MMPRC gains profit for the first time in four years

Maldives Marketing and PR Corporation, recently rebranded as Visit Maldives Corporation, has reported a profit of over MVR 27 million last year after having operated in loss for four consecutive years.

A profit of MVR 27,490,370 was reported in today's Annual General Meeting.

In 2023, the company faced loss of MVR 17,997,662.

The company attributes the notable improvement to substantial operational reforms. This includes bringing down recurrent operational costs by 10 percent.

The report also highlighted savings of over MVR 4 million following a performance-based audit of international PR partnerships, which reduced the number of institutions from 21 to six

The policy on participating in international trade shows and exhibitions was also reviewed. While previously it stood at 80 percent of the total marketing budget, it was revised to 34 percent. On average, MVR 2 million was saved from major events.

MMPRC said that there are now over 21 active global campaigns under destination marketing. While co-investment marketing partnerships have been entered into with international tour operators and airlines, the total price exceeds MVR 10 million.

MMPRC was established in March 2010 to promote Maldives as a high end tourist destination globally. On Sunday, President Dr Mohamed Muizzu changed the name of MMPRC to Visit Maldives Corporation Ltd.