Urbanco Surges Ahead with Q1 Revenue of MVR 976 Million, Reflecting an 88% Growth

Urbanco, a key player in the state-owned enterprises landscape, has posted an impressive revenue figure of MVR 976 million for the first quarter of the current fiscal year, according to the Privatization and Corporatization Board (PCB). This notable achievement represents a remarkable 88% surge from the MVR 518 million recorded in the previous quarter.
The significant revenue boost was primarily attributed to land sales in Thilafushi Phase I and II, which accounted for MVR 844.7 million in the fiscal year's first quarter, making up 87% of Urbanco's overall revenue.
Despite the surge in land sales revenue, Urbanco experienced a slight dip in land rent income. The company earned MVR 152.98 million from land rent in the quarter, reflecting a 14% decrease compared to the previous quarter.

Urbanco's resilience in the face of challenges, such as increased maintenance costs in the previous fiscal year, has 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 showed a substantial increase of MVR 597.16 million in the initial quarter of the current fiscal year compared to the corresponding period in the previous year, marking an outstanding 91% growth. This performance reflects Urbanco's strategic approach and operational effectiveness in navigating a dynamic economic landscape.