MTDC records MVR 11.6M as Q3 2022 net profit

Maldives Tourism Development Corporation (MTDC) has posted a net profit of MVR 11.6 million for the third quarter of this year.

The Q3 2022 financial report released by MTDC shows the corporation generated a revenue of MVR 28 million in Q3 – only slightly higher than the revenue of MVR 27.7 million in Q2.

The corporation recorded a gross profit of MVR 12.9 million.

The Q3 balance sheet shows the corporation owed a debt of MVR 208.2 million to the government and MVR 62.6 million to private businesses.

MTDC was established in 2006 to allow the Maldivian people to directly profit from tourism. However, ordinary shareholders complain the purpose remains unfulfilled, 16 years since the corporation was established.

MTDC was awarded projects to develop eight resorts and a city hotel when it was established in 2006. However, the corporation operates just two resorts.

MTDC incurred its greatest loss with the Herethere resort in Addu City – with USD 30 million. The corporation also discontinued the project to develop a city hotel in HA. Uligan in 2010.

The corporation’s prime ongoing project is the project to develop a resort in HDh. Naagoshi.

The two resorts the corporation is running at a profit are Anantara Kihavah Maldives Villas and Ayada Maldives.