Maldives Airports Company Limited (MACL) took four new US dollar loans from Bank of Maldives (BML) in 2025, worth USD 56 million in total. It mortgaged its lease rights over the runway, taxiway and apron area to secure three of them, according to the Auditor General's audit of MACL's 2025 accounts.
The report, No. FIN-2026-168(E), is dated 2 November 2026 and is published on the Auditor General's Office website. The auditor gave an unqualified opinion: the accounts give a true and fair view under IFRS.
The four BML dollar loans
8 May 2025: USD 30 million, 8% a year, 60 months. USD 29.74 million outstanding. Secured on MACL's lease rights over Hulhulé Island (lease dated 22 June 2020).
17 August 2025: USD 10 million at 6%. USD 9.15 million outstanding.
22 October 2025: USD 10 million at 6%. USD 9.42 million outstanding.
23 November 2025: USD 6 million at 8%. USD 5.94 million outstanding.
The last three are secured on MACL's lease rights over the "Runway, Taxiway & Aprons Area", under a lease with the government (Finance Ministry) dated 1 February 2025. The government owns the land; MACL leases it. Security must cover at least 200% of each loan.
MACL also took a MVR 400 million BML demand loan on 19 March 2025 at 8%, with MVR 357.8 million outstanding, and a USD Musharakah working capital loan from Maldives Islamic Bank on 16 June 2025 at 8%, with MVR 229.3 million (equivalent) outstanding.
Debt and cash
Group borrowings: MVR 16.64 billion at 31 December 2025, up from MVR 13.42 billion in 2024.
Cash and bank balances: MVR 493 million (2024: MVR 937 million).
Current portion: MVR 4.75 billion (2024: MVR 3.02 billion).
Most of the project debt is foreign loans on-lent by the government, including USD 373.8 million from China Exim Bank for the runway, fuel farm and cargo work.
Group current liabilities of MVR 8.84 billion exceeded current assets of MVR 3.97 billion, a net current liability of MVR 4.86 billion, mainly from current maturities of that project financing. Management says the going concern basis remains appropriate: operating cash flow before working capital was MVR 3.11 billion, the government is sole owner and main lender, and equity is MVR 11.2 billion. The auditor reported no material uncertainty.
Results for 2025
Group revenue rose to MVR 9.33 billion (2024: MVR 8.51 billion). Profit after tax was MVR 1.46 billion, up 34% from MVR 1.10 billion.
On 7 October 2025, MACL, HDC and Capital Marine and Civil Construction signed a Deed of Novation. Through its subsidiary MIID, MACL took over remaining reclamation at Hulhumalé Phase 3, Thilafushi and Giraavaru falhu, paid in land plots and development rights from HDC.