Maldives Airports Company Limited (MACL), the operator of Velana International Airport (VIA), today confirmed a MVR 75 million dividend for the 2024 financial year at its Annual General Meeting (AGM), held at Hulhulé Island Hotel. Chairperson Ayesha Nurain Janah led the meeting, noting streamlined proceedings and strong shareholder support.
Nurain opened the AGM by highlighting MACL’s decision to conduct the meeting in English, aligning with its annual report and video presentation protocols. She acknowledged the significant role of MACL’s leadership and management in advancing the airport’s new terminal expansion, calling it “a very significant time for the company”.
MACL successfully held its Annual General Meeting 2024 at Hulhulé Island Hotel. The meeting was attended by our Chairperson, Ms. Ayesha Nurain Janah, Board Directors, and CEO & MD Mr. Ibrahim Shareef Mohamed.
Chairperson Ms. Ayesha Nurain Janah reflected on MACL’s remarkable… pic.twitter.com/rUqj8na5G6
— Maldives Airports Company Ltd (@MACLmedia) June 29, 2025
Following a video review of the year-end performance, the AGM moved quickly through formal agenda items. Attendees unanimously endorsed the audited financial statements for the year ended December 31, 2024, and formally adopted the annual report. No shareholder comments were raised.
The meeting then addressed dividend distribution, with Nurain revealing the board’s recommendation for an initial MVR 75 million payout. With no objections, the AGM approved the dividend declaration. Nurain noted that the company may consider additional distributions, subject to shareholder agreement.
MACL reported a net profit of MVR 1.1 billion in 2024, a 21 percent increase from MVR 902.8 million in 2023, driven by revenue of MVR 8.6 billion and expenditures totaling MVR 4.6 billion. The declared dividend for 2024 reflects a payout of MVR 50 per share.
At year-end, MACL’s debt stood at MVR 13.4 billion, secured primarily through government-backed loans to finance airport development. The company also increased its holdings in treasury bills and government bonds, investing MVR 531.6 million in T‑bills and USD 30 million in bonds. Cash reserves reached MVR 936 million.
The AGM underscored MACL’s intensive efforts on the new international terminal project—a 78,000 m² facility designed to handle up to 7.5 million passengers annually, more than quadrupling current capacity. The terminal will feature 40 check‑in counters, 38 immigration booths, 12 jetties, six aerobridges, air‑conditioned walkways, and premium lounges and restaurants.
A phased opening will begin on July 26, 2025, with Maldivian Airlines launching initial operations. By mid‑August, select international carriers will transition, and full operations are expected by September 2025.
The formal AGM concluded with no further business. Nurain thanked stakeholders for another successful year and expressed optimism for continued progress with the terminal expansion. The meeting closed with an invitation to shareholders and board members for refreshments and networking.
