Friday 26th Feb 2021
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Telecom companies

Telecom Companies Earn MVR 1.14 Billion Profit During COVID-19

Dhiraagu and Ooredoo, which maintain a duopoly over Maldivian telecommunications, have reported a total MVR 1.14 billion profit in the past year.

Ooredoo reported in their annual report that they had earned a total of MVR 407.4 million as profit in the past year. They report that they had suffered an MVR 181.2 million loss in profits from 2019. They had earned a total revenue of MVR 1.7 billion in 2020, which had declined from total revenue of above MVR 2 billion in 2019.

Ooredoo reported that their decline in profits came about from their loss of the tourism market after the government closed the borders, shutting down the tourism industry for a number of months.

Dhiraagu performed better, as it had earned a profit of MVR 732 million in 2020, as per their quarterly report. However, even Dhiraagu had suffered reduced profits of MVR 2019 million, as they had earned MVR 941 million in 2019. They reported annual total revenue of MVR 2.4 billion