Urbanco has reported a robust revenue figure of MVR 976 million for the first quarter of the current fiscal year, as disclosed by the Privatization and Corporatization Board (PCB).
This marks a significant 88 per cent surge from the MVR 518 million recorded in Q4 last year.
The quarterly insights, part of the Quarterly Review report issued by the PCB, provide an overview of the financial status of various state-owned enterprises (SOEs), including Urbanco, among the 30 entities.
Urbanco’s MVR 844.7 million in the fiscal year’s first quarter, accounting for 87% of its overall revenue. This was mainly attributed to land sales in Thilafushi Phase I and II.
However, amidst the surge in land sales revenue, Urbanco experienced a decline in land rent income in the first half of the year. Data reveals that the company earned MVR 152.98 million from land rent in the quarter, reflecting a 14 per cent decrease compared to Q4 of the previous year.
The Quarterly Review report further highlights Urbanco’s total revenue of MVR 693.06 million for the first quarter of the current fiscal year, encompassing earnings from its operations and business activities.
Acknowledging the challenges faced by Urbanco in the final quarter of the previous year, particularly increased maintenance costs, the company’s resilience and expanding revenue contributed to an impressive net profit of MVR 583.14 million in the first quarter of the current fiscal year.
Furthermore, Urbanco’s consolidated net profit surged significantly by MVR 597.16 million in the initial quarter of the current fiscal year compared to the corresponding period in the previous year, representing an impressive 91 per cent increase.