Road Development Corporation posts MVR 229 million loss

Road Development Corporation (RDC) reported a loss of MVR 229 million last year, according to figures released by the Privatization and Corporatization Board (PCB).

The company operated at a loss in all four quarters of 2024, with the largest deficit of MVR 70 million recorded in the fourth quarter.

Last year’s losses represent a 22 percent increase from 2023, when RDC posted a loss of MVR 188 million. By contrast, the company made a profit of MVR 34 million in 2022.

In the first quarter of 2025, RDC reported a further loss of MVR 114 million, with rising expenses cited as a key factor. Total expenses for 2024 amounted to MVR 443 million, against revenues of MVR 409 million from various projects. The company also carries short-term debt of MVR 636 million.

RDC has experienced losses for the past two years amid ongoing corruption investigations by the Anti-Corruption Commission (ACC). Last year, the ACC revealed that MVR 14 million had been deposited into the personal accounts of three employees, including MVR 11 million into a single individual’s account.

Police are also investigating the involvement of company officials in these cases.