The Maldives Tourism Development Corporation (MTDC) has approved to distribute USD0.04 per share dividend.
The approval was endorsed with 99.86% votes, during the Annual General Meeting (AGM) of MTDC held in Manhattan Business School. It is noteworthy that the same dividend amount per share was distributed last year.
Speaking at the AGM, Managing Director Ahmed Niyaz revealed the interest of MTDC of distributing a greater amount to shareholders. Aiming to achieve the goal, Niyaz highlighted ongoing efforts to explore additional income-generating opportunities for MTDC. He further stated that although the amount per share was relatively small, the overall profits generated this year were remarkable.
During the AGM, five directors were elected to the Board of Directors. Additionally, MTDC has given the approval to make arrangements such that Ernst and Young (EY) is the company's auditor for 2025.
Following the modifications made to the decisions and regulations pertaining to the development of Naagoashi, Haa Dhaalu Atoll, the financial proposal for last year was significantly altered in comparison to the financial proposal for the year 2022. As such, the profit fell by 9%. The statistics indicated that MTDC made a profit of USD1.5 million.
Although MTDC has faced losses since 2020, it remains a profitable corporation, primarily through revenue generated from leasing two islands. Established by the government in 2006, MTDC aims to attract diverse investments and effectively deploy resources to maximise shareholder wealth.