Dhiraagu reported steady growth in the third quarter of 2024, with notable increases in revenue, profit, and market capitalisation. The company’s quarterly report highlights key achievements, including advancements in digital infrastructure, product launches, and several initiatives supporting local communities.
Financial Highlights
The company’s revenue rose by 1% compared to the previous quarter, reaching MVR 691.2 million. The quarter also saw a 1.8% increase in profit before tax, driven by enhanced performance in mobile services. Net cash flow improved, supported by higher inflows from investing activities and a reduction in financing outflows.
Profit after tax for the quarter stood at MVR 241.3 million, slightly above the previous quarter. Dhiraagu’s basic earnings per share saw a modest increase, with a final value of MVR 3.17 for Q3. The company also approved an interim dividend of MVR 1.66 per share, following strong performance earlier in the year.
Infrastructure and Service Enhancements
Dhiraagu continued to advance its digital infrastructure with the successful landing of the SEA-ME-WE 6 submarine cable, connecting the Maldives to international data centres and internet exchange points. This development is expected to improve service quality and resilience for Maldivian customers, aligning with Dhiraagu’s commitment to enhancing the country’s connectivity.
In addition, the company extended its Fibre-to-the-Home (FTTH) service to 98% of households across the nation, bringing high-speed internet access to more islands. This milestone underscores Dhiraagu’s role in expanding digital accessibility.
Product and Service Innovations
Dhiraagu introduced new services to meet the needs of its customers. The Dhiraagu Gamers Guild was launched to provide a centralised platform for Maldivian esports enthusiasts. On the enterprise side, the company unveiled cloud-hosted call centre solutions and tailored WiFi solutions to enhance operational efficiency for businesses.
Additionally, Dhiraagu introduced a range of promotional offers across its mobile and broadband services, including a “Win a Speedboat” promotion to celebrate its 36th anniversary. Enhanced prepaid and postpaid plans offered customers more options for data and entertainment, supporting the increased demand for digital content.
Corporate Social Responsibility and Community Engagement
Dhiraagu remained active in its corporate social responsibility efforts, contributing to education, entrepreneurship, and environmental causes. Initiatives included coding workshops for girls in Dhidhdhoo and a startup bootcamp in Addu to support budding entrepreneurs. In partnership with local organisations, Dhiraagu planted 1,000 trees as part of the national tree-planting campaign, reinforcing its environmental commitments.
Share Performance
The company’s share price saw considerable growth, with a final price of MVR 202 on 30 September, up from MVR 130 at the end of the previous quarter. The total market capitalisation reached MVR 15.43 billion, reflecting positive investor sentiment and solid market performance.
Outlook
Dhiraagu’s achievements in Q3 reflect its focus on innovation, community support, and robust financial growth. As the company expands its digital infrastructure and introduces new customer-focused solutions, it remains well-positioned to support the Maldives’ growing demand for connectivity and digital services.
