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Ooredoo Maldives revenue hits MVR 2 billion

Fathmath Shaahunaz
04 February 2020, MVT 13:08
Ooredoo Maldives' CEO and MD Najib Khan (L) at the company's Extraordinary General Meeting held on December 16, 2019. PHOTO: HUSSAIN WAHEED / MIHAARU
Fathmath Shaahunaz
04 February 2020, MVT 13:08

Ooredoo Maldives recorded a net income of MVR 599 million in 2019, generating a consolidated revenue of over MVR 2 billion.

According to the financial statistics publicised by the telecommunications giant, Ooredoo Maldives experienced 10 percent spike in profits compared to the net profit of MVR 525 million in 2018.

Moreover, Ooredoo distributed 85 percent of its profits as dividend in 2019, at a rate of MVR 3.20 per share, with MVR 472 million distributed amongst general stakeholders.

Ooredoo Maldives became a public limited company and commenced stock shares in 2017, opening its initial public offering on May 1 that year.

The company is to determine the new dividend during the upcoming Annual General Meeting, slated for March 2020. According to Ooredoo, all shareholders that register before February 16 will receive the dividend.

Ooredoo Maldives, the local subsidiary of the Qatari-based telecommunications company, was established in Maldives in August 2005 as Wataniya Maldives. In April 2014, the company rebranded itself as Ooredoo Maldives.

Editor's Note: An earlier version of the article published on February 4, 2020 at 1308 hours incorrectly read that Ooredoo Maldives earned a total revenue of MVR 2 billion in 2019. This error was corrected at 2045 hrs on May 17, 2020. Please accept our humble apology over the mistake and any confusion that may have arisen because of it.

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