COVID-19, which was declared a pandemic by the World Health Organization (WHO) on 11 March 2020, has had a significant impact on the Company’s results during Q2 2020. Dhiraagu reported a 25% decrease in revenue vs the previous quarter, primarily due to the economic impact Of the pandemic. The reduction in revenue came from all key areas of the business, but the most significant impact was felt due to the closure of and cessation of tourism throughout Q2. Net profit decreased by 49% and earnings per share decreased by 50% vs the prior quarter due to the revenue impact from the ongoing health emergency.
The Board remains committed to create the right balance between strategic long-term investments and a strong financial position to steer the Company through these challenging market conditions whilst maintaining sustainable value for shareholders. Taking these factors into consideration, the Board of Directors has approved Maldivian Rufiyaa 2.07 per ordinary share amounting to a total dividend of 157,320,000 (Maldivian Rufiyaa one hundred and fifty-seven million three hundred and twenty thousand) to be declared and paid out as Interim Dividend for the financial year 2020. This Interim Dividend will be payable to all shareholders listed in the Company’s register as at 4:00 pm on 11 August 2020.