• 06 February 2024
    Dhiraagu Announces 2023 Full Year Financial Results
    Ref No: CS/2024/AD-03
    Revenue and Net Profit* grew by 1.8% and 6.5% respectively.
    On 6 February 2024, Dhiraagu announced its financial results for the full year ended 31 December 2023 following a meeting of the Board of Directors on 5 February 2024.
    Financial Highlights
    2022
    2023
    %Changes

    Revenue

    2,586

    2,632

    1.8%

    EBITDA

    1,428
    1,529
    7.1%

    Profit After Tax

    Reported

    909

    896
    -1.4%

    Normalised *

    842

    896
    6.5%

    Basic Earnings Per Share (MVR)

    Reported

    11.96

    11.80
    -1.4%

    Normalised

    11.08

    11.80
    6.5%

    Dividend Per Share (MVR)**

    7.33

    7.50
    2.3%
    *FY2022 reported profit after tax includes a one-off refund of withholding taxes (WHT) related to prior years. On a normalized basis, excluding the WHT refund, FY2023 profit after tax improved by 6.5%.
    Dhiraagu’s financial performance continued to improve in 2023. Significant investment has been made in our network, technology, and cybersecurity infrastructure to enhance the digital experience for our customers.

    Revenue for 2023 increased by 1.8% vs 2023 with the upgrade and expansion of our network delivering wider 5G coverage, fixed broadband services to additional islands and enhanced services to our enterprise customers.
     
    We continued our focus on cost optimisation measures to mitigate the global inflationary impact in order to ensure sustainable shareholder returns. This has yielded an EBITDA growth of 7.1% to MVR 1.5bn and net profit growth of 6.5% to MVR 896m on a normalised basis*.

    Normalised earnings per share (EPS) improved to MVR 11.80 in line with the improvement in net profit.

    Dhiraagu is committed to providing sustainable returns to its shareholders, whilst continuing to invest in and deliver the best possible services for customers. In consideration of this approach, the Board of Directors has proposed a full year dividend of MVR 7.50 per share, representing a 64% pay-out ratio of profit after tax. This is an increase of MVR 0.17 per share (2.3%) vs 2022.

    To view the Audited Financial Statements 2023, please click here.



    ** 2023 full year dividend per share of MVR 7.50 includes the proposed final dividend of MVR 5.84 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 pleased that we have delivered a strong financial performance within a very competitive environment with growth in revenue and improved profit throughout the year. As we continued important strategic investments, we were able to deliver high quality and reliable services to our customers whilst providing sustainable returns to our shareholders.”
    As we celebrate Dhiraagu’s 35th anniversary, we reflect on our rich history of providing essential digital and telecommunication service to the nation, delivering innovative solutions and empowering digital communities across the country. Last year, we reaffirmed our commitment to our core values by integrating sustainable practices across all facets of our company, bringing a fundamental shift in our approach towards Environmental, Social, and Governance (ESG) responsibility.

    We remain steadfast in enriching lives through digital services and have invested significantly to this end. During the year, we completed the upgrade of our domestic submarine cable system, incorporating four additional segments to our existing digital network. We also extended our fibre-to-the-home (FTTH) service to 94% of national households and enhanced our 5G presence in the Greater Male’ Area, providing greater connectivity to our customers. Moreover, as part of our efforts to strengthen our resiliency, we invested in a Tier III certification-ready data centre during the year, along with the establishment of a brand-new Security Operations Centre (SOC) and upgrade to our existing Network Operations Centre (NOC).
     
    This would not have been possible without the passion and commitment of our staff. I thank our dedicated team for their continuous efforts to deliver the company’s strategic goals, enabling our customers to ‘take on tomorrow’ in the digital future.
     
    We would also like to extend our heartfelt gratitude to our loyal customers for their continued trust in us and our Board of Directors for their guidance and support to maintain our position as the leading digital and telecommunication service provider in the Maldives.


    Issued by:
    Dhiraagu Investor Relations
    Phone: 3311121 / 3311435
    Email: [email protected]

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