Maldives Marketing and PR Corporation (MMPRC) has posted a profit in 2024, after posting losses for the past four years.
During the company’s Annual General Meeting (AGM) for 2024, the state-owned firm announced a profit of USD 1.8 million, a significant reversal of fortunes after posting a USD 1.2 million loss in 2023.
After posting losses for four consecutive years, MMPRC attributed the turnaround on the right measures taken to improve its financial position.
MMPRC has increased membership fees this year and increased revenue by 20 percent from advertising sales. The hike in road show and fair participation fees is expected to increase total revenue by 49 percent this year, the report said. In addition, costs have been reduced by five percent by securing smaller stall spaces at tourism fairs.
The State-owned company has also shifted priorities to participate in tourism fairs in just key markets. Joint marketing campaigns with third parties are expected to reduce campaign spending by up to 30 percent which is complementing other austerity measures
Some other cost-cutting measures currently being implemented include, slashing printing costs, limiting warehouse rental and reducing equipment shipping costs.
MMPRC has also realigned its marketing campaigns to digital avenues and diverted focus to just key markets in a bid to curb expenses.
The company was established to support the government’s efforts to expand and diversify the tourism sector. Its core role is to promote the country as a world-class tourist destination. These efforts are delivered through focused, continuous, and sustainable marketing initiatives.
President Dr Mohamed Muizzu meanwhile has renamed the MMPRC to Visit Maldives Corporation Limited.