MPL Targets Revenue of Over MVR 100 Million by Year-End

The Chief Executive Officer of Maldives Ports Limited (MPL), Mohamed Wajeeh Ibrahim, has announced that the company aims to achieve a revenue target of over MVR 100 million (USD 6.5 million) by the end of this year.

Speaking on a programme aired on PSM News, Wajeeh highlighted MPL’s efforts to enhance revenue since the company’s management underwent a restructuring. He emphasised the focus on streamlining operations and adopting innovative approaches to improve customer service and efficiency.

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One of MPL’s key milestones for this year is the storage of 1,000 containers, a target the company aims to meet by year-end. Wajeeh also noted a marked improvement in revenue compared to the previous year. Previously, monthly earnings ranged between MVR 60.1 million (USD 3.9 million) and MVR 69.4 million (USD 4.5 million). However, under the current administration, revenue climbed to MVR 92.5 million (USD 6 million) last month, with the company now targeting MVR 100.2 million (USD 6.5 million).

Wajeeh attributed this growth to several strategic initiatives, including the expansion of MPL’s banking services to accommodate changes in the maritime sector. While acknowledging that this move might not yield substantial economic returns immediately, he underscored the benefits MPL has reaped from launching a sea-to-air cargo service.

Further, MPL has ventured into logistics services, successfully processing 150 containers over the past year. Wajeeh also highlighted the contributions of the company’s dockyard and shipyard operations, noting ongoing efforts to expand these services to drive additional revenue.

The CEO reaffirmed MPL’s commitment to sustaining growth by continuously diversifying its operations and enhancing service delivery, positioning the company as a pivotal player in the Maldives’ maritime and logistics sectors.