Dhiraagu Announces 2022 Full Year Financial Results - Announcements & Disclosures

02 February 2023
Dhiraagu Announces 2022 Full Year Financial Results
Ref No: CS/2023/PR-002
Dhiraagu Announces 2022 Full Year Financial Results
Net Profit and Earnings Per Share improved by 11.8%

Today, Dhiraagu announced its financial results for the full year ended 31 December 2022 following a meeting of the Board of Directors on 2 February 2023.

Financial Highlights


	2021	2022	% Changes
Revenue	2,527	2,586	2.3%
EBITDA	1,372	1,428	4.0%
Profit After Tax	813	909	11.8%
Basic Earnings per Share (MVR)	10.70	11.96	11.8%
Dividend Per Share (MVR)*	6.20	7.33	18.2%

Dhiraagu delivered an improved financial performance in 2022 with significant investment in our network and technology helping us to extend our services to more customers and leading to better customer experience.

Revenues for 2022 increased by 2.3% vs 2021 with the improvement on fixed broadband and enterprise services due to expansion of our services and the continued economic recovery.

The Company continued its focus on cost optimization measures considering the global economic uncertainty and rising inflation to ensure sustainable shareholder returns. These measures helped EBITDA to increase by 4.0% to MVR 1.4bn and Net Profit to increase by 11.8% to MVR 909m.

Earnings per share (EPS) improved by 11.8% to MVR 11.96 in line with the improvement in net profit.

Dhiraagu remains committed to providing returns to its shareholders, whilst embarking on significant investment to improve services and provide much needed resiliency. In consideration of this approach, the Board of Directors has proposed a full year dividend of MVR 7.33 per share, representing a 61% pay-out ratio of net profit. This is an increase of MVR 1.13 per share (18.2%) vs 2021.

To view the Audited Financial Statements 2022, please click here.

* 2022 full year dividend per share of MVR 7.33 includes the proposed final dividend of MVR 5.67 per share which is subject to approval by the shareholders at the next AGM.

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

I am delighted that during a challenging year, we have delivered a strong financial performance, with growth in revenue, and improved profit, whilst we continued important strategic investments to improve quality, build resilience, and grow our services.

We are committed to enriching lives through digital services and have invested significantly to provide our customers with the best possible experience. As a result of our continued investments, we have successfully extended our high-speed fibre broadband service to over 100 islands and expanded our 5G footprint to allow our customers to experience the full potential of emerging technologies.

We are also honoured to have been recognized by Ookla® as the 'Maldives’ Fastest Mobile Network’ winner in the Speedtest Awards TM for Q1-Q4 2022 for the second consecutive year. This global recognition is a testament to the continued, consistent efforts of the company to ensure excellent service to our customers and enable them to ‘Take on Tomorrow’.

Our priorities remain investing in our services to drive a digital economy and enhancing customer experience by providing them with greater value.

I would like to thank and recognise our dedicated and hard-working team at Dhiraagu for their continuous efforts to enable our customers to thrive in the digital future and their passion to deliver an exceptional experience to our customers.Their commitment to serve has been critical for Dhiraagu to achieve this performance.

I thank our loyal customers for their continued trust and also our Board of Directors for their guidance and support to invest in our services and uplift customers digital experience.

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

Issued by:
Dhiraagu Investor Relations