MACL Generated A Net Profit of MVR 255 Million During Q3 In 2021
Maldives Privatization and Corporatization Board has released a summary of the third quarter analysis of State-Owned Enterprises (SOEs) in 2021.
Maldives Airports Company Limited (MACL) which operates Velana International Airport (VIA) achieved a significant growth in the third quarter as flight arrivals to the airport grew by 47% in comparison to the previous quarter.
MACL generated a revenue of MVR 970 million for Q3 2021 which is a massive growth of 479% compared to Q3 2020 and a 20% growth compared to Q2 2021.
The company achieved a remarkable net profit growth of 119% compared to previous quarter with MVR 255 million recorded in net profit.
Privatization and Corporatization Board highlighted that the companies business scale is expected to increase significantly enabling a better performance both operationally and financially however, the company should be careful about the financial risk that may arise, taking in to consideration the negative impact of the current pandemic.
The board further highlighted the on-going projects must be managed well since these are huge development projects. With proper project management company can ensure the projects are completed based on the agreed dates and eliminate any mismanagements as delay of projects may impact cash flow of the company, and company may lose possible revenue streams.