Ooredoo Maldives has recorded a net profit of MVR 407.4 million for the year 2020.
The figure represents over a 30 percent drop from the previous year’s net profit, which stood at MVR 588.6 million.
According to the telecom giant’s financial statement for 2020, Ooredoo’s gross revenue also declined last year to MVR 1.7 billion from 2019’s MVR 2 billion.
Ooredoo’s income and profit rose in the fourth quarter of 2020. The company earned a revenue of MVR 402.7 million, which is 9.5 percent higher than the third quarter’s MVR 367.8 million, and a net profit of MVR 104.6 million compared to MVR 62 million previously, marking a profit margin of 26 percent.
However, the company’s quarterly revenue is a 26.9 percent decrease from 2019. This is attributed to the prevalent Covid-19 pandemic and its repercussions on the tourism industry, one of the primary contributors to the Maldivian economy.