The Managing Director of the Maldives Tourism Development Corporation (MTDC), Ahmed Niyaz, has announced that the company is preparing to begin work on the development of a new resort as part of efforts to increase its revenue.
Speaking on a special program aired by state media Public Service Media (PSM News) to discuss the activities of state-owned companies, Niyaz said the government is currently carrying out the administrative procedures required to officially hand over land to MTDC for the development of an additional resort.
Highlighting the company’s financial situation, Niyaz said that 2019 was a particularly challenging year for MTDC financially. However, he noted that the company has since transformed into a profitable and financially stable enterprise capable of providing returns to its shareholders. According to him, last year was the most profitable year in the company’s history.
“After deducting all expenses and taxes, the company recorded a net profit of more than MVR 30 million last year,” Niyaz said.
At present, MTDC’s main sources of income are the Ayada Maldives resort in Gaafu Dhaalu Atoll and Anantara Kihavah Maldives Villas in Baa Atoll.
Niyaz stated that the company’s current priority is to reduce operating costs while identifying new avenues for increasing revenue.
Among MTDC’s ongoing priority projects are the construction of its new office building and the development of Naagoshi. He said the new office building is expected to generate additional income for the company, and that once work on Naagoshi progresses, MTDC plans to move ahead as quickly as possible with the practical development work on the new resort that will be handed over to the company.
The MTDC Managing Director added that further details about the new project, which is being undertaken in collaboration with the government, will be officially announced in the coming days.
