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Maldives fish export increases by 16.6% in 2022

FI

Published

1 year ago

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The Maldives Monetary Authority (MMA) has revealed that fish exports from the Maldives increased by 16.6% in 2022 compared to 2021.

The Monthly Statistics report published by MMA shows the Maldives exported 7,869.1MT of canned fish as of November last year which is an increase of 16.6% compared to 6750.2MT exported during the same period in 2021. The report shows that as of November last year, exports of canned fish had increased but the total fish exports had declined following the decrease in yellowfin tuna exports. The Maldives exported 8,328.6MT of yellowfin tuna as of November last year which is 42.4% compared to the 14,415.3MT exported during the same period in 2021. Exports of skipjack tuna have increased since 2021, although the number of yellowfin tuna exports has declined. The Maldives exported 45531.8 metric tonnes of skipjack tuna as of November 2021 an increase of 2.81% compared to the 46812.1MT exported during the same period in 2021.

The amount of fish purchased by fish processing companies has also increased till November last year. Fish companies purchased 73,731.8MT of fish. During the period, the price of skipjack tuna increased from USD0.91 to USD0.97 per kilogram.

Source(s): psm.news

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Business

MIB signs an agreement to expedite business registration process

FI

Published

1 day ago

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04/05/2024

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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.

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Business

MTCC reports staggering 82.9% net profit drop

FI

Published

4 days ago

on

01/05/2024

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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

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Business

STO opens showroom in Hulhumale’

FI

Published

2 weeks ago

on

24/04/2024

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State Trading Organization (STO) has opened a showroom specialized for construction in Hulhumale’.

The showroom was inaugurated by Construction Minister Dr. Abdulla Muthalib during a special ceremony held on Tuesday night.

Speaking at the ceremony, STO’s Managing Director Shimad Ibrahim stressed the role of the company’s former managements and board members in carrying forward the company and therefore extended them gratitude.

Situated at the same location as STO’s Hulhumale’ shop – next to STO’s Smart Store near Hulhuamle’ Hospital – the construction solutions showroom was opened following renovations up to modern standards.

STO reports that all construction-related products sold by the company will be available at the showroom including some of the most renowned brands sold by the company; Makita tools, Nippon paint and concrete from prominent mix designing brands among others.

The state-owned company is prominent in the local construction industry as STO’s constructions solutions is the largest importer and seller of construction-related products in the Maldives.

STO noted that customers can now place orders for construction-related products including Makita tools and Nippon paint via the Hulhumale’ showroom which would eliminate the need to travel to Male’ to make the purchases. Arrangements have been made in the showroom to prepare the colors of Nippon paint ordered by the customers on demand.

Henceforth, they attributed the opening of the new showroom as something which would bring easements to the lives of Hulhumale’ residents and construction industry partners operating in the suburb.

Source(s): sun.mv

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