Ooredoo Maldives Reports Strong Financial Performance in 2023

Ooredoo Maldives has released its 2023 financial results, reporting a 9% growth in revenue. The Ooredoo Maldives Group achieved an EBITDA of MVR 1,178 million for the year, representing a 14% increase and an EBITDA margin of 56%. Profit After Tax (PAT) also saw significant growth, reaching MVR 685 million, a 22% increase from 2022. These positive results drove a rise in PAT margins from 29% in 2022 to 33% in 2023.

The company attributes its success to increased revenue from core businesses, along with effective cost optimization strategies. Earnings Per Share (EPS) for the year stands at MVR 4.64, and Ooredoo Maldives has proposed a dividend of MVR 3.27 per share for 2023.

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Ooredoo Maldives Group’s total asset base reached MVR 4.74 billion at the end of 2023, with a net asset value of MVR 1.69 billion. The company’s Return on Capital Employed (ROCE) stands at 33%. Capital investments in 2023 totalled MVR 513 million, directed towards network improvements, domestic and international subsea cable projects, and other infrastructure enhancements.

While free cash flow decreased slightly from MVR 691 million in 2022 to MVR 611 million in 2023, Ooredoo Maldives’ subsidiary, WARF Telecom International Private Limited, reported a revenue of MVR 4.65 million and a loss of MVR 1.53 million for the year.

Overall, Ooredoo Maldives’ 2023 financial report demonstrates robust performance and a positive outlook for the company.

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