The Maldives Tourism Development Corporation (MTDC) has approved a dividend of 60 Laari per share for the year.
MTDC's 18,000 shareholders were represented at the corporation's annual general meeting held Thursday. As per the decisions made at the meeting, MTDC will pay a dividend of 60 Laari per share, spending a total of MVR 28 million for the purpose.
In 2020, MTDC paid a dividend of 50 Laari per share for the year. That was the first time the company paid a dividend in eleven years.
MTDC posted a profit of MVR 211 million last year. The most significant profit was generated by amending the lease agreements for islands leased by the corporation to make them more profitable. MTDC's two main assets are Ayada Maldives and Anantara Villa.
MTDC's Managing Director Tazmeel Abdul Samad told the company's shareholders that the company was taking important steps to increase its profitability, including acquiring more assets.
In this regard, MTDC has bought a 7,000 sqft in Hulhumale' and built an office building on the property. The company has decided to move its office to the building and rent out the remaining floors to increase its revenue.
MTDC was established to increase public participation in tourism, but the company was not operated as per its objectives for a long time. However, the company made a profit in the last three years.
