Author: Mohamed Reehaan
State Trading Organization (STO) reports a quarterly net profit of MVR150 million for the first quarter of 2022. According to the largest state-owned enterprise (SOE) in the country, net profit earning of STO indicates a 13.5% increase from the previous quarter during which net profits were held at MVR131 million. Moreover, during the review quarter the enterprise earned a total revenue of MVR4.0 billion, which is a 24.0% bump in total earnings compared to the preceding Q4-2021 during which revenues had reached MVR3.3 billion. Meanwhile, STO spent a total of MVR278 million on expenditures during the review quarter, which indicates…
Maldives Transport and Contracting Company (MTCC) reports a 21% increment in its profit after tax for the year 2021. The company’s profit after tax for the previous year was recorded at MVR232 million, which was driven mainly by the notable contribution from construction and dredging activities. Though MTCC reports an increment in its profit after tax from MVR191 million in 2020, the gross profit margin however, fell by 20% and the net profit margin fell by 12% in the review year, owing to the increased material prices reflective from the hiked logistical and freight charges on importation. Furthermore, MTCC reported…
The Bank of Maldives (BML) on Thursday, 28th April, confirmed on appointing its new Chief Internal Auditor; Mr. Bishwajit Mazumder. Noting Mr. Mazumder’s experience and work portfolio, the bank comments that he brings over “35 years of experience in internal auditing, business operations and strategic planning.” Mr. Mazumder in his long held career in the financial industry, has previously held chief auditor positions in Afghanistan International Bank, State Bank of Mauritius, and ING Bank Ltd., Bangalore. In addition to this he also held chief internal auditor position in Central Bank of Oman and the most recently, at Ghazanfar Bank, Kabul.…
Maldives Marketing and Public Relations Corporation (MMPRC) and industry affiliates have concluded the WTM LATAM 2022. The WTM LATAM event included several meetings, networking sessions, and over 1,500 visitors to the Maldives’ stand at the fair. The event was held from 05th to 07th April in Sao Paulo, Brazil. WTM Latin America is one of the major business-to-business travel and tourism events that offers excellent business opportunities with access to travel and tourism industry affiliates, buyers and other professionals. It was reported that a total of 565 exhibitors from 40 countries took part in the event to showcase their respective…
A team of media professionals from Netherlands depart for home country after concluding their tourism familiarization trip in the Maldives. The team visited the island nation on an invitation from Maldives Marketing and Public Relations Corporation (MMPRC). The media professionals stayed in various hotels from 06th April to 13th April during their stay. Furthermore, MMPRC confirms that the team was hosted at Joali Being, Grand Park Kodhipparu Maldives and the CROSSROADS Maldives during their trip. The familiarization trip provided Maldives with the ample opportunity to promote its tourism industry as a safe haven for travelers, which can be relayed more…
The latest update from Ministry of Finance reveals that the cumulative total of state revenues inclusive of foreign grants have reached MVR8,509.0 million (MVR8.5 billion) as of 21st April. Moreover, the cumulative total of state expenditure as of the review period reached MVR10,530.4 million (MVR10.5 billion). Expense composition attests that the government has spent 73% of its budget on recurrent expenditure with the remaining 27% directed towards capital expenses. Meanwhile, the revenues earned to state confirm that 69% came from tax sources while the remaining 31% came from non tax sources. The cumulative total of tax revenues as of 21st…
According to the latest publication from the Maldives Monetary Authority (MMA) the Maldivian economy is estimated to have expanded by 37% in 2021. The year on year expansion came after a “historical contraction” of 33.5% in 2020, and was attested according to preliminary estimates released by the Maldives Bureau of Statistics on 07th April 2022. Furthermore, this indicates a 5.4% higher than the most likely scenario for real GDP growth projected in October 2021, but slightly lower than the upper end of the growth forecast range of 28.1%-38.5%. Moreover, MMA’s report claim that the strong rebound in real GDP growth…
Maldives Marketing and Public Relations Corporation (MMPRC) has launched a new marketing campaign in partnership with Zee Network. According to MMPRC, the campaign will focus on the Middle Eastern market and will run for a month’s period. Under the campaign, advertisements promoting the island nation will be broadcast on the two main Zee Network channels catering to the Middle Eastern market; Alwan and Aflam. During the thirty-day period, advertisements of 15-second spots will feature the island nation as an ideal destination for tourists seeking different experiences ranging from luxury, romantic, honeymoon, family, and adventure vacations. Through the campaign MMPRC aims…
Maldives Monetary Authority (MMA), the country’s central bank has confirmed it will be open to render services on Saturday ahead of the Eid-Al-Fitr holidays in the coming week. According to the central bank, the authority will be open on Saturday instead of the coming week’s Wednesday. Furthermore, the bank noted that its services of accepting deposits and releasing funds would be available between 09:30hrs and 12:00hrs. Moreover, the bank confirmed that its services on Saturday will follow as per current proceedings and will be provided on an appointment basis.
State Electric Company Limited (STELCO) Managing Director Ahmed Shareef instructs public to inform the corporation about damaged power distribution boxes in Male’ City and across the Greater Male’ Region. Shareef had made the statement in a bid to improve direct communication between the local consumers and the utility provider. Moreover, several of the distribution boxes installed in the capital city are currently damaged to excessive degrees requiring immediate repairs and maintenance. Furthermore, the front man of the utility provider to the country’s capital expressed delight while responding to a local consumer who had earlier tweeted a picture of a damaged…