MPL expenses down by five percent, goal is to double it: Wajeeh

Since assuming the management of Maldives Ports Limited (MPL), the company's expenses have been reduced by five percent, and the goal is to increase that to 10 percent in the future, said CEO of the company Mohamed Wajeeh Ibrahim.

In an interview with Mihaaru News earlier this week, Wajeeh revealed that company's debt was at MVR 383 million when he took over its management during November of last year.

"On the very first day, I met with the management and told them, 'Let's work really hard to increase our income on one hand and reduce costs on the other,'" Wajeeh said.

Since then, Wajeeh said that he has been closely monitoring the cost-cutting measures, noting an average five percent reduction in expenses over the past six months.

Wajeeh said that MPL is working to reduce its expenses further in order to support the government's efforts in slashing the costs incurred by state owned enterprises in light of the country's current economic situation.

"Our target is to increase [cost cutting] by another five percent," he explained.

Along with reducing costs, the company is also working to boost its revenue, with some measures already in the process of being implemented.

That includes the Thilafushi boat yard, a technical training centre, increasing the capacity of the bonded warehouse, and expanding sea to air cargo services, he said.

Apart from this, plans for new services to be introduced up north Maldives include a yatch marina in Uligan, along with the bunkering service to be introduced in Ihavandhippolhu next month, Wajeed went on to say.

He also revealed that a Chinese and Turkish company have expressed interest to work on the Yatch marina project.

However, even if a foreign party develops the marina under contractor financing, the facility would be managed by MPL, he assured. The company is also working to hike up its revenue through the international bunkering project being developed in Ihavandhippolhu by State Trading Organisation (STO), he also said.

MPL begins work to establish a yacht marina in Haa Alif atoll Uligan

The Edition