Rank 2

Housing Development Corporation (HDC)

Housing Development Corporation Ltd. (HDC) is a 100% state owned enterprise formed by a presidential decree, initially established in 2001.

HDC undertakes and manages the overall planning and building of the reclaimed city of Hulhumalé – the Maldives’ biggest and most ambitious urban development project. Currently working towards creating Hulhumalé to become the nation’s first sustainable city, the corporation undertakes projects of hospitality, industrial, recreational, commercial and residential in nature, while introducing new opportunities on a scale previously never seen before in the country.

HDC recorded a Net Profit of MVR 362M in 2020, a significant improvement after a MVR 62M Net Profit in 2019. HDC earned MVR 564M in Revenue in the first quarter, mainly from sale of land. The company recorded the second highest profit margin, 44% from among all the SOEs in 2020.