• 02 February 2022
    Dhiraagu Announces 2021 Full Year Financial Results
    Ref No: CS-GC/2022/PR-002

    Dhiraagu Announces 2021 Full Year Financial Results 
    Net Profit improved by 11.0%

    Today, Dhiraagu announced its financial results for the full year ended 31 December 2021 following a meeting of the Board of Directors on 2nd February 2022.

    Financial Highlights
% Changes
Profit After Tax
Basic Earnings per Share (MVR)
The financial performance significantly improved in 2021 in line with the economic recovery and due to the successful investment program to extend and upgrade services, helping drive the digitalization of the nation.

Revenues for 2021 increased by 1.8% vs 2020 with the improvement driven by growth on fixed broadband and enterprise services due to the economic recovery.

The Company continued its focus on cost optimization measures considering the uncertainties due to the global pandemic and to ensure sustainable shareholder returns. These measures helped EBITDA to increase by 7.3% to MVR 1.4bn and Net Profit to increase by 11.0% to MVR 813m.

Earnings per share (EPS) improved by 11.0% to MVR 10.70 in line with the improvement in net profit.

In line with the Company’s commitment to provide returns to its shareholders, but in consideration of the ongoing challenges and future investment plans of the Company, the Board of Directors has proposed a full year dividend of MVR 6.20 per share, representing a 58% pay-out ratio of net profit. This is a reduction of MVR 1.03 per share (14.2%) vs the previous year. 

To view the Audited Financial Statements 2021, please click here.

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

I am pleased to report a return to growth which has been enabled by the economic recovery and our commitment to invest and continue providing our customers with the best possible experience.

Our priority over the last year has been to drive the digitalization of the nation by extending our services to more islands and giving much greater value to our customers.

I would like to thank and recognize the entire Dhiraagu team for their efforts to help extend services and improve the experience for our customers. Their dedication and commitment to serve has been critical for Dhiraagu to achieve this performance.

I thank our customers for their continued trust, the Board of Directors for their guidance and the Government for their actions to facilitate the economic recovery that has enabled the country and Dhiraagu to return to growth in 2021.

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

Issued by:
Dhiraagu Investor Relations
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