Dhiraagu's Annual Income Hits Record MVR 2.6 Billion in 2023

Dhiraagu, the leading telecommunications provider in the Maldives, has announced impressive financial results for the year 2023, with its annual income soaring to a record MVR 2.6 billion. This marks a 2% increase from the previous year, reflecting the company's continued growth and resilience in the market.
The company's financial statement highlights key factors contributing to this success, including significant investments in capital expenditure amounting to MVR 627 million. These investments have fueled the expansion of Dhiraagu's services, particularly in fixed broadband, mobile, and enterprise segments, leading to enhanced customer experiences and satisfaction.
Furthermore, Dhiraagu's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) saw a robust 7.1% increase, reaching MVR 1.5 billion, indicating strong operational performance and efficiency.
Notable achievements in infrastructure development include the expansion of high-speed fiber-to-the-home (FTTH) services to 94% of residences nationwide and the provision of 5G services to 50% of the population. Additionally, significant upgrades to the domestic submarine cable and cybersecurity infrastructure have further strengthened Dhiraagu's network reliability and security.
During the 35th Annual General Meeting, six resolutions were passed, affirming the company's commitment to transparency and shareholder value. These resolutions include the approval of financial reports, dividend distribution, director appointments, and the selection of external auditors for the upcoming financial year.
With a dividend distribution of MVR 7.5 per share, Dhiraagu demonstrates its dedication to delivering value to shareholders while maintaining a strong financial position to support future growth initiatives.