The Maldives Airports Company Limited (MACL) has announced a record net profit of USD 71.3 million in 2024, the highest in the company’s history.
The company’s financial statements were officially released at its Annual General Meeting held at Hulhule’ Island Hotel on Sunday.
According to the Auditor General's Office, MACL generated a revenue of USD 512 million in 2024, an increase of 11 percent increase compared to the previous year when the company had a revenue of USD 454 million. The company's recurrent expenditure stood at USD 467 million last year, resulting in a net profit of USD 71.3 million. This is an increase of 32.2 percent compared to the previous year's net profit of USD 54 million.
MACL confirmed this marked the largest net profit ever recorded in the company’s history.
A significant portion of the company’s revenue came from non-air services, which generated a revenue of USD 434 million last year. Fuel sales accounted for the largest share of non-air service revenue, contributing USD 304 million.
Air services related revenue totaled USD 68.7 million last year, with the largest income from ground handling fees. Ground handling fees amounted to USD 40.9 million.
MACL is currently preparing to open the new international terminal at Velana International Airport next month. The company anticipates the new terminal to boost its business by offering more commercial spaces and expanding the services offered by the terminal.