Author: Mohamed Reehaan

State Trading Organization (STO) has reported an annual gross profit of MVR1,917 million (MVR1.9 billion) for the fiscal year of 2021. Moreover, the largest state-owned enterprise has reported its operating profit for previous year stood at MVR451 million, while the company made net profit of MVR186 million. STO had generated a total gross revenue of MVR11,236 million (MVR11.2 billion) in 2021, which observed a growth of 32% while the company’s net profit had increased by 47% on annual terms last year. The enterprise reported a net revenue of MVR3,067 million (MVR3.07 billion) in 2021 from its trading segment, whereas in…

According to the latest updates from Ministry of Tourism, the total number of tourists arriving in Maldives was recorded at 628,709 as of 11th May 2022. Moreover, this annual arrival total indicates a 47.1% improvement in tourist arrivals compared to the corresponding period in 2021 during which it had reached just 481,579. However, the arrivals observed in 2019 for the same period stood at 687,491 indicating that tourist arrivals in 2022 was still 8.6% below pre-pandemic levels. The tourist arrivals stood at 51,919 for the period of 01st to 11th May which indicated an 80.2% improvement compared to the same…

According to Maldives Inland Revenue Authority (MIRA) the total revenue collected during the month of April 2022 increased by 14.7%, reaching a monthly total of MVR1.63 billion. Furthermore, the revenue collected for the month was up by 45.8% from initial projections. MIRA reported that the notable improvement in the revenue collection to the state was due to the receipt of Lease Period Extension Fee as well as the increment of tourism related taxes. Moreover, the revenue collection saw significant improvement compared to initial projections due to the increment in tourism related taxes, owing to stronger tourist arrivals in March 2022,…

Maldives Inland Revenue Authority (MIRA) reports a 65% increment in the national collection of Zakat-Al-Mal. According to the authority, it has collected a total of MVR38 million in Zakat-Al-Mal by the end of April 2022. Furthermore, the revenue and taxation authority noted that the total Zakat-Al-Mal collected by the corresponding period in 2021 had reached only MVR23 million. Meanwhile, the Ministry of Islamic Affairs had revised the nisab for Zakat-Al-Mal, setting it at MVR7,241.15 whereas the nisab for the Zakat was at MVR6,878.20 during August 2021. Furthermore the annual total of Zakat-Al-Mal collected in 2021 stood at MVR90 million, which…

Russian flagship carrier, Aeroflot has recommenced its direct flight operations to the Maldives, with first landing in two months on Saturday morning, 14th May. Following a two-month hiatus by the national carrier of Russia in light of Moscow’s conflict with Kiev, Russia had sought support from Maldivian Civil Aviation authority to ascertain continuation of its flight operations to the island nation. The temporary discontinuation of Aeroflot’s operations to the Maldives was heavily reflected on the tourist arrival numbers from the country, as Russia as the leading source market was dethroned and dropped to third spot in light of weaker arrival…

State Trading Organization (STO) has signed an agreement with Afcons Infrastructure Limited, to supply the cement required for the development of the Thilamale’ Bridge. The signing took place on Thursday morning, 12th May 2022, at STO head office, where the state-owned enterprise’s Chief Executive and Managing Director Hussain Amr Mohamed Rashaad signed on behalf of the company while V. Madhusudhanan signed on the agreement on behalf of Afcons. The parties signed a one year contract, with Afcons Infrastructure agreeing to the purchase of a total of 7,500 cubic meters of ready-mix concrete from STO. Meanwhile, STO has made all the…

Revenues inclusive of grants to the state observed a 51.2% increase in February 2022 compared to the corresponding month in 2021. According to Ministry of Finance the cumulative revenues inclusive of grants stood at total of MVR5,270.2 million (MVR5.27 billion) by the end of February. The ministry further confirmed that the strong increase was mainly due to the increment in GST receipts. On the other hand, state expenditure on a cumulative basis was recorded at MVR5,276.4 million (MVR5.28 billion) by February, which is an increment of 36.5% compared to the same month last year. The fiscal balance for the month…

Maldives Marketing and Public Relations Corporation (MMPRC) has marketed the island nation at the International Luxury Travel Market (ILTM) Arabia. Regarded as the most exclusive luxury travel trade show held in the Middle East, the ILTM Arabia was held from 10th to 11th May on the sidelines of Arabian Travel Market (ATM) 2022 at the Dubai International Convention and Exhibition Center, also known as the Dubai World Trade Center. MMPRC will be showcasing the ultimate luxury vacation experiences available in the Maldives, which is marketed as the “World’s Leading Destination.” The premier tourism promoter marketed the island nation to reconnect…

Maldives Marketing and Public Relations Corporation (MMPRC) and Qatar Airways signed a memorandum of understanding in a bid to increase inbound air traffic to the island nation through joint efforts. The MoU was signed at the Qatar Airways stand on the sidelines of the Arabian Travel Market (ATM) 2022 that was held from 09th to 11th May 2022 at Dubai World Trade Center. Moreover, the MoU was signed on behalf of MMPRC by its Chief Executive Officer and Managing Director Mr. Thoyyib Mohamed, while Mr. Thierry Antinori, the Chief Commercial Officer of Qatar Airways. As per the agreement, both partners…

Maldives Marketing and Public Relations Corporation (MMPRC) exhibits the island nation at the Arabian Travel Market (ATM) 2022, as part of the effort to reconnect with the Middle Eastern travel trades. The ATM 2022 commenced on Monday, 09th May and will last until Thursday, 12th May at the Dubai International Convention and Exhibition Center, Dubai World Trade Center. The event is one of the world’s leading travel trade fairs for inbound and outbound travel industries in the Middle East, while for the last 28 years the annual event has connected “products and destinations” across the world, linking buyers and travel…