MTDC to pay MVR 20m in dividends for 2022
MTDC started distributing shares in 2020 after having not been distributed at all for 10 years.
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Maldives Tourism Development Corporation (MTDC) has decided to distribute MVR 20 million as dividends to its shareholders.
The board of directors of the company has proposed to distribute MVR 20 million from the MVR 38.7 million in net profit for 2022. However, the amount will be distributed only after it is passed at the company's annual general meeting.
MVR 20 million will distributed among all shareholders and each share will fetch 60 Laari. This is the same price that the company paid per share for 2021.
According to MTDC’s financial statements,:
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Net profit of MVR 180 million for 2021
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Net profit declined by 78.45% in 2022 compared to 2021; such a huge difference was due to lower profits from lease modification in 2021
MTDC started distributing dividends in 2020 after a pause of 10 years. Since then, the company has decided to implement an annual dividend policy.
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