Record Dividends, STO Profits, Airport Expansion

Friday, May 20

The State Trading Organisation introduced energy efficiency labelling in the local Dhivehi language on products at its outlets.

Friday, May 20

Thursday, May 19

Shareholders of the Maldives Transport and Contracting Company decided to distribute dividends of MVR28.13 million (US$1.8 million) at MVR 3.50 per share (face value of MVR5), the highest dividend declared in the history of the state-owned company.

MTCC’s annual general meeting was held at the Kurumba resort near Malé with 556 shareholders.

Thursday, May 19

President Ibrahim Mohamed Solih inspected progress on the ongoing expansion of the Velana International Airport, touring the new seaplane and passenger terminals, fire station, cargo terminal, and fuel farm.

According to the president’s office, the cargo terminal is now 95% complete and the new passenger terminal is at 30% ahead of a planned opening next year.

Tuesday, May 17

The Maldives State Shipping company announced a dozen job openings on its new cargo vessel due to arrive next month.

A subsidiary of the State Trading Organisation, MSS began operations in 2020. Its first ship, MSS Galena, began carrying goods from Colombo last year.

Tuesday, May 17

Monday, May 16

The State Trading Organisation posted an after tax profit of MVR186 million (US$12 million) for 2021, up 47% from the previous year.

Reflecting global oil price hikes and the reopening of resorts, STO’s revenue from fuel sales was up from MVR3.9 billion in 2020 to MVR6.3 billion last year.

Monday, May 16

Saturday, May 14

Imports increased 63% in April compared to the same period last year. Customs earned MVR362 million (US$23 million) as revenue during the month, up 37% from April 2021.

Saturday, May 14