The financial performance of the company for 2020 was heavily impacted by the COVID-19 pandemic that devasted the local and global economy.

Revenues for 2020 decreased by 13.1% vs 2019 with most business lines impacted, especially on roaming and tourism related revenue streams.

To mitigate the impact of the expected reduction in revenue due to the pandemic, cost saving measures helped reduce operating costs by 13.2%.

Reported EBITDA reduced by 14.4% to MVR 1.3bn and Net Profit reduced by 22.2% to MVR 732m, attributable almost entirely to the reduction in revenue due to the COVID-19 pandemic.

Earnings per share (EPS) reduced by 22.2% to MVR 9.64 in line with the reduction in net profit.

Considering the challenging performance for the 2020 financial year, but in line with the Company’s commitment to provide returns to its shareholders, the Board of Directors has proposed a full year dividend of MVR 7.23 per share , representing a 75% pay-out ratio of net profit. This is a reduction of MVR 4.77 per share (39.8%) vs 2019.

To view the Audited Financial Statements 2020, please click here.


Commenting on the performance, Dhiraagu CEO & MD, Ismail Rasheed said:

The pandemic in 2020 severely affected our business, especially the revenues from tourism related businesses and roaming.

Extra priority was given to safeguard colleagues, avoid service interruptions and ensure business continuity from the start of the pandemic in early 2020.

Despite the challenging and unprecedented circumstances faced, I am very proud of the hard work, dedication and commitment of the entire Dhiraagu team to support our customers, help the community and minimize the impact to produce these results.

I thank our customers for their continued trust, the Board of Directors for their guidance and the Government for their timely action to manage the health crisis and facilitate the economic recovery that enabled us to improve the results towards the end of the year.


4 February 2021

Contact Information:
Phone: 3311435/3311121
Email: [email protected]

Issued by:
Dhiraagu Investor Relations