Maldives Tourism Development Corporation (MTDC) has decided to distribute USD0.04 per share as a dividend for the year 2021. The dividend was passed during the Annual General Meeting (AGM) of MTDC, held on June 9.
MTDC generated a net profit of USD13.7 million last year. It is a major increase from the USD3.3 million generated as profit in 2020. MTDC attributed the increased profit to the increased sublease investments. During the AGM, MTDC passed a dividend of USD0.04 per share to be distributed among its shareholders. The company had distributed USD0.03 per share as a dividend for 2020.
During the AGM, MTDC also revealed the resort under development in Naagoashi, Haa Dhaalu Atoll is expected to be opened in 2024. The resort is being developed by a joint venture between MTDC and a company from the UAE. MTDC revealed the survey, design, and preparation of the Environmental Impact Assessment (EIA) report of the project is currently ongoing.
MTDC generates revenue by subleasing islands for tourism development. The company currently generates revenue from two subleased resorts. They are Anantara Kihavah Resort and Ayada Maguhdhoo Resort.