The Maldives Marketing and Public Relations Corporation (MMPRC) recorded a net profit of MVR 27.5 million in 2024 – marking the first time the national tourism promotion board has turned a profit in four years.
MMPRC held its Annual General Meeting for 2024 on Tuesday morning, during which the corporation highlighted on its financial performance and the fiscal and strategic reforms it implemented to return to profitability.
The MMPRC had registered losses over the years since the Covid-19 pandemic, including a loss of MVR 18 million in 2023.
But the corporation has managed to return to profitability – a shift the corporation credits to significant reforms implemented last year to improve financial sustainability.
According to MMPRC, this shift signals a major transformation in how the corporation operates, spending less than its generated revenues and grants, and aligning more closely with directives from the government, the Parliament, and the tourism industry at large.
MMPRC CEO and Managing Director Ibrahim Shiuree (C) attends MMPRC's 2024 AGM on July 15, 2025. (Photo/MMPRC)
MMPRC said that reforms implemented last year helped reduce its recurrent operational expenses by more than 10 percent. Meanwhile, a performance-based audit of all global public relations partnerships led to a strategic reduction from 21 agencies to just six, saving the corporation over MVR 4 million.
The corporation said it also restructured its approach to international trade shows and exhibitions, which previously consumed nearly 80 percent of the overall marketing budget. According to MMPRC, the figure now stands at 34 percent, with an average savings of MVR 2 million per major event.
“Despite this reduction, industry participation and international visibility remained strong and have been met with positive feedback,” said the MMPRC.
The MMPRC is currently running more than 21 active global campaigns, and has initiated several co-investment marketing partnerships with international tour operators and airlines, with a combined value exceeding MVR 10 million.
The corporation believes that these dollar-to-dollar matching campaigns ensure that Maldives maintains a competitive edge in an increasingly dynamic global travel landscape.
MMPRC said that tourism performance has also shown strong results, with all of Maldives’ top ten source markets recording positive year-on-year growth. This includes the India market, which bounced back from a 39 percent decline in 2023 to achieve a four percent increase in 2024.
MMPRC said that other top source markets such as Russia, the UK and have also shown record interest. Meanwhile, Google Trends data reveal a staggering 1,000 percent increase in searches for the Maldives from Europe and Asia, which the corporation believes proves the effectiveness of current marketing strategies.
MMPRC holds its 2024 AGM on July 15, 2025. (Photo/MMPRC)
According to MMPRC, the AGM held on Tuesday underscored the corporation’s continued evolution into a modern, data-driven and results-focused destination marketing organization.
“With a renewed commitment to transparency and collaboration, the management and board are determined to ensure MMPRC delivers lasting value to the tourism industry and the wider Maldivian economy,” said the corporation.
MMPRC believes the turnaround year is not just a financial milestone — but a signal of corporation’s strengthened role in supporting the Maldives’ most vital economic sector.