Ooredoo Maldives spent MVR 379 million on new projects last year, the company's board of directors revealed during its Annual General Meeting held on Wednesday night.
The company affirmed its commitment to expand and improve services and said that it will continue to invest in new initiatives every year.
Ooredoo Maldives’ Chief Financial Officer Suresh Kalpathy Chidambaram said that the company’s financial costs increased due to its continued investments in new projects, which include the underwater submarine cable initiative and the expansion of 5G internet connectivity speed in the country.
Suresh further said that the company will continue investing in more projects in the future.
The company spent MVR 83 million to repay its outstanding debts, which is MVR 26 million more than the amount spent in 2021.
"This year’s financial cost will be higher, but after that, the expenditure will continue to decrease," Suresh said in response to a shareholder’s concern about the surge in the company’s spending.
Ooredoo Maldives generated an annual total of MVR 1.9 billion in revenue in 2022, with a net profit of MVR 560 million.