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MTDC to distribute MVR 20.4 million as dividends

Malika Shahid
02 June 2023, MVT 22:10
MTDC's annual general meeting -- Photo: Fayaaz Moosa
Malika Shahid
02 June 2023, MVT 22:10

Maldives Tourism Development Corporation (MTDC) has announced that it will distribute a dividend of 60 Laari per share.

The decision was made during MTDC's annual general meeting held at the Manhattan Business Hotel on Tuesday, May 30.

MTDC had previously paid 60 Laari per share as dividends in 2022.

The total amount to be disbursed to shareholders amounts to MVR 20.4 million, at the rate of 60 Laari per share.

MTDC's Managing Director Thazmeel Abdul Samad speaking during the annual general meeting -- Photo: Fayaaz Moosa

While MTDC's profit declined, the company observed a significant increase in revenue last year. The profit for the year amounted to USD 2.9 million (MVR 45 million), marking an 80 percent decrease compared to the previous year's profit of USD 10.2 million (MVR 157 million). The company had collected USD 7.3 million (MVR 113 million) as revenue in 2022, which is an increase of MVR 90 million compared to the previous year.

MTDC began generating profits in 2021 after a span of 11 years. The company achieved this by modifying the agreements for leased islands to make them more profitable. MTDC drives its income from leasing islands allocated to the company for tourism purposes.

MTDC initially started selling shares in 2007, with a share value of MVR 100. However, since 2014, the face value of a share has been changed to MVR 10. The company incurred substantial losses due to delays in some projects and challenges in revenue generation.

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