Managing Director of Waste Management Corporation Limited (WAMCO) Mujthaba Jaleel has revealed that the corporation has reduced expenditures, and now has the capability to function independently, without governmental assistance, from next year onwards.
WAMCO plays the most important role in assisting the government to address the waste management issues across the country. Since establishment, WAMCO has relied on a significant portion of the state-budget to function.However, the current management is focused on achieving financial independence for the corporation.
Speaking at a programme aired on PSM News, Managing Director stated that WAMCO has reduced wasteful expenses, noting that it had reduced expenditures by 46% during the second quarter of the year. Additionally, the corporation is exerting several efforts to increase its revenue. Under these efforts, a Project Department was established in the corporation, giving WAMCO the opportunity to provide its services in signifiant projects. WAMCO stated that this initiative increased the corporation's revenue by USD 648,508.
Further revenue-boosting initiatives include the collection of waste from resorts and providing cleaning services to state-owned enterprises (SOEs). WAMCO currently offers cleaning services to six administrative bodies and is negotiating to extend these services to ten more locations, with an expected revenue of USD 453,955. The corporation also aims to provide waste disposal services to 50% of local resorts, which is anticipated to generate substantial revenue.
With all these initiatives undertaken, WAMCO's primary objective is to achieve financial independence and generate profits in the coming year. To achieve this objective, WAMCO stated that it is collaborating with Maldives Ports Limited (MPL), to provide waste disposal services in the bunkering facilities.