Dhiraagu Successfully Concludes Its 34th Annual General Meeting

Dhiraagu has successfully concluded its 34^th Annual General Meeting (AGM) held in Crossroads Maldives, announcing a strong performance in 2022. The AGM was carried out as a hybrid meeting where 125 shareholders registered to participate and voted through ‘FahiVote’ – an online General Meeting Management System developed by Maldives Security Depository Pvt Ltd. The 125 shareholders represented 71,347,289 shares and the AGM passed all four resolutions proposed to the meeting.

Owing to the expansion of Dhiraagu services, the company saw a strong performance in 2022, contributed heavily by the growth of fixed broadband and enterprise services. This accounted for a 2.3% increase in total revenue which stood at MVR 2.6 billion. The profit after tax rose by 11.8% as well due to improvements in EBITDA and other income related to the favourable outcome of disputed withholding taxes of previous years.

The capital expenditure of Dhiraagu increased by 53.5% mainly in line with the company’s decision to invest in a full-fledged international submarine cable system, SEA-ME-WE 6. This intriguing investment will enhance the quality and resilience of services provided to customers and businesses in the long run and promote the future growth of the digital landscape of the Maldives. The investment approach also aligns with Dhiraagu’s commitment to conduct strategic long-term investments that continue to deliver strong financial results.

Dhiraagu realizes the significance of creating sustainable shareholder value, evident from the company's consistent payment of healthy dividends to its dedicated shareholders. The final dividend proposed by the Board of Directors was MVR 5.67 per share which was approved by shareholders, bringing the full-year dividend of 2022 to MVR 7.33 per share. This resembled a 61% payout ratio of net profit and was an 18.2% growth compared to last year.