MACL Tops SOE Earnings with MVR 572 Million Net Profit in First Quarter of 2025

Maldives Airports Company Ltd. (MACL), the operator of Velana International Airport, has reported the highest net profit among state‑owned enterprises (SOEs) in the first quarter of 2025, posting earnings of MVR 571.83 million, according to figures released by the Privatization and Corporatization Board (PCB).

MACL generated MVR 2.48 billion in total revenue during the quarter, marking a 14 percent increase compared to Q4 2024. The performance was driven by:

• Fuel Sales: MVR 1.56 billion, up from MVR 1.32 billion in Q4

• Duty‑Free Sales: MVR 282.66 million, a 15 percent quarterly rise

• Aero Revenue: MVR 315.34 million

• Other Non‑Aero Revenue: MVR 324.51 million

Gross profit reached MVR 1.44 billion, while operating expenses stood at MVR 762.87 million, including MVR 4.23 million in CSR activities.

The company’s balance sheet showed continued strength:

• Assets: MVR 33.41 billion

• Liabilities: MVR 24.05 billion

• Equity: MVR 9.36 billion

• Cash Reserves: MVR 1.52 billion

Retained earnings rose to MVR 8.70 billion, reflecting consistent profitability.

MACL’s Q1 2025 profit exceeded its Q1 2024 earnings of MVR 523.96 million, and outpaced the performance of other SOEs in the same period. The results underline MACL’s position as the most profitable state enterprise in the Maldives.

In recent months, MACL has also begun taking on new government‑related investments and expenses, including contributions to national infrastructure projects, CSR initiatives, and broader development programs. These commitments are expected to feature more prominently in upcoming quarters, but the Q1 2025 report reflects performance before their full financial impact.

With tourism arrivals continuing to rise and major infrastructure investments underway at Velana International Airport, MACL is expected to sustain its upward trajectory. Its strong financial results reinforce its role as a cornerstone of the Maldives’ aviation and economic development strategy, even as new government obligations begin to shape its future financial profile.