The Malé Water and Sewerage Company (MWSC) has set in motion plans to diversify and expand its portfolio in a bid to increase its revenue, the State-owned utility firm’s Managing Director Abdul Matheen Mohamed has revealed.
Founded in 1995, MWSC is primarily tasked with providing safe water and sewerage services.
The company has recently initiated efforts to expand its business portfolio in a bid to manage its operations through its revenue.
One of the key objectives in its new direction, MWSC has been looking to revise its service to revenue ratio.
Speaking to PSM News’ “Raajje Miadhu” programme, MD Matheen said the company’s revenue portfolio currently accounts for 55 percent from water and sewerage services, while the rest is generated as non-utility revenue.
However, MWSC is aiming to boost its non-utility revenue by expanding the company’s business portfolio to 60 percent of total revenue in order to ensure financial sustainability, he said.
"As a company moving towards a better model, we are now aiming to increase the non-utility ratio while also working to reduce the company's utility ratio to 45 percent. This will enable our water services to be affordable and sustainable,” Matheen explained.
MWSC's utility services mainly include providing water services to the capital Male’ region. The company is also responsible for water, electricity and sewerage as well as waste management services in Dhuvaafaru, Raa Atoll.
In addition to utility services, MWSC is also carrying out various projects to establish water and sewerage services in several islands across the Maldives.
MWSC has secured new projects worth USD 84 million spanning more than 20 islands in 2024 while expanding its sales of bottled drinking water.
MWSC last month has listed a USD 26 million bond on the Maldives Stock Exchange and invited interested parties to invest in USD 13 million worth of bonds.
MWSC has listed the amortized bond on the Maldives Stock Exchange to raise funds for development projects and expansion of the company's business portfolio. The bond subscription has been listed in two tranches, with half of the total bond amount now open for investors through MWSC’s online portal Viyani. Subscribers will receive 7.5 percent interest for the five-year duration of the amortised bond.