Dhivehi Raajjeyge Gulhun Plc:

Annual Report 2023

18 April 2024

Our Annual Report has been prepared in accordance Companies Act of the Republic of Maldives (07/23), listing rules of Maldives Stock Exchange, the Securities Act of the Republic of Maldives (2/2006), the Continuing Disclosure Obligations of Issuers regulation (2019/R-1050) and the Corporate Governance Code of Capital Market Development Authority requirements. Unless otherwise stated, the terms ‘we’, ‘us’, ‘our’ and ‘Dhiraagu’ refers to Dhivehi Raajjeyge Gulhun Plc. Our financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and reference to a year, unless otherwise indicated, refers to the financial year ending 31 December 2023. Any forward-looking statements are based on current expectations or beliefs, as well as assumptions about future events. These can generally be identified by words or phrases such as ‘aim’, ‘anticipate’, ‘believe’, ‘expect’, ‘estimate’, ‘intend’, ‘objective’, ‘plan’, ‘shall’, ‘will’, ‘will continue’, ‘may’ or any other words or phrases of similar import. Similarly, statements that describe objectives, plans or goals are also to be considered as forward-looking statements. Important factors that could cause actual results to differ materially from our expectations include, among others the economic and business conditions in the Maldives and the World, technological changes, factors affecting competitive market and regulatory forces, the effect of the availability of foreign exchange and its fluctuations, future interest rates and changes in the tax regime. All forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement. By their nature, forward looking statements are only estimates and as such we cannot guarantee future results, levels of performance or achievement. In addition to the published financial statements, Dhiraagu’s Annual Report provides information on Dhiraagu’s performance on a number of non-financial matters, including environmental, social and governance (ESG) commitments and related matrices. Our reporting on ESG factors has been developed in alignment with the CMDA Corporate Governance Code recommendations on ESG reporting and, for the first time, in reference to the Global Reporting Initiative (GRI) Standards; the most widely used global sustainability reporting standard, and our commitments towards the United Nations Sustainable Development Goals (UN SDGs). This requires us to apply a materiality lens to identify and report against sustainability issues most important to our business and our stakeholders. We have dedicated a sustainability report that includes our materiality matrix and our GRI index directs to where we have covered specific topics elsewhere in the report. We have not sought external assurance for the non-financial information in this report. This report covers the activities of Dhivehi Raajjeyge Gulhun Plc (Dhiraagu) and its subsidiaries for the period 1 January 2023 to 31 December 2023. It is dated 18 April 2024 and approved by the Board of Directors of Dhivehi Raajjeyge Gulhun Plc.