In a clear demonstration of sound financial governance and operational momentum, the Maldives Airports Company Limited (MACL) has posted another year of strong performance, according to the 2024 audit report released by the Auditor General’s Office. The report affirms MACL’s financial statements give a “true and fair view” in compliance with international standards, bolstering the government’s strategic vision for infrastructure-led economic transformation.
The audited financials revealed a notable revenue increase of MVR 993 million, with the Group’s revenue rising from MVR 7.59 billion in 2023 to MVR 8.59 billion in 2024, driven by a recovery in air traffic and expansion in aviation-related services. This translates into a profit after tax of MVR 1.1 billion, up from MVR 902 million the previous year — a near 21% year-on-year increase.
Major Infrastructure Investments Signal Long-Term Vision
A standout highlight from the report is MACL’s commitment to infrastructure expansion, with capital work-in-progress and property, plant, and equipment valued at over MVR 20.3 billion — a figure that accounts for 59% of total assets, reflecting substantial investment in long-term development, including the ongoing expansion of Velana International Airport.
During the year, MVR 1.69 billion in new assets were capitalized, indicating major project completions that are now operational and revenue-generating. The auditors noted that management demonstrated prudent financial discipline in their capitalization process, with careful assessments of asset eligibility and associated borrowing costs.
Government Oversight and Strategic Alignment Pay Off
As a fully government-owned entity, MACL’s results underscore the success of President Dr. Mohamed Muizzu’s infrastructure-forward economic agenda. The audit validated not only the company’s financial health but also its adherence to governance and control mechanisms.
MACL’s total assets increased to MVR 34.3 billion, from MVR 31 billion in 2023, while retained earnings rose to MVR 8.53 billion, further strengthening shareholder equity. Non-controlling interest also remained stable, showing consistent performance from subsidiary entities such as Maldives In-flight Catering and Maldives National Air Traffic Service.
Operational Cash Flow Surges 116%
A key operational strength was demonstrated in MACL’s net operating cash flows, which more than doubled to MVR 3.05 billion in 2024, compared to MVR 1.42 billion the previous year. Despite heavy capital investments, MACL maintained strong liquidity, underscoring its capacity to internally finance development while meeting financial obligations — a key metric closely watched by investors and analysts.
Commitment to Transparency Praised
The Auditor General’s Office praised the company’s transparency and effective financial disclosures, particularly in areas of asset management and impairment risk assessments. The report also commended MACL’s responsiveness to auditor recommendations and compliance with International Financial Reporting Standards (IFRS).
Conclusion: Strategic Growth Anchored in Accountability
The 2024 audit findings affirm MACL’s position as a cornerstone of the Maldivian economy and a symbol of government-led public enterprise excellence. With continued investments in airport modernization and operational efficiency, MACL is poised to sustain its upward trajectory — delivering returns for the state and setting global benchmarks in island-nation aviation management.
As the gateway to the Maldives, MACL’s performance reflects the broader national resurgence in tourism, commerce, and investor confidence — a testament to the success of the government’s strategic economic direction.
