The Malé Water and Sewerage Company (MWSC) has announced plans to diversify its business operations in a bid to increase revenue and enhance financial sustainability. Managing Director Abdul Matheen Mohamed revealed the state-owned utility firm’s strategic goals during an appearance on state media PSM News’ “Raajje Miadhu” program.
Founded in 1995, MWSC primarily provides water and sewerage services. However, the company is shifting its focus toward expanding its non-utility revenue streams. Currently, 55 percent of MWSC’s revenue is generated through utility services, while the remaining 45 percent comes from non-utility ventures.
Matheen explained that the company aims to increase non-utility revenue to 60 percent of its total earnings. “We are striving to create a more balanced revenue model by reducing the utility ratio to 45 percent. This approach will help us provide affordable and sustainable water services,” he said.
MWSC’s utility operations primarily cover the Malé region, with the company also providing water, sewerage, electricity, and waste management services in Dhuvaafaru, Raa Atoll. Additionally, MWSC continues to expand its presence by undertaking infrastructure projects to establish water and sewerage systems on multiple islands.
In 2024, MWSC secured new projects worth USD 84 million across more than 20 islands. The company has also increased its focus on the production and sale of bottled drinking water as part of its portfolio expansion.
To support its development goals, MWSC listed a USD 26 million bond on the Maldives Stock Exchange last month, offering USD 13 million worth of bonds in the initial tranche. The amortized bond, open to investors through the company’s online portal Viyani, offers a 7.5 percent interest rate over a five-year period.
Matheen emphasized that the bond issuance is a crucial step toward securing funds for development projects and expanding the company’s business operations. By diversifying its revenue streams, MWSC aims to strengthen its financial position and continue delivering essential services to communities across the Maldives.
The company’s efforts align with its broader mission to ensure sustainability while meeting the growing demand for water and sewerage services throughout the country.
