Ooredoo Maldives Records Net Profit of MVR 407.4 Million for 2020

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.

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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.

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