Author: Mohamed Reehaan

State Trading Organization (STO) has reported a revenue total of MVR4.62 billion for the third quarter of 2022. According to the country’s largest state-owned enterprise (SOE), its revenue observed a quarterly decline. In Q2-2022, STO reported a quarterly revenue of MVR4.9 billion. The enterprise reported a gross profit of MVR515.3 million in Q3-2022. Which is an MVR57.8 million improvement from preceding Q2-2022, during which gross profit stood at MVR457.5 million. Moreover, STO’s operating profit for the review quarter stood at MVR255.1 million, whereas in the preceding quarter its operating profit stood at MVR216.5 million. Profit before tax in Q3-2022 stood…

Maldives Civil Court ruled recently that the government is not liable to pay MVR74 million as reparations for its seizure of GDh. Kautihulhudhoo. The island has been leased for agricultural and poultry purposes. In 2013, government leased the island to Sunny Farm, but repossessed the island back in 2020 citing insufficient work carried out in the part of the private business. This was a violation by the company towards the contractual agreements between the parties. Sunny Farm contested the claim citing presence of a third-party in the island. The company filed for USD4.8 million in damages at Civil Court last…

Bank of Maldives (BML) has posted its financial performance for 2022 third quarter. The bank reports a net profit after tax of MVR367 million, and an operating profit of MVR694 million, a 17% increment from the preceding quarter this year. Business volumes across all key sectors remained strong, while the bank maintained a quality loan portfolio. The capital and liquidity ratios of the bank were well above regulatory requirements. The newly appointed Chief Executive Officer, Mr. Karl Stumke spoke about the bank’s strong Q3 performance. “This quarter’s financial performance is encouraging with all core business lines performing well. We will…

According to Maldives Customs Service, conventional cigarette imports to Maldives dropped. On the other hand, imports on electronic cigarettes and vapes increased 7%. The annual statistical review from the authority confirms tobacco related products among top imported commodities. A single cigarette filter costs MVR3.00 in import duty tax. Traditional cigarettes saw a decline in their demand owing to strong efforts at the state level to curb smoking and tobacco usage; most notably through state’s anti-tobacco efforts that include placing warning labels on cigarette packs. Historically, cigarette demands showed an inverse relation with tax hikes. In 2011, import duties on cigarette…

Tourist arrivals to Maldives exceed 1.31 million as of 26th October 2022. According to Ministry of Tourism, tourist arrivals by the review date reached a total of 1,317,573. This is a 33.4% increment in annual terms compared to the same period in 2021, during which arrivals stood at 988,013. However, it is still 3.9% below pre-pandemic levels of the same period in 2019, during which arrivals stood at 1,371,103. Tourist arrivals from 01st to 26th October, exclusively, reached 126,953. This is an 8.4% increment from the same period last year, during which arrivals stood at 117,151. Moreover, it is a…

Ahead of the winter season, which coincides with the tourism peak season in the Maldives, Azur Air confirms commencing direct flights to the island nation. The Russian based airline will operate its flights from Moscow to Velana International Airport (VIA), which commenced earlier on 28th October 2022. Maldives Airports Company Limited (MACL) reported Azur Air will operate daily flights during the tourism peak season. The airline is set to operate Boeing 767 class 336-seater commercial carriers. The airline is launching its direct flight operations to the island nation ahead of the peak tourism season, which normally starts on December and…

Domestic airline, Manta Air launches new promotion scheduling special flights to Haa Alif atoll Hoarafushi. Manta Air launched the promotion to operate special flights from 01st to 04th November. The airline, under ‘Boduthiladhunmathi’ promotion offers a one-way ticket at MVR1,300 per person. Moreover, the airline confirms flights will operate twice daily during the promotion. The domestic airline earlier expanded its flight operations within Maldives, and launched chartered flights between Male’ City and Hoarafushi on 04th September. The airline commenced daily charter flights to Hoarafushi under the agreement with JA Manafaru.

Tourism Employees Association of Maldives (TEAM) declares its support to state’s decision to hike Goods and Services Tax (GST) for 2023. The association released a statement, noting that the government’s preposition is an imperative amendment. According to TEAM, this amendment to increase taxes on business will positively impact the tourism industry. It adds the bump in taxes will reflect in a subsequent surge in state revenues, which can be translated to improvement of the country’s economy. Moreover, this decision will work in favor of incrementing salaries of tourist industry employees, TEAM adds. TEAM also identifies that increment in tourism receipt…

Maldives Parliament approves Auditor General’s Office budget of MVR93 million for 2023. The budget was submitted by parliament’s Financial Committee for voting during Wednesday’s sitting, 26th October. At voting, it was passed with 44 votes out of the 77 members present. Initial fiscal budget for 2023 from the office stood at MVR95 million, which went through slicing and dicing by the committee. The committee observed the requirement to deduct from notable expenditures; such as staff training and operational costs. Recurrent and capital expenditure maxed out at MVR62.7 million at first, but since Finance Ministry’s mandated baseline ceiling policy dictates the…

This year’s festive season at Maamunagau Island “is all about culinary heights led by” visiting Michelin star chef Anita Lo, and visiting Flair Bartender Anne-Lise Jouenne. Guests will receive to retreat from their “daily hustle, embrace nature, reconnect with what matters and soak in the serenity that only a tropical, remote island can host”. The US-based Michelin Star Chef Anita Lo, is noted for her love to mix and fuse flavors, “reflecting stories and secrets from her journey and different cultures to become one of the most sought-after chefs in America.” “For me, there is nothing better than discovering a…