Mohamed Waheed: Over 3 decades of financial excellence at Bandos Maldives

Bandos Maldives, one of the oldest and most beloved resorts in the Maldives, owes much of its financial stability and success to the dedication of its Director of Finance, Mohamed Waheed. With over 32 years of service at Bandos, Waheed has demonstrated exemplary leadership, precision, and a passion for financial excellence. His efforts have not only kept the resort’s finances in impeccable shape but have also earned him the prestigious Hotelier Maldives Awards 2024 for Dedicated Service.

Waheed’s journey at Bandos began over three decades ago, and during that time, he has established himself as a cornerstone of the resort’s financial management. “It’s been an incredible journey, one where I have seen the resort grow and evolve,” Waheed shared in a recent interview with Hotelier Maldives. “Over the years, my role has expanded, but the goal has always remained the same—ensuring financial stability and sustainability for Bandos Maldives.”

In 2023, Waheed set a new standard for financial forecasting at Bandos, delivering a variance of just 0.31% between actual and forecasted revenue. His approach to forecasting is built on careful analysis and data-driven strategies. “The key is to stay ahead of the curve. By using data analytics and advanced forecasting methodologies, we were able to reduce the variance to such a minimal level,” Waheed explained.

This achievement highlights his exceptional financial planning skills and his ability to foresee and adapt to market changes. His foresight not only positions Bandos as a financially stable entity but also sets a benchmark for resorts across the Maldives when it comes to financial management.

Operational budgeting is another area where Waheed’s expertise shines through. Under his leadership, Bandos Maldives achieved a remarkable variance between actual and budgeted gross operating profit in 2023. This level of precision is rare in the industry and demonstrates Waheed’s meticulous approach to resource allocation and financial oversight.

“Every dollar matters when you are managing the finances of a resort. We focus on efficient allocation of resources without compromising on guest experience or operational quality,” said Waheed. His strategy of closely monitoring budgets while maximising profitability has been a key factor in the resort’s sustained success over the years.

Waheed’s approach to cash flow management at Bandos Maldives further underscores his financial stewardship. His protocols ensured the timely payment of salaries, service charges, and taxes, while also maintaining adherence to budgeted capital expenditures. Notably, the resort achieved these milestones without resorting to external loans.

“Maintaining a healthy cash flow is critical to the smooth operation of any business, especially in hospitality. We ensure that all obligations are met on time, and by doing so, we build trust not only with our employees but also with our business partners,” he stated.

This disciplined approach to cash flow management has kept Bandos Maldives financially resilient, even during challenging times. Waheed’s ability to balance immediate financial needs with long-term sustainability sets him apart as one of the top financial leaders in the Maldivian hospitality industry.

One of the hallmarks of Waheed’s leadership is his focus on developing local talent. Under his guidance, Bandos Maldives boasts an impressive 90% local talent retention rate. “The future of the Maldivian hospitality industry depends on nurturing local talent. At Bandos, we are committed to investing in our people and ensuring they have the opportunities to grow,” Waheed emphasised.

In addition to fostering talent, Waheed has implemented innovative practices to enhance transparency within the resort. One of his standout achievements in 2023 was integrating real-time service charge visibility into the resort’s internal employee system. This initiative allowed staff to instantly access and monitor their service charge earnings, significantly boosting employee morale and motivation.

“When employees can see the direct impact of their work on their earnings, it creates a sense of ownership and accountability. Transparency fosters trust, and that’s something I’m very proud of contributing to at Bandos,” Waheed noted.

Mohamed Waheed’s remarkable contributions to Bandos Maldives have not gone unnoticed. His award for Dedicated Service at the Hotelier Maldives Awards 2024 is a testament to his commitment to financial excellence, employee development, and operational efficiency. His leadership, precision in financial forecasting, and dedication to nurturing local talent have solidified his reputation as one of the leading financial figures in the Maldivian hospitality industry.

Reflecting on his long tenure at Bandos, Waheed remains focused on the future. “While it’s an honour to be recognised, my goal is to continue growing and pushing the boundaries of what’s possible in financial management,” he said.