MTDC posts weak Q1 performance, profits below $500K
Maldives Tourism Development Corporation (MTDC) has posted profits of USD 424,546 for the first quarter of the year.
The first quarter financial statement published on Monday shows that the public company received revenues of USD 2.6 million, out which USD 1.6 million was considered gross profit. Administrative expenses, however, totalled USD 1.2 million during the quarter from January till March, lowering the net profit to USD 424,546.
This is a weak performance compared to the previous quarter where MTDC posted a significant 69 percent year on year increase in profits. The company recorded a net profit of USD5.8 million during the quarter from October to December 2016 — a substantial increase from the USD1.7 million received during the same period of the previous year.
MTDC’s current portfolio:
- 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.
Photo courtesy: Nattu
TTM Travel Summit 2023 unveils exciting new concept with interactive, engaging workshops
Travel Trade Maldives (TTM) has introduce an elevated concept for the highly anticipated TTM Travel Summit 2023. Building upon 6 years of success, this year’s summit promises an immersive and engaging experience, focusing on interactive brainstorming sessions and workshops that will shape the industry’s future.
TTM Travel Summit 2023 boasts a dynamic lineup of sessions and workshops designed to encourage active participation from industry stakeholders. With keynote presentations by industry experts and collaborative brainstorming sessions, the summit will explore crucial topics essential for advancing the tourism sector in the Maldives.
Attendees can anticipate thought-provoking discussions on the future of aviation in the Maldives, exploring emerging trends and challenges that will significantly impact the travel industry. The evolving role of travel agents in the digital era will also take centre stage, emphasising the importance of adapting to changing landscapes and embracing new strategies.
Another significant focus of the summit will be marketing the Maldives to new markets, with experts sharing insights on diversifying tourism products. Furthermore, participants will gain valuable knowledge on media and content strategies for effective tourism promotion, unravelling the secrets behind captivating travel stories and engaging content.
TTM Travel Summit is an exclusive invitation-only event that brings together thought leaders, industry shapers, and senior decision-makers professionally engaged with Maldives tourism. By fostering collaboration and knowledge exchange, the summit aims to propel the industry forward and pave the way for a thriving future in travel.
Registration for the TTM Travel Summit will be open from 1st July onwards, and industry professionals are encouraged to secure their spot early to be part of this groundbreaking experience.
Taking place from August 22nd to 24th, 2023, TTM Maldives 2023 will feature TTM Connect Meetings during the first two days at Meeruma Conference Facility, followed by the TTM Travel Summit and the prestigious TTM Awards & Gala Night on the final day at CROSSROADS Maldives.
Visit Maldives collaborates with SQ to showcase Maldives with familiarisation trip for Chinese market
Maldives Marketing and Public Relations Corporation (MMPRC/ Visit Maldives) concludes a familiarisation trip in collaboration with Singapore Airlines (SQ). The trip was held from 29th May to 4th June 2023. This familiarisation trip provided participants from the Chinese market with an immersive experience of the world-class Maldivian hospitality, focusing on affordable luxury and sustainability in the Sunny Side of Life.
The familiarisation trip commenced 31st May 2023, following the Visit Maldives Storytellers’ Conference 2023. It featured representatives from various publications and social media platforms, with a specific focus on the mass market. This trip generated extensive coverage that highlighted the unique geographical features of the Maldives and its one-island-one-resort concept, along with the exceptional experiences that have made the Maldives one of the world’s most sought-after holiday destinations.
With a estimated combined reach of 1,270,000, leading publications and platforms such as Travel+Leisure, City Traveller, Conde Nast Traveller 悦游, Voyage 新旅行, and 公众号:飞客 Flyer Tea provided coverage that reached a wide audience. During the trip, participants had the opportunity to engage with consumers on social media, share first-hand experiences of Maldivian hospitality through local life experiences, and promote the destination’s sustainability efforts. The trip showcased the range of unique experiences available in the Maldives, highlighting its position as a top destination and environmentally-friendly getaway. Through this trip, MMPRC aimed to not only reach a vast audience but also create a strong presence on various platforms and entice travellers to experience the unparalleled beauty and hospitality of the Maldives.
MMPRC aims to promote the Maldives as a safe and attractive destination for Chinese travellers through this activity. China has consistently been in the top 10 source markets for the Maldives in terms of arrivals pre-pandemic, and despite the challenges posed by the pandemic, the market is showing promising signs of recovery. In the first quarter of 2023, 17,691 Chinese tourists visited the Maldives, and the Maldives aims to leverage its presence on various platforms to gain a competitive advantage over other destinations.
This familiarisation trip with Singapore Airlines is part of a broader marketing strategy that includes ongoing PR activities, social media promotions, joint campaigns with leading travel agencies, and more. MMPRC is dedicated to enhancing destination presence in the Chinese market and capitalising on the growing interest in travel opportunities post-pandemic.
Perspective and Maldives Promotion House announce strategic partnership and appointment of Ali Naafiz as editor of Hotelier Maldives
Perspective Pvt Ltd is pleased to announce the appointment of Ali Naafiz as the Editor of Hotelier Maldives, following the strategic partnership with Maldives Promotion House Pvt Ltd, publisher of Maldives Insider. This collaboration marks an important milestone in the travel media landscape of the Maldives, as it brings together two prominent entities with a shared vision for excellence and growth.
The partnership between Perspective Pvt Ltd and Maldives Promotion House Pvt Ltd will facilitate a seamless integration of resources and expertise, leveraging their collective experience in publishing, media, and management, amounting to almost three decades. This union sets the stage for innovative growth and synergy, enabling the companies to deliver even greater value to their readership and partners.
Ali Naafiz brings a wealth of knowledge and expertise to his new role as the Editor of Hotelier Maldives. With his extensive experience in the media industry, he is poised to lead the publication towards new horizons of success and recognition. Ali Naafiz’s deep understanding of the Maldives’ hospitality sector will be instrumental in providing insightful and impactful content, further solidifying Hotelier Maldives’ position as the premier source of information for the industry. Ali Naafiz will also retain his roles at Maldives Insider and Next Media Group.
In addition to this exciting appointment, Perspective Pvt Ltd is thrilled to announce that the annual GM Forum hosted by Hotelier Maldives will undergo a significant revamp. This strategic decision reflects Perspective Pvt Ltd’s commitment to continuously evolve and innovate its product portfolio to cater to the evolving needs and demands of the industry. The revamped GM Forum will provide a platform for industry leaders, professionals, and stakeholders to engage in meaningful discussions and collaborate on shaping the future of the Maldives’ hospitality landscape.
Perspective Pvt Ltd and Maldives Promotion House Pvt Ltd, are excited about the possibilities that lie ahead. We remain steadfast in our dedication to delivering exceptional value to our esteemed readership and partners, while striving for continuous improvement and innovation.
For media inquiries or more information, please contact:
About Perspective Pvt. Ltd.
Perspective Pvt. Ltd. is the publisher of Hotelier Maldives, the premier hospitality magazine in the Maldives. Dedicated to providing an exceptional platform for industry professionals to connect, share insights, and discover new opportunities, Hotelier Maldives is a trusted source of information and inspiration for the vibrant hospitality community.
About Maldives Promotion House Pvt. Ltd.
Maldives Promotion House Pvt. Ltd. is the publisher of Maldives Insider, a leading travel platform exclusively dedicated to showcasing the beauty and wonders of the Maldives. With a passion for excellence and an unwavering commitment to promoting the Maldivian tourism industry, Maldives Promotion House provides insightful information and engaging content to its global audience.
Featured2 days ago
Atmosphere Core completes grand tour of 7 resorts for Culture Reignite
Entertainment18 hours ago
Bollywood actress Sunny Leone enjoys holiday in Maldives at Brennia Kottefaru
Insiders23 hours ago
Nafiu Ahmed on striving for excellence at Le Méridien Maldives Resort
Business2 days ago
TTM Travel Summit 2023 unveils exciting new concept with interactive, engaging workshops
Featured2 days ago
Villa Nautica, Villa Park take accolades at Travel+Leisure Luxury Awards Asia Pacific 2023
Featured1 day ago
Fairmont Maldives celebrates multiple accolades in Travel + Leisure Luxury Awards Asia Pacific 2023
Featured4 days ago
Holistic journey of a lifetime at Nova Maldives with visiting practitioner Master Sifu Aniket
Cooking24 hours ago
Review: Sheraton Maldives Full Moon Resort’s Carbon-Free Menu