Ooredoo Maldives Revenue Rises 5.1% to MVR 577 Million in Third Quarter
Profit was almost flat at MVR 182 million, and the operator's mobile revenue for the quarter came in slightly above Dhiraagu's, according to the two companies' filings.
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Ooredoo Maldives earned MVR 577.1 million in revenue in the three months to 30 September, 5.1% more than in the same quarter of 2025, the company announced on 31 October.
Revenue was also 7.6% higher than the MVR 536.2 million recorded in the second quarter of this year, according to its third-quarter report, filed with the Capital Market Development Authority on 1 November.
Net profit attributable to shareholders was MVR 182 million. That is 0.6% more than the MVR 181 million earned a year earlier. Over the first nine months of 2026, revenue rose 1.6% to MVR 1.66 billion, and profit rose 3.2% to MVR 535 million, from MVR 518 million.
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Mobile services brought in MVR 398.8 million in the third quarter, up from MVR 380.0 million in the second quarter. Fixed, broadband and enterprise services earned MVR 177.8 million, compared with MVR 155.7 million in the previous three months.
Costs grew alongside revenue. Operating expenses were MVR 283.9 million, against MVR 260.2 million in the second quarter, and income tax came to MVR 34.2 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 4.1% from a year earlier to MVR 326 million. The EBITDA margin slipped to 56.4% from 57.0%.
The company had 443,000 customers at the end of September, 5.4% more than a year earlier. It held MVR 2.24 billion in cash and cash equivalents, up from MVR 2.05 billion at the end of June. Earnings per share for the quarter were MVR 1.23.
Managing Director and Chief Executive Shadi Qawasmi said the results came despite "global economic uncertainties and geopolitical challenges that are negatively impacting the Maldivian economy". The company highlighted new services during the quarter, including a parental control service for 5G AirFibre customers and SuperNet broadband at the new Fahi Dhiriulhun Corporation flats.
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By revenue, Ooredoo is the smaller of the country's two mobile operators. Dhiraagu, which has more than half a million customers, reported revenue of MVR 728.2 million for the third quarter in its own filing on 1 November. That was slightly below the MVR 734.1 million it earned in the second quarter and 2% above the same quarter of 2025. Dhiraagu's profit after tax was MVR 224.7 million, up 5% on the previous quarter.
In mobile services, the two companies were almost level. Dhiraagu's income statement shows mobile revenue of MVR 398.4 million for the quarter, MVR 0.4 million less than Ooredoo's. Over the first nine months Dhiraagu remained ahead, with MVR 1.20 billion in mobile revenue against Ooredoo's MVR 1.17 billion. Most of Dhiraagu's lead in total revenue comes from fixed, broadband and enterprise services, where it earned MVR 304.4 million in the quarter.
Ooredoo Maldives reported revenue of MVR 2.2 billion and profit after tax of MVR 727 million for 2025. Its shares are listed on the Maldives Stock Exchange.
