Maldives Water and Sewerage Company (MWSC) has saved MVR 200 million this year, according to its Managing Director, Abdul Matheen Mohamed. Speaking in an interview with PSM last night, Matheen attributed the financial success to the efforts of the company’s employees under the guidance of President Dr. Mohamed Muizzu.

Matheen highlighted that despite the rising costs of some items earlier this year, MWSC managed to end the year with reduced expenses. Significant changes in the company’s operations contributed to this achievement, including settling a large portion of the MVR 400 million owed to various entities and negotiating better dollar exchange rates.

“At the start of the year, we were buying dollars from the black market at around 18.50. We stopped that practice and started purchasing at the bank rate or close to it through agreements, saving significantly on currency costs,” Matheen explained.

Additionally, the company has been procuring large-scale items at lower costs and achieving better rates through competitive bidding processes. These measures, coupled with efficient management, have led to substantial savings and financial growth.

MWSC’s financial records show a profit of MVR 186.9 million for the year, with MVR 47.6 million recorded after tax in the third quarter alone. Matheen noted that this year’s financial gains are among the highest in the company’s history.