Sri Lanka 100 2023

The annual report on the most valuable and strongest Sri Lankan brands

Brand Finance Sri Lanka 100 2023

Sri Lankan Brands Grapple with Hardships, while Dialog Emerges Victorious

Dialog is most valuable Sri Lankan brand for the 5th consecutive year, also becoming the strongest brand

Telecoms giant Dialog retained its position as Sri Lanka’s most valuable brand for the 5th consecutive year despite a brand value reduction of 4% to LKR52 billion. This brand value reduction comes as a result of an extremely challenging landscape for Sri Lanka brands throughout the last year.

Ali Hussain, Managing Director, Brand Finance Sri Lanka commented:

"2022 proved to be one of the most arduous years in Sri Lanka's recent history, characterised by social unrest, political uncertainty, and an economic crisis. Consequently, the country's largest brands have encountered formidable challenges stemming from economic and geopolitical barriers. While a few brands displayed resilience, many grappled to navigate the turbulent landscape. The aggregate value of the top 100 brands in the ranking plummeted by a substantial 16% compared to the preceding year, underscoring the profound struggles endured by Sri Lankan brands."

Despite such challenges facing the country, Dialog maintained strong financial performance. The brand prioritised its digital transformation efforts, ensuring the delivery of services and support to customers, businesses, communities, and the nation.

As part of its commitment to enhancing mobile experiences and meeting increasing demand, Dialog has revealed its intention to decommission its 3G data network in 2023. This strategic move aims to free up spectrum and bolster the capacity of its 4G Broadband network. By doing so, Dialog aims to provide improved services to both retail and corporate customers, ensuring they receive the best possible mobile connectivity.

In 2023, Dialog Axiata, unveiled plans for a potential merger with Bharti Airtel's Sri Lankan unit. This merger, if realised, has the potential to enhance the market shares of both brands. The combined entity would be capable of serving approximately 23 million customers in Sri Lanka, representing around two-thirds of the country's mobile connections. This opportunity to reinforce one of its key business units may allow Dialog to kickstart brand value growth and solidify its standing as Sri Lanka's most valuable brand in the coming years.

In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity, and business performance. Compliant with ISO 20671, Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.

Dialog has also emerged as the strongest brand in Sri Lanka in 2023. Building upon its second position in 2022, Dialog achieved a Brand Strength Index score of 90.6 out of 100, earning the esteemed AAA+ brand rating. This accomplishment distinguishes Dialog as the sole Sri Lankan brand to attain the accolade within the ranking.

LOLC General is the fastest-growing Sri Lankan brand, up 36%

Insurance company, LOLC General, is the fastest growing Sri Lankan brand, up 36% to a brand value of LKR513.39 million. This significant growth is made even more impressive considering the struggles faced by many other Sri Lankan brands. LOLC’s growth can be primarily attributed to its active participation in innovative insurance solutions throughout the pandemic which has allowed it to enhance brand familiarity, promotion, consideration, and loyalty amongst stakeholders. This has helped the brand achieve a thirteen-point Band Strength Index score increase, the largest increase for the metric across the whole ranking, and a key driver of brand value growth.