Author: Mohamed Reehaan
The State Trading Organization (STO) has reported an annual gross profit of MVR2.76 billion, which is a 43.8% increase from the annual gross profit of MVR1.92 billion in 2021. Financial Performance: 2022 | 2021 Gross Profit: MVR2,757,801,340 | MVR1,917,445,347 | 43.8% Operating Profit: MVR1,437,950,479 | MVR450,877,256 | 218.9% Profit Before Tax: MVR1,199,058,366 | MVR288,085,429 | 316.2% Profit After Tax: MVR1,056,861,820 | MVR185,663,749 | 469.2% Performances of STO’s Major Business Areas Fuel and Lubricant: MVR13.4 billion (observed an MVR7 billion sales growth) Trading: MVR3.04 billion (-1% decline) Fisheries: MVR1.59 billion (28% sales growth) Shipping: MVR308 million (MVR163 million sales growth) Gas:…
The Maldives has attracted over 700,000 tourist arrivals as of 05th May 2023, according to the Ministry of Tourism. The ministry reported that the total tourist arrivals as of the review date stood at 710,645, which is a 17.5% annual increment compared to the same period last year, during which arrivals stood at 604,730. Tourist arrivals to the Maldives exclusively from 01st to 05th May stood at 22,361, which is a 19.9% decline from the 27,926 arrivals recorded for the same period in 2022. However, compared to the same period in 2021, which recorded 13,534 arrivals, it is a 65%…
Mövenpick Resort Kuredhivaru Maldives has introduced a new mobile application to help guests plan their vacation easily. The app is a pocket guide to the stunning facilities and must-do experiences at the luxury resort, and allows customers to book the resort directly through it. The new app is designed to cater the needs of current and prospective guests, providing them with inspiration, insider tips, and personalized experiences. The Mövenpick Resort Kuredhivaru Maldives offers five-star services that are fully personalized to the individual needs of the guests. The resort offers a high degree of privacy and an array of luxurious overwater…
The debut Maldivian property of Rosewood Hotels & Resorts, Rosewood Ranfaru is scheduled to open in 2027. According to Rosewood, their latest resort project will reflect the hotelier’s guiding A Sense of Place philosophy “through a highly curated experience that emphasizes privacy, luxury, and a connection to the natural habitat.” Rosewood Ranfaru is situated less than an hour away from Velana International Airport (VIA). Guests will be able to make the journey to the resort via either a 35-minute yacht ride or a ten-minute seaplane trip. Developed by Estithmar Holding, the project represents the “next generation of Maldives tourism.” Speaking…
The Maldives stand received the “Best Stand Feature” award at the Arabian Travel Market (ATM) 2023. The award was presented on Wednesday last week, and is the first time such an award was introduced at the ATM. The award is a testament to the countless hours of work dedicated to curating the Maldives’ stand as the most attractive, vibrant, and energetic stand at the fair, said the Maldives Marketing and Public Relations Corporation (MMPRC). The island nation was showcased at the ATM 2023 with a double-decker stand, in a space spanning over 429 square meters. MMPRC said that the stand…
The State Electric Company Limited (STELCO) has announced its ‘Avikatha’ program, granting residents an opportunity for passive income. Under the program, STELCO is seeking rooftops of local residences to take on rent to install solar-power panels. The project is aimed at reducing dependency on conventional oil-based power generation, and use renewable energy sources that utilizes natural resources to harness electricity. STELCO said that it will pay a rent of MVR180.60 for every panel installed on the rooftops, and added that all expenses of installing the panels will be incurred by the utility provider. The utility provider also noted the initiative…
Urbanco has sought the help of Maldives Police Service in launching an investigation of minor investors from Hanbo Company Limited, who allegedly swindled money from several individuals in the sale of apartments at K-Park Residence. Hanbo Company Limited is developing the K-Park Residence in Hulhumale’. According to Urbanco, the company had lodged a complaint with them alleging unverified transactions in the sale of apartments. One of the minority shareholders involved in the residential project is local entrepreneur Hassan Mamdooh, while another is Jaishan Saeed who is a shareholder in Kodhi Investments, a local company that holds a minority stake in…
The usable reserve of the Maldives has dropped to USD 200 million according to Maldives Monetary Authority (MMA). According to central bank’s latest statistics, the 2023 fiscal year began with a usable reserve of USD 260 million; indicating a USD 60 million decline from the last reviewed date. Statistics showed that the country’s usable reserve stood at USD 400 million by the end of March 2022, which confirmed a 50% decline in the usable reserve in the same month this year. The average usable reserve for 2022 stood at USD 290 million. The reserve saw a gradual decline from April…
Cambodia has begun issuing 30-day on-arrival visas to Maldivians traveling to the country. The Ministry of Foreign Affairs confirmed that the Southeast Asian nation began issuing 30-day on-arrival visas to Maldivians traveling to the country as part of the visa agreement between the two countries. Despite this, Maldivians traveling to Cambodia on business or education or longer durations must obtain a visa in advance. Maldives and Cambodia earlier signed a visa agreement during Cambodian Prime Minister Hun Sen’s visit to the island nation in January 2023. The island nation has the highest number of on-arrival visas in South Asia issued…
The rate of inflation on all food goods increased during the first three months of 2023. According to Maldives Bureau of Statistics, the consumer price index (CPI) on all food groups increased by 6% in March which is a 70% increment compared to the same month last year. The CPI on all food groups in March 2022 stood at 2.5%. The highest price inflation in food items were observed in lemon, carrot, coconut, orange, and fish. While food and non-alcoholic beverages observed a 1.01% increment during March 2023. From February 2023, fish prices increased by 1.28%. Statistics further confirm that…