The Maldives Airports Company Limited (MACL), operator of the Velana International Airport (VIA) has reported a net profit of MVR 1.1 billion from the previous year’s earnings.
The airport operator confirmed its current outstanding debt is at MVR 13 billion.
In a report, shared by the Auditor General’s Office, it has been confirmed MACL earned a total revenue of MVR 8.6 billion last year, which is a jump of MVR 1 billion from 2023 earnings. MACL generated a gross profit of MVR 4 billion after deducting MVR 4.7 billion for expenditure, and the retained net profit is an increase by MVR 198 million compared to 2023.
The outstanding debt of the company includes an MVR 1.6 billion loan it had acquired from the Bank of Maldives (BML), which includes a USD 50 million loan taken from the bank citing corporate requirements of MACL. The loan has a five-year repayment period and is subject to an 8.5% interest per annum.
MACL has an outstanding USD 40 million to settle with the bank on this loan.
The company had taken a second loan of USD 40 million later on, once again citing the same reasons, which has the same repayment period and interest rate as the previous loan. MACL owes an outstanding USD 26.5 million on this loan.