Maldives Tourism Development Corporation (MTDC) has decided to construct a new office building to increase revenue generation.
The financial report published at the annual general meeting (AGM) shows that MTDC has bought a 6,000sqft land plot in Hulhumale' to construct a new office building. Currently, the company is working on concept design and obtaining the relevant permissions to construct the building. Fieldwork is expected to begin in the last quarter of this year.
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.
At 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 ongoing.
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.