MACL Group Profit After Tax Rises 33.8% to MVR 1.46 Billion in 2025 as Borrowings Climb to MVR 16.6 Billion
The airport operator's audited accounts received a clean opinion, but its short-term debts exceeded its current assets by MVR 4.86 billion and cash from operations fell by a third.
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Maldives Airports Company Limited (MACL) made a group profit after tax of MVR 1.46 billion in 2025, 33.8% more than the MVR 1.10 billion it earned in 2024. The figures come from its audited financial statements, which the Auditor General's Office published on 5 November.
Group borrowings rose 23.9% over the year to MVR 16.64 billion, from MVR 13.42 billion. Net cash from operating activities fell 32.8% to MVR 2.05 billion, from MVR 3.05 billion.
Auditor General Hussain Niyazy signed the audit report on 2 November, after the board approved the statements on 29 October. The report gives an unmodified opinion, meaning the auditor found the accounts give a true and fair view.
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Group revenue rose 9.6% to MVR 9.33 billion. Operating profit rose 21.0% to MVR 1.91 billion and profit before tax 23.6% to MVR 1.61 billion. Of the profit after tax, MVR 1.39 billion belongs to MACL's shareholder, the government, and MVR 77.8 million to minority shareholders in its subsidiaries. MACL's own accounts, without its subsidiaries, show a profit of MVR 1.28 billion, up 15.7%.
Fuel sales brought in MVR 4.84 billion, just over half of group revenue, and grew 2.1%. The cost of that fuel fell 9.3% to MVR 2.64 billion. Duty-free sales rose 17.6% to MVR 809.7 million, lounge income 12.4% to MVR 316.1 million and cargo income 15.8% to MVR 279.7 million. Traffic revenue, which includes landing, parking and ground handling charges, rose 6.1% to MVR 1.24 billion. A new line, revenue from reclamation construction contracts, added MVR 161.2 million.
A lower tax bill helped the bottom line. Income tax expense fell to MVR 141.3 million from MVR 203.7 million, because a deferred tax credit of MVR 145.6 million more than offset a rise in current tax to MVR 286.8 million.
Group total assets rose 15.5% to MVR 39.61 billion and equity 15.2% to MVR 11.20 billion. Of the borrowings, MVR 4.75 billion is due within a year. Much of the debt is project financing passed on by the government, alongside loans from Bank of Maldives, Maldives Islamic Bank and a Natixis term loan. The group's gearing ratio, net debt as a share of total capital, rose to 64% from 61%. Cash and bank balances fell 47.4% to MVR 493.1 million.
Completed projects worth MVR 11.43 billion were moved out of work in progress during the year. The amount still recorded against the new international passenger terminal fell from MVR 6.64 billion to MVR 78.9 million. Group depreciation on property, plant and equipment rose 32.0% to MVR 935.5 million. The Auditor General's only key audit matter was the value of the company's property, plant and equipment and work in progress, which together make up MVR 23.6 billion, or 65% of its total assets.
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At the end of 2025 the group's current liabilities of MVR 8.84 billion exceeded its current assets of MVR 3.97 billion by MVR 4.86 billion. The notes say this comes mainly from loan repayments on government-provided project financing that fall due within a year. Management and the directors concluded there is no material doubt about the company continuing to operate. They point to MVR 3.11 billion of operating cash flow before working capital changes, up 15.7%, to government ownership and to the group's equity. The audit report does not raise a going-concern warning.
The cash flow statement shows MVR 855.0 million flowing out through trade and other payables, against an inflow of MVR 1.23 billion from the same line in 2024. Investment spending used MVR 5.18 billion, including MVR 4.73 billion on construction work in progress. New borrowing of MVR 3.52 billion, against repayments of MVR 687.1 million, covered the gap.
MACL also took on a larger role in land reclamation. It set up two wholly owned subsidiaries for reclamation and infrastructure work in September and October 2025. On 7 October 2025, under an agreement with the Housing Development Corporation and Capital Marine and Civil Construction Company, it took over the remaining reclamation and shore protection works at Hulhumalé Phase 3, Thilafushi and Giraavaru Falhu. It also recorded MVR 1.05 billion spent on other reclamation and infrastructure projects, including Th. Vilufushi, HA. Dhidhdhoo and K. Rasmale, as work in progress, after the Finance Ministry confirmed that treatment in a letter.
The company declared a dividend of MVR 75 million for 2025, the same as for 2024. The notes say MVR 81.6 million MACL paid towards Maldives National Defence Force projects was counted as dividend payments to the government, which is still owed MVR 261.6 million in unpaid dividends.
The statements do not include passenger numbers. MACL's 2025 annual report is expected later, according to the audit report.
