Maldives Tourism Development Corporation (MTDC) has announced a dividend of 60 Laari per share.
MTDC board of directors made the decision during its recently held annual general meeting (AGM), held at the Manhattan Business Hotel last Tuesday, May 30.
MTC had previously paid 60 Laari per share in dividends for the preceding fiscal year of 2021 as well.
The state-owned enterprise (SOE) is set to disburse a total of MVR 20.4 million in dividends for the retained profits last year.
While MTDC’s profit declined, the company had observed a bump in last year’s revenue. The profit for the year reached USD 2.9 million (MVR 45 million), which is an 80% drop compared to the previous year’s profit of USD 10.2 million (MVR 157 million).
MTDC collected USD 7.3 million as revenue in 2022, which an increment of MVR 90 million compared to 2021.
The company saw real profits in 2021 after an 11-year period of facing losses. The company achieved this by modifying the agreements for leased islands to make them more profitable. MTDC’s primary revenue stream comes from leasing islands allocated to the company for tourism projects.
The company initially started selling shares in 2007 at a share value of MVR 100. However, since 2014, the face value of the company’s shares dropped to MVR 10.