MACL staff receive MVR 25,000 each as annual bonus

Maldives Airports Company Limited (MACL), which runs Velana International Airport (VIA) has decided to pay each of its employees MVR 25,000 as last year's bonus.

While the company's staff received the same amount as bonus during the previous two years as well, MACL's CEO Ibrahim Shareef said all bonuses, which comes from the companies profits, would be credited to staff bank accounts within today.

The company employs about 3,000 people, and is currently the highest earning state owned enterprise in the country. As such, a total of MVR 75 million will be given out as bonuses this year.

MACL posted a profit of MVR 1.1 billion last year, which is a 20 percent increase over the previous year. The company’s 2022 profit stood at MVR 868 million.

MACL was the first company to start implementing cost cutting measures amidst the country's ongoing economic crisis. Last June, the company announced plans to cut costs by up to 20 percent in ten different areas.

The Privatization and Corporatization Board (PCB) had earlier issued a circular instructing government-owned companies to implement cost-cutting measures. The directive focuses on reducing expenses related to travel and employee costs.