MPL staff bonus delayed due to rescheduling of AGM
MPL has delayed its 2024 annual staff bonus until after its AGM rescheduled for January 2026, causing workforce frustration as bonuses are typically paid before August. Despite revenue rising to MVR 860 million, the company's operating profit fell sharply from MVR 80.7 million to MVR 20 million due to increased costs. MPL has also faced criticism for committing to purchase 18 ambulances outside its core mandate.
MPL’s Malé commercial harbor | raajjemv
The Maldives Ports Limited (MPL) has announced that the disbursement date for the 2024 annual staff bonus will be finalized only after the company’s rescheduled Annual General Meeting (AGM).
According to an internal memo sent to all employees, signed by CEO Mohamed Rishwan and obtained by RaajjeMV, the delay in issuing the 2024 bonus is attributed to the postponement of the AGM.
The memo reveals that the meeting is now scheduled to take place in January 2026. MPL emphasized that a specific date for the bonus payments would be determined after the conclusion of the meeting.
The delay has sparked significant concern among the MPL workforce.
One employee expressed frustration, stating that staff eagerly anticipate the annual bonus each year. The employee highlighted that the delay, coupled with the uncertainty surrounding the payment date, is negatively affecting morale.
The issue of delayed bonus payments has become a recurring problem under the current administration, with the employee describing the situation as unacceptable.
Historically, MPL has issued its annual bonuses to staff before August each year, making the current delay even more notable.
While the 2024 bonus remains pending, MPL’s 2024 financial report reveals that although the company’s revenue has increased compared to the previous year, its net profit has declined.
MPL generated a total revenue of MVR 860 million in 2024, with an additional MVR 152.3 million from other income streams. While primary revenue saw an increase of MVR 67 million from the previous year, the "other income" category experienced a drop of MVR 54.6 million.
Despite the growth in total revenue, rising staff costs and other operational expenses have significantly affected the company’s profitability. Operating profit, which previously stood at MVR 80.7 million, has plummeted to just MVR 20 million.
In addition to its financial difficulties, MPL has recently come under public scrutiny following its decision to procure ambulances, a move that falls outside its core mandate.
The company has committed to purchasing 18 of the 56 ambulances planned by the Ministry of Health, which has raised concerns over its expenditure priorities.
