MMBL-Pathfinder Joint Venture foreign exchange earnings to hit US $200 million in 2020

Despite serious setbacks to its leisure and tourism investments, the MMBL-Pathfinder Group joint-venture portfolio is expected to reach foreign exchange earnings of over US $200 million in the 2020 calendar year, a company news release said.

“As of the end of September 2020 this figure stood at US$145 million. The comparative figure for the calendar year 2018 was US$142 million. This increase, in spite of lower margins than before, is primarily due to improvements in inward remittances business investments and portfolio investments in joint ventures active in ancillary services connected to the export sector,” it said.

Innovations in the international foreign remittance sector and new technology developments provided MMBL-Pathfinder with opportunities to increase foreign exchange inflows into the country through its portfolio investments in these segments despite the disruptive COVID period, the release explained.

“As part of its post-COVID portfolio realignment, MMBL-Pathfinder is also looking at entering new sectors including niche projects connected to agriculture and modern technologies, especially ICT-related activities. The group plans to expand its presence in the aviation sector by including investments in drone technology for the logistics service sector,” the company announced.

The year 2020 will also see the group establishing joint-venture capabilities with internationally reputed companies that will provide the strategic support necessary to attract new foreign investment into the country, it said.

MMBL-Pathfinder will continue to support its non-profit associates such as the Pathfinder and Urumayaka Ulpatha Foundations and develop the Pathfinder Collection, it added.