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Ooredoo Maldives' net profit drops in 2020 amid pandemic

Fathmath Shaahunaz
01 February 2021, MVT 17:05
Ooredoo Maldives' CEO and MD Najib Khan. FILE PHOTO/OOREDOO MALDIVES
Fathmath Shaahunaz
01 February 2021, MVT 17:05

Ooredoo Maldives closed out 2020 with a net profit of MVR 407 million, which is over a 30 percent drop from the previous year.

According to the telecom giant's financial statement for 2020, the company's profit in 2019 stood at more than MVR 588 million.

Ooredoo's gross revenue also declined last year to MVR 1.7 billion from 2019's MVR 2 billion.

Ooredoo's income and profit rose in the final quarter of 2020. The company earned a revenue of MVR 402.7 million, which is 9.5 percent higher than the third quarter's MVR 367.8 million, and a net profit of MVR 104.6 million compared to MVR 62 million previously, marking a profit margin of 26 percent.

However, the company's quarterly revenue is a 26.9 percent decrease from 2019, which Ooredoo attributed to the COVID-19 pandemic and its repercussions on the tourism industry, which is the main contributor to the Maldivian economy.

Ooredoo stated that the severe effects on tourism deeply impacted the company's roaming revenue.

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