The Maldives Tourism Development Corporation (MTDC) generated USD 1.25 million (approximately MVR 19.3 million) in revenue during the first quarter of the year, signalling a marginal 0.8 per cent top-line contraction from the USD 1.26 million collected in the preceding quarter. While revenue remained relatively stable, the organisation’s profitability experienced a more pronounced downturn, according to financial disclosures.
Operating profit fell to USD 209,869, marking a 44.5 per cent decline from the USD 378,699 recorded in the previous period. Net profit for the quarter settled at USD 178,389 (approximately MVR 2.7 million), a 31 per cent contraction from the USD 259,247 achieved at year-end.
Currently, revenue relies exclusively on leasing Kihavah Huravalhi in Baa Atoll and Magudhuva in Gaafu Dhaalu Atoll. To diversify, the company is advancing a luxury destination on Naagoashi in Haa Dhaalu Atoll. Construction is progressing toward a 2027 opening, which will facilitate a substantial revenue expansion, company officials noted.
Infrastructure growth continues with the finalising of a new corporate headquarters. The interior fit-out of the office building is in its concluding phases, and all related construction activities are projected to be completed by June, representatives stated. Once the facility is officially inaugurated and operational, it will serve as an additional catalyst for driving future revenue growth for the corporation.