Privatisation and Corporatisation of Board (PCB) has revealed Maldives Airports Company Limited (MACL) generated over USD 71 million in profits in 2018.
MACL generated USD 71 million in profits, which is an increase of 9%, compared to the revenue of over USD 66 million MACL generated in 2017, according to PCB's financial report for the year 2018. Bank of Maldives (BML) recorded the second highest in revenues after MACL.
Last year, BML reported over USD 70 million in profits, which shows an increment of 6%, compared to 2017. Meanwhile, State-owned Sate Trading Organisation (STO) saw a decrease in their profits.
While it recorded USD 13 million in revenues in 2017, last year STO generated only over USD 900,000 in profits, which is a 93% decrease. Disruptions in the development of the hotel in Hulhumale' and increase in administrative costs resulted in the significant fall in revenues of STO in 2018, according to PCB.