Revenue to rise 7-8 percent in first year with new terminal: Shareef

Opening of the new terminal at Velana International Airport (VIA) is set to boost Maldives Airports Company Ltd (MACL) revenue by 7-8 percent in its first year of operation, said MACL managing director Ibrahim Shareef Mohamed.

Speaking in an exclusive interview with Mihaaru News, Shareef said the terminal set to officially open on Saturday night is a milestone for the company’s expansion and is expected to serve 7.5 million passengers annually.

“The new terminal allows us to allocate more airline slots during peak hours, particularly between 6 am and 3 pm,” he said.

“This opens up opportunities for both new carriers and increased frequencies from existing airlines.”

He noted that lack of capacity had previously prevented many airlines from securing desired time slots, particularly during the high tourism season and on the airport’s busiest days.

Currently, 95 percent of VIA’s traffic consists of tourists, making the airport’s performance closely tied to the tourism industry.

Shareef said the expansion would allow MACL to capitalize on tourism growth, boosting revenue further.

He added that revenues could rise by up to 15 percent in the years following the terminal’s opening, aided by expanded airline services, duty-free operations and other passenger service offerings.

MACL, one of the most profitable state-owned enterprises in the Maldives, recorded MVR 1 billion in profits last year, a record high.

According to its audit report, profits rose 18 percent compared with 2023, with revenue increasing by 11 percent to MVR 8.5 billion which is MVR 1 billion more than in 2023.

- 47 check-in counters

- 6 self-service counters

- 20 departure immigration counters

- 28 arrival immigration counters

- 6 passenger boarding gates

- 5 baggage claim belts

- 14 escalators

- 4 walkalators

- 41 elevators

- Project cost: USD 457 million (MVR 7 billion)

Passenger processing speed is expected to improve by 30 percent once the terminal becomes operational.