Dhiraagu has successfully concluded its 34th Annual General Meeting (AGM) at Crossroads Maldives.
The AGM was conducted in a hybrid model where 125 shareholders registered to participate in the meeting. Similar to previous years, all registered shareholders voted through ‘FahiVote’, an online General Meeting Management System developed by Maldives Security Depository Pvt Ltd. With 125 shareholders representing 71,347,289 shares, the 34th AGM concluded successfully with the passing of all four resolutions proposed.
With the expansion of Dhiraagu’s services, the company saw a strong performance in 2022 mainly contributed by growth in fixed broadband and enterprise services which resulted in the 2.3% increase in total revenue to MVR 2.6bn. Profit after tax grew by 11.8% due to an improvement in EBITDA and other income relating to the favourable outcome of disputed withholding taxes related to prior years.
Capital expenditure increased by 53.5% to MVR 476m primarily due to the company’s decision to invest in a full-fledged international submarine cable system, SEA-ME-WE 6. This is a key investment which will improve the quality and resilience of services to consumers, businesses, and promote the future growth of digital services across the country. The investment approach also demonstrates the company’s commitment to making strategic long-term investments while continuing to deliver strong financial results.
Dhiraagu recognizes the significance of creating sustainable shareholder value, and this commitment is demonstrated by the company’s consistent payment of healthy dividends to its shareholders. In line with this commitment, the Board of Directors proposed a final dividend of MVR 5.67 per share which was approved by the shareholders, bringing the full-year dividend for 2022 to MVR 7.33 per share, representing a 61% payout ratio of net profit. This is a growth of 18.2% compared to the previous year.
To read Dhiraagu’s Annual Report 2022, please visit https://bit.ly/3YVCYM6.