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Southern Stallions- a new take on a new type of business.

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Southern Stallions is the first of its kind in Maldives. A small startup built on the unique idea of two brothers Mr. Adlyl and Mr. Aqlyl and a close friend. To introduce horses to the Maldives.

Upon our request Mr. Aqlyl, one of the directors of the venture introduced us to the Southern Stallions and their three horses.

The majestic male white horse was called Aslan while Gia and Sophie are female horses. Among the three, Gia is the youngest and more reserved. As expected of a male horse, Aslan likes to run around in the ranch and seems more content when Gia and Sophie are nearby. MNN asked a few questions to Mr. Aqlyl on the Southern Stallions.

How did you get the idea of introducing horses to the southern tip of the Maldives?

Mr. Aqlyl: Southern Stallions was Adlyl’s idea. It was his dream to bring horses to Maldives. The whole concept and business were finalized at a coffee table amongst us. But because it being a very unique concept and as none of us had any experience with horses, we decided to do research first. Likewise, a feasibility survey was done to check if it’s possible to keep the horses healthy in an environment like what we have here in the Maldives.

What kind of challenges did you face when you started?

Mr. Aqlyl: This whole thing was very new to us. Though we had some ideas about the challenges we would face, we were not aware of the depth of challenges. The more research we did the more we realized the depth of the challenges we had to face. We also received full support from governing bodies of Maldives when we launched this startup.

Major challenges are food, accommodation and medical requirements for the horses. Getting Food for horses and finding a spacious and safe place for the horse were two of the biggest challenge at the initial stage. Procuring food is still a challenge as horse food is imported and is not readily available for instant purchase in Maldives. Proper feeding is critical to the overall health of the horse. Therefore, we provide good quality food for our horses.

Proper pasture management and good grooming is really necessary for horse health. As we do not have local qualified horse trainers, a licensed veterinarian was hired who is specialized in caring for horses. He will also be treating horse injuries and other medical issues.

How did the COVID-19 pandemic effect the business?

Mr. Aqlyl: The most unexpected challenge we faced was the COVID-19 pandemic. Initial plan was to take the horses to public places and offer the public horse rides. However due to the pandemic and restriction implemented due to the surge in COVID-19, we were unable to do that and we are currently closed for public.

How did the public react to horses in Addu city?

Mr. Aqlyl: The support received from public was very positive and more than what we expected. We still receive many requests from the public to see and ride the horses. However, due to the current COVID-19 situation Southern Stallion is closed for now. As soon as the situation gets better Southern Stallions will be reopened for public in line with HPA guidelines.

That being said, along with positive comments we also received negative and harsh comments too. Despite all that we moved forward and made this happen.

Do you intend to advertise Southern Stallion within the local tourism sector?

Mr. Aqlyl: Yes, we do. Our initial plan was also to enter local tourism with horse riding packages for tourists. Now also we do get calls from resorts from different parts of Maldives, but due to pandemic it is on hold.

Any plans to introduce horse racing?

Mr. Aqlyl: Our future plans involve introducing horse riding and racing in Maldives. To make it happen, we first need to learn horse riding.

In August 2021, if the COVID-19 situation in Addu subsides and the restrictions are eased, Southern Stallions horse riding trainings sessions will be opened for public.

Training session will be held for a period of one month. It will be open for all age categories however starting age limit is 7 years. Classes will be scheduled for 30 minutes duration per day and a fee will charged.

Training will consist of riding, pasture management, grooming, feeding, and caring for horse. We will also be giving opportunities to our students to work at Southern Stallions.

In future we look forward to hiring local horse trainers.

What are your plans for the future of Southern Stallions?

Mr. Aqlyl: Based on the public demand and with training sessions coming up in August, we will be requiring more horses. Our initial plan was to breed more horses, however due to lack of space, resources and the process being time consuming, we will be bringing more horses for our business expansion and to meet the demand from public.

For now, the space is small for the horses as it needs for horse training. We have requested Addu City Council as well to provide us with land and feedback from our Mayor is very positive.

What is your message for all the young entrepreneurs reading this?

Mr. Aqlyl: My message to youth is to take risks. Business itself is a risk. Regardless of the size of the task, one should be daring and work hard to execute the plan. Starting small itself is a step towards success. Fear will always be there. Go for it and overcome the fear.

Business

MIB signs an agreement to expedite business registration process

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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

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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’

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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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