Quarterly Reporting: Dhiraagu Q3 profit rises 5% to MVR 224.7 million as costs fall

Dhiraagu reported a profit after tax of MVR 224.7 million for the third quarter of 2026, up from MVR 214.1 million in the second quarter. Earnings per share were MVR 2.96, against MVR 2.82 in the previous quarter. Profit for the first nine months stands at MVR 659.1 million, with earnings per share of MVR 8.67.

Revenue was MVR 728.2 million, down 0.8% from MVR 734.1 million in the second quarter and up 2% from the third quarter of 2025. The company said the year-on-year growth was driven mainly by mobile revenue. Direct costs fell 13% to MVR 101.4 million from MVR 117.1 million, lifting operating profit 3.2% to MVR 316.7 million.

Q3 compared with earlier quarters (MVR million)

*Worked out by subtracting the second and third quarters from the year-to-date figures in the report.

Mobile gains, fixed segment slips

Mobile revenue rose to MVR 398.4 million from MVR 394.1 million. Revenue from fixed, broadband and enterprise services fell to MVR 304.4 million from MVR 315.1 million. The company ran mobile promotions including the Foari Lucky Draw, Reload & Win and Go Super & Win Super, and fibre offers such as a free ONT and free home content takaful. It also launched the iPhone 18 and Apple Watch Ultra 3.

Balance sheet and cash

Total assets rose to MVR 6.91 billion from MVR 6.77 billion, and net assets to MVR 4.22 billion. Short-term investments rose to MVR 2.16 billion from MVR 2.02 billion. Cash and cash equivalents fell 4% to MVR 582.9 million, which the company attributed to tax, dividend and loan repayments. Net operating cash inflow was MVR 377.2 million, down from MVR 505.7 million in the second quarter.

Dividend and shareholder loan

The board approved an interim dividend of MVR 1.66 per share for 2026, a total of MVR 126.2 million, with the book closure date on 6 August. It also approved a USD 10 million shareholder loan agreement with Beyon to support liquidity and working capital.

Leadership

Ismail Rasheed retired as chief executive and managing director on 31 July, and Valdemar Ferradaz took over on 1 August. Asiath Rilweena was elected public director, and the audit and remuneration, nomination and governance committees were reconstituted, with her joining both.

Share price

Dhiraagu shares last traded at MVR 142.00 on 30 September, down about 11% from MVR 159.45 at the end of June, in a quarterly range of MVR 140.01 to MVR 159.39. The weighted average price was MVR 146.68. There were 185 trades in 4,004 shares, worth MVR 587,291. Market capitalisation was reported at MVR 11.15 billion, the dividend yield at 5.83% and the annualised price to earnings ratio at 12.39.

BTC Islands Limited holds 52.0% of the company, the government 41.8% and the public 6.2%.

Other

• Tax award: Dhiraagu received the MIRA Ran Laari Award as one of the country’s leading tax contributors.

• Win2Speedboat: the promotion concluded with the final lucky draw and speedboat handover.

• CSR: two programmes crossed the MVR 100,000 disclosure threshold, the Dhirun Community Coral Regeneration Programme in B. Dharavandhoo (MVR 107,940) and a partnership with the Maldivian Red Crescent (MVR 100,000). Payments fall in the fourth quarter.

• Compliance: the regulator imposed no penalties, and there were no material transactions with directors or substantial shareholders beyond the ordinary course of business.

The figures are unaudited.