Business

MTCC to transfer minibuses to atolls and begin services this month

Published

2 years ago

23/07/2022

MNN

Maldives Transport and Contracting Company (MTCC) has stated that it plans to transfer minibuses to the atolls and begin services this month.

MTCC plans to operate minibus services in the Greater Male’ Region, Addu City, Fuvahmulah City, and Laamu Atoll. Bus services were previously provided in these areas by Maldives Ports Limited (MPL) but the services were halted for various reasons including the deteriorating condition of the buses and the challenges in driving the large vehicles on narrow streets.

MTCC brought in 36 minibuses to the Maldives on July 16 to commence bus services. The state-owned company plans to operate 12 minibuses in Male’, while the rest of the vehicles will be used for services in the atolls.

Speaking to PSM News, Chief Executive Officer (CEO) Adam Azim said that there has been a slight delay in transferring the buses due to the bad weather but preparations have been made in the atolls to begin the services as soon as possible. He further said that the minibuses will be more convenient to operate in the atolls compared to the previous 40-passenger buses.

The minibuses have a capacity of 20 passengers and operate on diesel fuel. The vehicles are designed to accommodate passengers in wheelchairs. The minibus services are part of the larger Raajje Transport Link (RTL) service, which aim to connect transport services across the Maldives. MTCC stated that the minibus services will be cheap and convenient to the public and that five more vehicles will be brought in this month to be used as part of the service.

Source: psmnews

Business

BML announce new MVR 1-mil loan facility without collateral

Published

21 hours ago

06/05/2024

The Bank of Maldives (BML) on Monday officially announced the launch of two new home loan products; the Home Build Loan and the Home Equity Loan.

The new loan facilities have been introduced to cater to the growing customer needs for home construction and renovation, BML said.

The new Home Build Loan has been designed to allow individuals to borrow up to MVR 1 million without any additional security. The facility provides a repayment period of over 15 years, which is ideal in renovation projects or larger home construction projects across the Maldives.

The bank also, for the first time, has introduced Home Equity Loan for existing Home Loan and Financing customers. This new facility enables these customers to borrow up to the repaid amount, or the usable equity, of the primary loans. The Home Equity Loan is offered for borrowings of more than MVR 50,000 with a repayment period of 20 years.

Moosa Nimal, the Director of Retail and SME Banking said, “These products are designed to make access to finance easier for our customers across the country.”

“The new Home Build Loan does not require any additional security and will allow customers to build or renovate homes at the most competitive market rates. Our Home Equity Loan offers our existing home financing customers to access usable equity available on their property, at a low rate of just 10%.”

The newly introduced loan facilities are available for BML Islamic customers as well.

Source(s): sun.mv

Business

MIB signs an agreement to expedite business registration process

Published

3 days ago

04/05/2024

Ministry of Economic Development and Trade and the Maldives Islamic Bank (MIB) has entered an agreement, aiming to expedite and streamline the registering services for businesses. The agreement was signed to enhance the quality of services, ensure information security, and facilitate an efficient registration process.

Following the signing of the agreement, Minister of Economic Development and Trade Mohamed Saeed disclosed that customer data can be readily verified with the assistance of the ministry’s Application Programming Interface (API). The minister stated that this would enable businesses to set up bank accounts in a convenient manner. Regarding this, Registrar of Companies Mariyam Waheed underscored the pivotal role API will play in authenticating businesses to customers and expediting in the verification process.

This initiative will significantly benefit individuals accessing online services from the ministry, fostering economic development within the nation. This marks the first agreement of its kind signed by the ministry.

Business

MTCC reports staggering 82.9% net profit drop

Published

6 days ago

01/05/2024

Maldives Transport and Contracting Company (MTCC) has reported a staggering 82.9% net profit decline for Q1-2024.

According to MTCC, it earned just MVR 5.2 million in net profit for the review quarter, which came down from MVR 30.8 million in the last quarter of 2023.

The company’s revenue for Q1-2024 stood at MVR 664.4 million, which is a 15.8% drop from MVR 789.2 million generated in the Q4-2023.

Moreover, MTCC reported a whopping 94.5% decline in its Gross Profit for the review quarter, registering MVR 2.5 million in Q1-2024 compared to MVR 44.3 million.

The operating profit for the review quarter stood at MVR 41.8 million, which is a 26% drop from MVR 56.5 million in Q3-2023.

The net asset value per share dropped from MVR 227.95 in Q4-2023 to MVR 226.98 to Q1-2024, while earnings per share saw a notable decline from MVR 3.83 in the preceding quarter to just MVR 0.65 in the review quarter.

Source(s): sun.mv