Maldives Airports Company Limited (MACL) - the operator of Velana International Airport (VIA) - has reported a net profit of MVR 1.1 billion for the previous year.
The airport operator also confirms its total debt is currently at MVR 13 billion.
A report from the Auditor General's Office confirms MACL generated an annual revenue of MVR 8.6 billion in 2024, which is an increment of MVR 1 billion compared to the annual earnings in 2023.
MACL generated a gross profit of MVR 4 billion, after deducting MVR 4.7 billion for expenditure. The retained net profit, after tax and operating cost deductions stood at MVR 1.1 billion, which is an increment of MVR 198 million compared to 2023.
The audit report shows the company's total debt is at MVR 13.4 billion, inclusive of the loans MACL acquired during former President Abdulla Yameen's administration towards the expansion of VIA.
The total debt of MACL at the end of last year had increased by MVR 1 billion from 2023.
The debts of MACL include an outstanding MVR 1.6 billion loan to Bank of Maldives (BML). This is inclusive of USD 50 million acquired on December 26, 2023 citing corporate requirements.
The loan has a five-year repayment period with an interest of 8.5 percent per annum. MACL has yet to pay the outstanding USD 40 million to the bank.
Another USD 30 million was acquired on June 24 last year citing similar corporate requirements, which too has a five-year repayment period with an interest of 8.5 percent. MACL owes an oustanding USD 26.5 million to BML on this loan.