Ooredoo generates a profit of MVR 407 million in 2020

Ooredoo launches the first ever commitment based Prepaid plans in the Maldives - “Aachaa Prepaid” | Photo: Corporate Maldives

Male’, Maldives – Ooredoo Maldives has released its fourth quarterly report for the year ended 2020.

Ooredoo reported MVR 402 million in revenue in the fourth quarter (Q4) of 2020. With the pandemic negatively impacting the tourism industry, the roaming revenue fell significantly leading to an almost 27% decrease in revenue compared to Q4 of 2019.

Operating expenses remained stable at MVR 222 million despite the effect of pandemic on the economy in Q4.

Profit Before Tax was reported at MVR 100 million and the Profit for the period was MVR 104 million in Q4 of 2020. Compared to Q4 of 2019, Profit Before Tax fell by over 50% while Profit for the period decreased by almost 40%. However, the company managed to achieve a Profit Margin of 26% in Q4.

Ooredoo remained a winner as Profit for the year ended 2020 was reported at MVR 407 million.

Looking at the Shareholder Value Creation, the Price-Earnings Ratio stood 14.78 in Q4 of 2020 almost doubled when compared to 7.70 generated in Q4 of 2019.

The company had a market capitalization of over MVR 6 billion as at 31 December 2020.

Ooredoo has taken vital steps in their digital journey during the final quarter of 2020. The telecommunications provider introduced 5G services & 5G AirFibre, the first 5G broadband service in the country. The service is available to both Prepaid and Postpaid customers, and covers a significant percentage of Male’ on certified handsets.

A notable achievement for the company was the landing of the Maldives-Sri Lanka Cable (MSC) in the island nation under the tripartite agreement between Ooredoo Maldives, Dhiraagu PLC and Dialog AXIATA Plc, as it enhances the transport of international traffic and the telecommunication infrastructure in South Asia.