Ahmed Mohamed Didi secured re-election as the Public Director of Dhiraagu’s Board of Directors at the company’s 35th Annual General Meeting (AGM), which was held at Crossroads Maldives on Sunday.
Ahmed’s tenure with Dhiraagu dates back to March 2022, when he was initially appointed to the Board of Directors by public shareholders at the 33rd Annual General Meeting. He brings over 20 years of leadership experience from both corporate and governmental sectors, and currently holds positions such as CEO and Director of Prime Care Investment Pvt Ltd, Managing Director of Metropolitan Properties Pvt Ltd, and Advisory Board Member of the Maldives Association of HR Professionals.
He is also a Chartered Member of the Chartered Institute of Personnel & Development in the UK, holding an MBA from Macquarie Graduate School of Management (MGSM), Sydney, Australia, and a Bachelor of Business and Commerce (Accounting & Finance) from Monash University, Australia.
The AGM saw the participation of 125 shareholders, with an additional 380 shareholders represented by proxy.
During the AGM, shareholders voted on critical resolutions, including approving directors’ reports and audited financial statements, electing the Public Director, approving non-executive directors’ fees, and appointing the external auditor for the fiscal year ending December 31, 2024.
Additionally, Dhiraagu passed a standing resolution to declare interim dividends for 2024.
All registered shareholders contributed to the decision-making process by utilising the ‘FahiVote’ online General Meeting Management System, developed by Maldives Security Depository Pvt Ltd.
Notably, Dhiraagu showcased a robust performance in 2023, driven by fixed broadband, mobile, and enterprise services expansions. This growth translated into a 1.8% increase in total revenue, reaching MVR 2.6 billion.
Moreover, the company recorded a 7.1% rise in EBITDA to MVR 1.5 billion, supported by revenue growth and prudent cost management.
On a normalised basis, net profit saw a commendable 6.5% increase to MVR 896 million.
Dhiraagu reported a significant surge in capital investment, which rose by 31.7% to MVR 627 million.
This investment drive primarily focused on expanding and fortifying the network, resulting in notable milestones such as nationwide 94% fibre-to-the-home (FTTH) availability and the rollout of 5G services to half of the Maldivian population.
Additionally, the Maldives’ domestic submarine cable (DSCoM) underwent upgrades, and cybersecurity measures were bolstered to ensure the delivery of reliable digital services.
The Board of Directors proposed a final dividend of MVR 5.84 per share, which shareholders subsequently approved; this brings the total dividend for 2023 to MVR 7.50 per share, representing a 64% net profit payout ratio.
