Author: Mohamed Reehaan
State Electric Company (STELCO) has announced that it will be providing discounts to customers who already paid for the undiscounted utility bills issued earlier. STELCO Managing Director Hussain Fahmy confirmed this via X on Saturday, adding that the customers who paid for their utility bills before the extension of discounts will have the difference after calculating the discount, reflected on the following utility bill; meaning the the difference from the original billed amount and the discounted amount will be deducted from the following month’s bill. Earlier, STELCO pulled back its earlier issued bills and said it was calculating the discounted…
The exchange rate of US Dollar has once again dropped in the Maldivian black market. Frequent exchangers report US Dollar is currently sold between MVR 17.30 and MVR 17.65, which is a reduction between MVR 0.20 and MVR 0.30. At the start of the current fiscal year, US Dollar was exchanged between the rates of MVR 17.70 and MVR 18.00. Local businesses and exchangers comment this decline is due to the steep increment in US dollar circulation in the Maldives market. While the exchange rate has shown decline, for larger denomination and bulky exchanges, the current rates are between MVR…
A couple enjoying their honeymoon at Dusit Thani Maldives have been commended by local authorities for their bravery and quick thinking in rescuing an employee of the resort from drowning. In a statement, the resort said Mr. Jordan Daneil Van Dyk and Ms. Denielle De Bruyn, the honeymooners, witnessed a staff member falling from a water villa deck into the ocean while on duty on April 28, 2024. The staff member was in a state of distress, struggling in the water when the couple acted “swiftly and courageously” in helping the worker. The couple have been commended for their bravery…
Maldives President Dr. Mohamed Muizzu on Friday, May 03, 2024, said the biggest challenge for the country’s journalism sector is the difficulty in obtaining sustainable income. As such, the Maldives of head of state revealed the government’s initiative for a dedicated incentive to the press media from the state budget. The President confirmed this decision in his speech on Friday, commemorating the World Press Freedom Day.
Ooredoo Maldives’ “Atholhu Dhuvun” heads to capital city, Male’ this May. To celebrate Rai’s run in the capital city, Ooredoo Maldives announced it will extend gifts to the top 3 players of the month. The player who secures the first place on the leaderboard will receive a PlayStation 5. For second place, Sottibiz has partnered with Ooredoo Maldives to gift a GoPro Hero Black Mini 11. The player securing third spot will receive a 55′ smart TV from RedWave. “Atholhu Dhuvun” takes the player through 12 levels, each unlocked every month and featuring a new island creating a continuous dynamic…
Applications are now open for exhibitors to register for the second edition of the Maldives Food Carnival, a five-day extravaganza scheduled from 03rd to 07th July 2024, at Hulhumale’ Central Park. The Maldives Food Carnival, a celebration of food and cuisines, is a platform where delectable tastes are served in an environment infused with culture and entertainment. Activities at the carnival include a “Biruveri Hoholha” (Tunnel of Fear), an open stage for performers and artists, culinary competitions and more. Local artisans and prominent food outlets will come together to showcase and sell their products in different areas – Artisan Alley,…
State Electric Company (STELCO) has revealed plans to introduce renewable energy means in five islands where it is currently providing conventional power. The ambitious plan was revealed by the Managing Director of STELCO Hussain Fahmy on Thursday, 02nd May 2024. This echoes to the utility provider’s January announcement to introduce battery-powered electricity in five local islands. Besides this, Fahmy, while speaking on ‘Raajje Miadhu’ program of the state-run PSM News, revealed the plan is to introduce renewable energy means in a total of 33 islands in the future, with preparations to introduce the services already underway for five of these…
Regional Airports Company Limited (RACL) on Wednesday, 01st May 2024, said it has started the assessment of Kadhdhoo Airport. RACL said it began assessing the airport’s operations to identify the areas of improvement, and added the assessment will help the company to enhance the overall airport experience. Earlier on 16th April, Kadhdhoo Airport was handed over to RACL as part of a decision made by the Maldives President Dr. Mohamed Muizzu, aimed towards improving services and standards of the domestic aviation hub. With this management handover, RACL, which has become Kadhdhoo Airport’s 100% shareholder, will take full control of its…
Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% decline in its Net Profit for Q1-2024. According to the company, MTCC earned a Net Profit of MVR 5.2 million for the review quarter, compared to MVR 30.8 million earned in Q4-2023. The company reported a Gross Revenue of MVR 664.4 million for the review quarter, registering a 15.8% decline from MVR 789.2 million in the last quarter of 2023. Moreover, the company’s Gross Profit saw a steep 94.5% decline in this year’s first quarter, plunging from MVR 44.3 million in Q4-2023 to just MVR 2.45 million in Q1-2024.…
State Trading Organization (STO) has reported a gross revenue of MVR 4.49 billion for the first quarter of 2024. In their latest Quarterly Report, STO said the company’s gross revenue for the review quarter increased 1.2% from MVR 4.44 billion registered in the corresponding quarter of 2023. Moreover, the quarterly revenue earned by STO in Q1-2024 is an 11.8% increase from MVR 4.02 billion earned in Q4-2023 as well. The largest state-owned enterprise reported a Net Profit of MVR 195 million for Q1-2024, which is a 6.8% increment from MVR 183 million in Q4-2023, but a 27.9% decline from MVR270…