Dhiraagu has publicized its Q2 2021 Financial Report, revealing the revenue and profit figures recorded by the company during the second quarter of this year.
Dhiraagu generated MVR 230.6 million as revenue before tax during the second quarter of this year. This is a 6 percent decrease in revenue versus the previous quarter, primarily due to the continued effect of the economic downturn resulting from the COVID-19 pandemic, with tourist arrivals and roaming revenues impacted and other revenue lines experiencing a similar knock-on effect.
However, Q2 2021 was significantly better than Q2 2020, with revenues 13% higher, demonstrating the general improvement since last year. Operating costs reduced by 5% vs Q1 due to continued cost optimisation measures undertaken by the company.
Net profit stood at MVR 195 million during Q2 2021, which is a decrease of 11% compared to the prior quarter primarily due to the revenue reduction during the quarter. However, this net profit figure is 51% better than the corresponding quarter last year. Net cash flow before financing increased during the quarter primarily due to the tax payment in Q1 and improvement in working capital.
The company also secured a $8 million loan from HSBC to finance our foreign currency capital expenditure. A final dividend for
the financial year ending 31st December 2020 of MVR 5.16 per share, totaling MVR 392 million was also declared by the company following approval by the shareholders at the 32nd Annual General Meeting.