Revenue at Addu International Airport Private Limited, the company that runs Gan International Airport, nearly tripled in 2025, while its annual loss narrowed by about MVR 10 million, according to an audit report published by the Auditor General's Office.
The report on the company's 2025 financial statements, dated 21 October, shows revenue of MVR 94.4 million, up from MVR 33 million in 2024, an increase of MVR 61.3 million. The company made a loss of MVR 68.7 million for the year, compared with MVR 78.7 million a year earlier.
Jet fuel drives growth
Most of the increase came from jet fuel. Fuel sales brought in MVR 72.9 million, up from MVR 13.6 million in 2024. Ground handling charges earned MVR 9.6 million and landing fees MVR 3.9 million.
Costs rose with the fuel business. Operating expenses more than doubled to MVR 112.6 million from MVR 55 million, with jet fuel purchases alone costing MVR 66.6 million. Employee costs fell slightly to MVR 46.2 million from MVR 47.7 million, including MVR 22.2 million in wages and salaries and MVR 22 million in allowances.
Adverse audit opinion
Despite the improvement, accumulated losses reached MVR 817.5 million at the end of 2025 and the company's net assets turned negative at MVR 58.2 million. Its current liabilities exceeded current assets by MVR 312.8 million, which the financial statements say points to a material uncertainty over its ability to continue as a going concern.
Auditor General Hussain Niyazy issued an adverse opinion, saying the statements do not give a true and fair view. The report said the company had not assessed whether its airport assets, valued at MVR 449.7 million, were impaired, had not accounted for staff redundancy benefits under international standards, and had not recorded the Gan airport redevelopment project as work in progress.
The financial statements say the company's shareholders, the government with 70 percent and KASA Holdings with 30 percent, have confirmed in writing that they will keep supporting it financially.