Telecommunications company Dhiraagu has recorded a net profit of USD14.2 million in the first quarter of 2023.
In the latest financial report, Dhiraagu recorded a net profit of USD14.2 million in the first quarter, which is a significant decrease compared to the fourth quarter of 2022. It also recorded revenue of USD42.4 million in the first quarter, which is a significant decrease compared to the USD45.3 million recorded in the fourth quarter of 2022. Therefore, net profit and revenue decreased in the first quarter of this year.
Dhiraagu received its revenue mainly from fixed broadband and enterprise services. The report shows that Dhiraagu received USD22.2 million from mobile services and USD18.9 million from fixed broadband, and enterprise services in the first quarter. Overall, this is a decrease compared to the USD22.7 million in revenue received from mobile services and USD21.4 million from fixed, broadband, and enterprise services in the fourth quarter of 2022.
Dhiraagu launched high speed fiber broadband services in two more islands in the Maldives in the fourth quarter of 2022 in order to expand its services. As such, the company has expanded the service to 105 islands so far.