets.”

Sri Lanka is home to 21 true mangrove species, each uniquely adapted to specific habitats along the island's coastal wetlands. In total, approximately 19,000 hectares of Sri Lanka's shoreline are blanketed by remarkable mangrove species and their associated plants.

Mangroves are considered ‘blue carbon’ ecosystems because they store carbon not only in their aboveground biomass but also in their extensive root systems and surrounding sediment. The soils in mangrove areas can store large amounts of carbon for long periods, contributing to long-term carbon storage. This is important in the context of mitigating climate change by reducing the amount of carbon dioxide (CO2) in the atmosphere.

While mangroves are exceptional carbon sinks, comparisons with other forest types depend on specific factors such as the type of trees, environmental conditions, and land-use history. In certain cases, mangroves may sequester carbon more rapidly than certain terrestrial forests

Importantly, for Sri Lanka, the mangroves sustain coastal communities by providing food, fuel, timber, and medicinal resources, in addition to creating fertile fishing grounds. The resilient plants mitigate natural disasters as natural seawalls, curb erosion by trapping sediments, and nourish adjoining ecosystems with recycled nutrients. Their unparalleled beauty also attracts tourists, as it provides a connection to nature.

For 18 years, SLT-MOBITEL, through the annual calendar, has captured the essence of Sri Lankan nature and culture and showcased themes reflecting the country’s beautiful natural abundance. In the aesthetically appealing 2024 calendar, SLT-MOBITEL aims to provide an inspirational visual story, sparking positive environmental actions towards a sustainable future. Thus, the calendar serves as a call to action by SLT-MOBITEL, encouraging citizens to pledge to protect the invaluable ecosystem for future generations.

Fazenda Smart Agro by The Embryo Innovation Center wins Merit Award at National ICT Awards NBQSA 2023.

sltuser — Mon, 27 Nov 2023 04:49:19 +0000

Fazenda Smart Agro by The Embryo Innovation Center wins Merit Award at National ICT Awards NBQSA 2023. sltuser Mon, 11/27/2023 - 10:19

In recognition for driving agriculture innovation and developing a smart solution, Fazenda Smart Agro by The Embryo Innovation Center won a Merit Award under the Industrial Agriculture category at the prestigious National ICT Awards NBQSA 2023 (National Best Quality ICT Awards) held recently.

The award ceremony was graced by HE President Ranil Wickremesinghe as the Chief Guest. State Minister of Information Technology Kanaka Herath was also present at the awards ceremony.

In attendance at the ceremony were key figures from the ICT and technology sectors, Executive Committee members, past Chairmen and other officials of the BCS Chartered Institute for IT – Sri Lanka Section.

The Merit Award recognises SLT-MOBITEL's Fazenda Smart Agro, tailor made for the Enterprise market, as an innovative solution for the agriculture sector. The award honours next generation improvements that support development of the agricultural marketplace.

As the National ICT Solutions provider, SLT-MOBITEL continues to play a pivotal role in shaping Sri Lanka's technology landscape. Winning the award highlights SLT-MOBITEL’s commitment to driving innovation and delivering solutions that have a deep impact on various industries, especially agriculture. It also showcases the company’s dedication to fostering innovation and technological advancement.

The SLT-MOBITEL team receiving the award at the awards ceremony at the National ICT Awards NBQSA 2023

Fazenda Smart Agro represents the future of sustainable farming practices. The solution is a groundbreaking IoT-based platform designed to monitor and optimize farm environments, including soil conditions, air quality, and rainfall. The innovative solution comprises two varieties: a fixed pole for continuous monitoring and a portable device for real-time assessment of soil parameters. It also offers a comprehensive dashboard with features such as historical data analysis, instant notifications, and threshold definitions, enhancing the precision and efficiency of agricultural practices.

NBQSA is a premier event organized by the British Computer Society (BCS) - The Chartered Institute for IT, Sri Lanka Section, to honour outstanding achievements in the field of Information and Communication Technology. NBQSA serves as a platform to celebrate and reward ICT excellence, innovation, and creativity.