Maldives Airports Company Limited (MACL), the operator of Velana International Airport (VIA), has reported a net profit of MVR 1 billion in 2024.
According to the Audit Office, MACL received MVR 8.6 billion in revenue and spent MVR 4.6 billion on operating expenses last year. While the gross profit was MVR 4 billion, the net profit after deducting administrative expenses and taxes was MVR 1.1 billion.
The audit report also revealed that the government borrowed US$80 million, equivalent to MVR 1.2 billion, from MACL to support state operations.
MACL’s net profit last year was 18 percent on the previous yearrβs net profit of MVR 903 million. Therefore, the net profit for the year increased by MVR 192 million compared to 2023.
MACL has always been one of the most profitable government-owned companies.
