The Maldives Airports Company (MACL), which operates the Velana International Airport (VIA), posted a net profit of MVR 1 billion last year, according to its audit report.
According to the financial statements in the audit report prepared by the Auditor General's Office, MACL posted a revenue of MVR 8.5 billion last year. This is about one billion more than the previous year.
MACL's biggest revenue comes from selling jet fuel for aircraft. Jet fuel sales generated MVR 4.7 billion last year, more than two-thirds of total revenue.
The company approved a dividend of MVR 75 million to the government out of its profit. No dividend was paid to the government in the previous year.
In addition to the dividend approved for last year, MVR 150 million was paid to the government. This was part of the dividends that had not been paid in previous years. The remaining MVR 268 million is still due to the government.
MACL invested some of its proceeds in government treasury bills (T-bills) and bonds last year. This included USD 30 million invested in a US dollar bond.
Although the company's financial position is overall good, it has a large amount of government-guaranteed debt. Most of these loans were taken for the new terminal and runway at VIA, which is now nearing completion. The company had debt of MVR 13.4 billion at the end of last year.
