Dhiraagu posts a net profit of MVR 244.9M for Q4 2022

Dhiraagu has announced a net profit of MVR 244.9 million for the fourth quarter of last year.

The unaudited Q4 financial report released by Dhiraagu shows the telecom operator generated MVR 698.7 million as revenue. The largest source of revenue for Dhiraagu during this period was mobile services at MVR 350.3 million.

The second largest source of revenue for Dhiraagu during this period was fixed broadband service at over MVR 330 million.

A total of MVR 298.3 million was spent in the fourth quarter of last year by Dhiraagu as operation costs. The gross profit for the quarter stood at MVR 302.41 million.

The total revenue for Dhiraagu in the fourth quarter of last year before taxation was MVR 287.8 million. MVR 42.8 million was reduced from this for taxation, thus, the net profit amounted to MVR 244.9 million.

Dhiraagu’s balance sheet places the company as the state and public-owned company in the Maldives that is in the most ideal financial position.

At the end of the fourth quarter of last year, Dhiraagu has MVR 2.37 billion as cash and bank balance while the balance sheet placed trade and other receivables owed to Dhiraagu at MVR 635.6 million. Meanwhile, MVR 3.02 billion received as net profit remained untouched.

52 percent of Dhiraagu’s shares are owned by Bahrain’s Batelco. 41.8 percent of shares are owned by the Maldivian government and the remaining 6.2 percent by ordinary shareholders.