Housing Development Corporation (HDC) recorded a net profit of MVR 2.01 billion in 2024, as the Auditor General issued an unqualified opinion on the state-owned company’s financial statements for the year.
The Auditor General’s Office published HDC’s 2024 financial statement audit on July 16, 2026. An unqualified opinion indicates that the audited financial statements were presented fairly, in all material respects, under the applicable financial reporting framework.
HDC reported total assets of MVR 45.15 billion at the end of 2024, alongside total equity of MVR 30.44 billion. Its investment property portfolio was valued at MVR 25.64 billion.
The corporation’s gearing ratio stood at 28.9 percent, reflecting the scale of debt relative to its capital structure as HDC continues to oversee major housing, commercial and infrastructure developments in Hulhumalé.
The results underline HDC’s substantial asset and equity base as the corporation remains at the centre of the government’s urban development programme.
HDC said it is also pursuing measures aimed at strengthening its financial and operational position, including accelerating the recovery of receivables, introducing executive-level risk dashboards, expanding recurring revenue streams and enhancing governance mechanisms.
The corporation said the initiatives are intended to improve long-term value creation and reinforce its capacity to finance and deliver future urban development projects.
HDC remains a major borrower for large infrastructure and housing projects. Government guarantee records show HDC-linked financing for projects including Hulhumalé Phase II roads, housing developments and electricity infrastructure.
The clean audit opinion comes as HDC continues to manage some of the Maldives’ most valuable urban land and infrastructure assets, placing its financial governance and long-term sustainability under significant public scrutiny.
