Ooredoo Maldives spent MVR379 million on new projects last year, the company’s board of directors confirmed during its Annual General Meeting held last Wednesday.
The company affirmed its commitment to expanding and improving services and said it will continue investing in new initiatives every year.
The Chief Financial Officer of Ooredoo Maldives Suresh Kalpathy Chidambaram said that the company’s financial costs increased owing to the continued investment in new projects which included the underwater submarine cable initiative and the expansion of the 5G internet connectivity in the Maldives.
Suresh further said that Ooredoo Maldives will invest in more projects in the future.
Ooredoo Maldives spent MVR83 million to repay outstanding debts, which is MVR26 million more than the amount spent in 2021.
“This year’s financial cost will be higher, but after that, the expenditure will continue to decrease,” Suresh said in a response to a shareholder’s concern about the increment in the company’s expenditure.
Ooredoo Maldives generated an annual total of MVR1.9 billion in revenue last year, with a net profit of MVR560 million.