Maldives Tourism Development Corporation (MTDC) has announced that a total amount of MVR 20.4 million in dividends will be distributed to shareholders at a rate of 60 Laari per share.
Maldives Tourism Development Corporation (MTDC) has decided on distributing a dividend of 60 Laari per share from last year's profits.
The decision was reached with 99 percent of company shareholder votes during the MTDC's annual general meeting held at the Manhattan Business Hotel last night.
A total amount of MVR 20.4 million will be distributed to shareholders at a rate of 60 Laari per share. MTDC had previously disbursed 60 Laari per share as dividends in the past two years as well.
The company observed a significant decline in revenue last year, marking a difference of USD 6.7 million (MVR 103 million) from the preceding year. This is a 9 percent decrease from 2022 which generated a revenue of USD 7.3 million (MVR 113 million), a figure which had remarkably exceeded the preceding year. The company's gross profit for 2023 amounts to USD 1.4 million (MVR 21 million), a notable 41 percent decrease from 2022 which made a profit of USD 2.5 million (MVR 38 million).
The company's decline in revenue is attributed to the terminated sublease of Haa Dhaalu atoll Naagoshi while the decrease in profit was caused by an increase in deferred tax liabilities.
The company began generating a profit in 2021 after a span of eleven years. They had achieved this through beneficially altering agreements for leased islands. MTDC typically drives its income from leasing islands allocated to the company for tourism purposes.
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