Telecom provider Ooredoo Maldives has approved a dividend of MVR 3.27 per share on the company’s profits for 2023. The dividend was approved by 83 percent of the shareholders during the company’s annual general meeting (AGM) on Wednesday, which was attended by a total of 123 shareholders and 60 proxy holders.

Ooredoo will pay out a total dividend of MVR 484 million to shareholders in a decision which increased on last year’s dividend by MVR 0.23 — 2022 dividends were approved at MVR 3.04 per share.

Ooredoo’s audited financial statements were also approved at the meeting. KPMG was declared Ooredoo’s auditor for 2024 and will be paid MVR 940,620 as remuneration for their services.

Ooredoo posted a profit of MVR 685 million last year; an increase of MVR 125 million over the previous year when the company posted a MVR 560 million profit. According to the company’s annual report, revenue hit MVR 2 billion last year.

Ooredoo Maldives has a total market capital of MVR 4.6 billion.

Ooredoo listed as a public company in 2016 and has increased revenue and profits year-on-year, with the company paying out relatively high dividends to shareholders over a short period of time.