MTDC posts major increase in profits

Maldives Tourism Development Corporation (MTDC) has posted a significant 69 percent increase in its profits for the fourth quarter of last year.

The fourth quarter financial statement published on Monday shows that the public company recorded a net profit of USD5.8 million during the quarter from October to December. It was a substantial increase from the USD1.7 million received during the same period of the previous year.

According to the statement, the company received USD3.9 million in compensation, but no details were disclosed.

MTDC’s current portfolio:

  • Ekulhivaru island in Noonu atoll: Joint venture partnership between MTDC and Ritz Carlton Group to develop a 180-bed deluxe resort has been terminated as of May 2016.
  • Kihavah Huravalhi island in Baa Atoll: Subleased to Thai hospitality group Anantara and under operation from December 2010 onwards as Anantara Kihavah Villas, a five-star deluxe resort.
  • Magudhuvaa island in Gaafu Dhaalu atoll: Subleased to Turkey’s Aydeniz Group and under operation from November 2011 onwards as Ayada Maldives, a five-star deluxe resort.
  • Naagoashi island in Haa Dhaal atoll: Forty percent of development complete and expected to be finished by the end of this year.

Created by the government in the early 2000s as a public limited liability company, MTDC has developed a few resorts through sublease agreements. The company, however, is yet to realise the full potential and has faced several setbacks in completing new projects.

MTDC has recently sold two resorts to foreign companies; the resort developed on the island of Herathera in the southernmost Addu atoll to Singapore’s Canaries Pvt Ltd and Per AQUUM Niyama resort to its sublease partner Minor International.

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