Velana International Airport’s operator, Maldives Airports Company Limited (MACL), has announced a historic financial milestone, reporting a record net profit of USD 71.3 million (MVR 1.1 billion) for the fiscal year 2024. This marks the highest annual profit in the company’s history and represents a 32.2% increase over the previous year’s profit of USD 54 million. The announcement was made during MACL’s Annual General Meeting, held at Hulhule’ Island Hotel.
According to audited financial statements released by the Auditor General’s Office, MACL earned a total revenue of USD 512 million in 2024, reflecting an 11% year-on-year increase from USD 454 million in 2023. Despite facing recurrent operational expenses amounting to USD 467 million (MVR 7.2 billion), the company’s strong revenue generation and cost management contributed to this exceptional financial outcome.
The results highlight not only MACL’s financial resilience but also its critical role in the Maldives’ broader economic landscape, especially in underpinning the success of the country’s tourism industry. As the gateway to one of the world’s most sought-after island destinations, Velana International Airport remains central to ensuring efficient and seamless connectivity for international visitors.
A deeper look into the revenue breakdown reveals that non-air services were the primary contributor to MACL’s overall income, generating USD 434 million in 2024. Fuel sales played a dominant role in this segment, accounting for USD 304 million, indicating a high level of operational throughput and demand from international airlines serving the Maldives. This robust non-aeronautical income stream underscores the company’s strategic diversification efforts and operational efficiency.
Meanwhile, air service-related revenue contributed USD 68.7 million to the company’s earnings. Ground handling fees emerged as the leading component in this category, bringing in USD 40.9 million, reflecting strong aircraft movement volumes and service demand at Velana International Airport.
The financial report was formally presented during MACL’s Annual General Meeting (AGM) 2024, held at Hulhulé Island Hotel on June 12, 2025. The event was attended by key company leadership, including Chairperson Aisha Nurain Janah, Chief Executive Officer and Managing Director Ibrahim Shareef Mohamed, and members of the Executive Committee. The AGM served as a platform to highlight the company’s operational and financial milestones for the year, and to set forth strategic objectives for the near future.
Chairperson Aisha Nurain Janah opened the proceedings by commending the strong financial performance and the sustained growth MACL achieved over the year. She emphasized that the company’s achievements have strengthened its operational base and built confidence in its long-term stability and competitiveness in the global aviation market. She also conveyed optimism for continued growth, reaffirming that the company is well-placed to support the evolving needs of the Maldives’ tourism sector, a key pillar of the national economy.
CEO and Managing Director Ibrahim Shareef Mohamed attributed the success to the collective commitment of the board, executive management, and all MACL employees. He noted that the synergy across all levels of the organization has been instrumental in delivering consistent and measurable performance improvements. Shareef also reiterated MACL’s unwavering focus on future-oriented growth and operational excellence.
A central highlight of the AGM was the company’s strategic direction for the coming year, particularly the upcoming launch of the new passenger terminal at Velana International Airport. CEO Shareef described the terminal as a major infrastructure development that is expected to greatly enhance the airport’s capacity, streamline passenger movement, and significantly elevate service standards. He highlighted that the new facility would allow MACL to accommodate growing international passenger traffic, strengthen its position as a regional aviation hub, and contribute positively to the Maldives’ reputation as a world-class travel destination.
The commissioning of the new terminal remains MACL’s foremost operational priority. The facility is expected to deliver a transformative impact on both the customer experience and the company’s bottom line. Enhanced amenities, expanded gate capacity, improved baggage handling systems, and upgraded security protocols will offer a seamless transit experience to millions of tourists who pass through the country each year.
As the operator of the Maldives’ primary international gateway, MACL plays a vital role in enabling the country’s tourism industry, which accounts for over 28% of national GDP and nearly 60% of foreign exchange earnings. With a modernized infrastructure now nearing completion, the company is strategically positioned to increase its contribution to the nation’s economic development by facilitating higher tourist arrivals, supporting airline partnerships, and delivering greater operational value.
The 2024 AGM concluded with a reaffirmation of MACL’s commitment to innovation, operational efficiency, and customer satisfaction. With a record profit, a strong leadership team, and transformative infrastructure developments on the horizon, MACL continues to strengthen its role as a key enabler of the Maldives’ tourism and transport sectors, connecting the nation to the world.
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