Maldives Marketing and Public Relations Corporation (MMPRC) has revealed that the company incurred a loss of USD 13.1 million during the previous administration. The corporation made the disclosure in a press release issued Thursday, in response to a report recently published by the Parliament’s State-Owned Enterprises (SOE) Committee on MMPRC’s financial position.
According to the report, the company has been operating at a loss for the past three years. In its statement issued Thursday, MMPRC acknowledged the public’s concerns over articles and information publicised by the Parliament. The corporation said as the national destination marketing body, it takes this feedback seriously and remains committed to transparency, accountability, and continued progress.
The financial records of the Maldives Marketing and Public Relations Corporation (MMPRC) of the last four years reveal staggering losses totaling USD 13.23 million.
MMPRC’s year-on-year debt details are as follows:
2020: -USD 105,365
2021: -USD 9.21 million
2022: -USD 2.74 million
2023: -USD 1.17 million
According to MMPRC, the long-standing nature of these losses is a key contributor to its current debt situation. It noted that many of the findings in the Parliament report reflect practices and data spanning over the past six years. However, in the past 12 months, MMPRC has taken meaningful steps to reform and strengthen its operations to ensure it is heading in the right direction, the corporation said.
The press release revealed that MMPRC had reduced recurrent expenses by over 10 per cent, and conducted a comprehensive review of its global public relations partnerships, cutting back from 21 to just 6 agencies based on performance metrics. This initiative alone has resulted in savings of over USD 259,375.
MMPRC further said it had restructured its approach to trade shows and exhibitions, which previously consumed nearly 80 per cent of its budget. While that share now stands at 34 per cent, for each major event, MMPRC has saved an average of USD 129,687 without compromising industry participation or visibility, it said. These events continue to receive positive feedback from partners, it further noted.
The corporation said it is currently running over 21 active global campaigns, and is also engaged in dollar-to-dollar co-investment campaigns with leading international tour operators and airlines, amounting to over USD 648,437 in terms of strategic marketing. These partnerships are critical in maintaining its competitive edge, especially in today’s dynamic global travel environment, MMPRC said.
MMPRC also noted that all of the Maldives’ top ten tourist source markets are showing positive year-on-year growth, with Google Trends indicating a 1000% surge in search interest from Europe and Asia.
While the destination marketing bodies of neighboring and competing destinations receive full government subsidies, MMPRC operates under significantly different financial conditions, it noted. Given that Maldives is one of the most tourism-dependent economies in the world, it is crucial to invest meaningfully in keeping Maldives competitive, attractive, and visible globally, it said.
MMPRC said despite budget constraints, the tourism sector continues to break records. Noting that last year, Maldives welcomed over 2 million tourists for the first time ever and generated USD 4.7 billion in tourism receipts, the highest in the country’s history, this year, the Maldives reached the first million tourists faster than ever before, and the country remains on track to achieve its 2025 targets in both arrivals and revenue, it said.
MMPRC said it has actively evolved into a modern, data-driven tourism board. Over the past year, it launched its first-ever Maldives Data Forum, conducted an Industry Symposium, and held various consultative forums to align efforts with private sector partners.
MMPRC believes the next six months are set to be transformative for the destination. Noting that the corporation is gearing up to launch a historic global campaign in partnership with Liverpool FC, alongside various high-impact video activations and brand collaborations, MMPRC is also expanding its Global Ambassador Programme, currently with four appointed ambassadors, and are exploring deeper engagement with Gen Z travel trendsetters and international production houses, it said. MMPRC will be expanding to appoint Local Brand Ambassadors to help market the destination, it said.
MMPRC expressed confidence that airline partners will increase frequencies With the new international airport terminal opening at Velana International Airport this month, and said its joint campaigns with these carriers will further drive demand across target markets.
MMPRC said it will share more details during its upcoming Annual General Meeting (AGM), including the audited financial statements for 2024, which are currently being finalised. These will reflect the financial stability, reform, and the new direction MMPRC is taking in both governance and branding, the statement said.
MMPRC assured that it was committed to serving the industry and the nation. It will continue to elevate the Maldives on the global stage, as a world-class, resilient, and future-ready destination, it said.