Visit Maldives posted a profit of MVR 17 million last year, marking a 37 percent decline compared to the previous year, according to an audit report.

Visit Maldives, formerly known as MMPRC, recorded a profit of MVR 27 million in 2024. The drop comes amid a sharp increase in overall expenditure.

Total spending rose to MVR 171 million last year, up around 20 percent from MVR 141 million in the previous year.

Major costs included advertising and staff salaries, alongside office operations and debt servicing.

Despite higher costs, revenue increased significantly during the year, rising 60 percent to MVR 36 million compared to MVR 22 million in the previous year.

The report also noted that around 90 percent of Visit Maldives’ expenditure is covered through government grants. Over the past two years, the company received MVR 154 million from the state budget.

In 2023, the organization reported a loss of MVR 17.99 million.