Dhiraagu Profits Drop 22.2% in the Last Year

Similar to last year, the Annual General Meeting of Dhiraagu was held virtually this year, on Thursday, courtesy to the ‘Fahi Vote’ platform developed by Maldives Security’s Depository Pvt Ltd. In this 32nd meeting, 46 shareholders participated, and there was a representation of 717,373,704 shares. Voting on the resolutions was also carried on as part of the event.  

In the trying times that we have been experiencing, Dhiraagu has remained at the forefront of providing the latest technological and telecom solutions to the public. In this regard, their network and services were expanded to all parts of the country as a priority of maintaining seamless connectivity for the real-time information exchange. These investments were the pillars of resilience for Dhiraagu in the course of the past year. Operations would have come to a halt if not for the dedicated staff of Dhiraagu who persevered and adjusted to the new normal immediately to continue providing effortless customer support.  

The economic downfall experienced by companies small and large around the world cast its merciless shadows over Dhiraagu in the global pandemic. Compared to the total revenue generated in 2019, 13.1% of it was lost to the pandemic in 2020. The total revenue earned by Dhiraagu in 2020 summed up at MVR 2.483 Million. The tax excluded profit of the year, which hit MVR 732 Million was a 22.2% decrease over the year before.  

After much deliberation and consideration, the Board of Directors passed the amount MVR 7.23 to be dispersed as a dividend. It is including the MVR 5.16 per share of the 2020 final dividend and the interim dividend of MVR 2.07 per share. The dividend shares of 2020 are reduced by MVR 4.77 from that of 2019.  

The key successes of the company in the past year include the mega-investment of connecting the Maldives – Sri Lanka Cable which was completed and now is in service in bettering the internet connectivity provided by Dhiraagu. This is an addition to Dhiraagu’s strong network infrastructure established across the islands. Moreover, 80% of the households in the Maldives are now covered in the high-speed fiber broadband network.  

Dhiraagu will remain at public service, always finding newer and better ways to decrease the digital gap in the community with its ever-evolving services.