Male' Water and Sewerage Company Private Limited (MWSC) has recorded a significant increase in profits in the first quarter of this year, compared to the same period last year.
The latest statistics released by MWSC show that the company's net profit for the first quarter of last year was USD2.3 million. This year, however, the profit increased to USD5 million, marking a notable increase of USD3 million.
While revenue for MWSC decreased compared to both the first quarters of last year and this year, the company's profitability remained robust. The company recorded revenue of USD24 million last year, whereas this year it decreased to USD22 million. Despite this, MWSC achieved a substantial profit in the first quarter of this year, totaling USD12 million, with an operating profit of USD6.2 million.
MWSC serves as the primary water and sewerage provider in the Greater Male' Region. Additionally, it extends its services to three islands for water and sewerage, and to one island for electricity in the Maldives.