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Dhiraagu to distribute over MVR 157 mln as Interim Dividend for 2020

Mariyam Malsa
24 July 2020, MVT 20:19
The Annual General Meeting of Dhiraagu held in 2018. PHOTO: HUSSAIN WAHEED/ MIHAARU
Mariyam Malsa
24 July 2020, MVT 20:19

The Board of Directors of local telecom giant Dhiraagu, on Friday, approved the distribution of MVR 157,320,000 among shareholders as the interim dividend for 2020.

The interim dividend, which amounts to MVR 2.07 per share, will be payable to all shareholders listed in Dhiraagu's register as of 1600 hrs on August 11.

According to Dhiraagu, the COVID-19 pandemic considerably impacted the company during the second quarter. A 25 percent fall in revenue and a 49 percent reduction in net profit against the previous quarter's figures were both primarily attributed to the economic repercussions of the pandemic. Meanwhile, earnings per share fell by 50 percent.

As per the company, all key areas of the business contributed to the fall in revenue. However, the closure of borders and halt of tourism was noted as the most significant impact.

The Board of Directors reiterated its commitment to maintaining sustainable value for shareholders while balancing strategic long-term investments and a strong financial position in order to navigate through the challenging market conditions caused by the COVID-19 pandemic.

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