The Privatisation and Corporatisation Board (PCB) has revealed that Maldives Airports Company Limited (MACL) has received a net profit of USD39 million for the first quarter of 2022.
PCB has released its Quarterly Review report for the first quarter of the year. The report includes the financial position of 30 state-owned companies.
MACL received a net profit of USD39 million before tax for the first quarter of 2022 which is a 39% increase compared to the last quarter of 2021 due to higher oil demand and higher oil prices, according to the Quarterly Review.
The revenue of MACL also increased by 11% in the first quarter of the year which is recorded at USD105 billion. The gross profit margin increased by 5% from the second quarter of 2021 until the first quarter of 2022 due to the improvement in the company's revenue and business activities.
MACL which is the largest revenue earner among state-owned companies has seen its revenue fall 98% in 2020 due to the COVID-19 pandemic. However, the state-owned company is making efforts to restore its services.