Maldives Ports Limited (MPL) achieved a significant financial milestone last year, with its net profit more than doubling to USD 3.88 million, up from USD 1.8 million recorded in 2024, according to the company’s latest financial audit report.
The earnings growth was primarily driven by a top-line expansion in overall group operations. Total revenue for the MPL Group rose to USD 61.6 million in 2025, compared to USD 55.8 million in the previous year.
A breakdown of revenue streams highlights cargo handling as the main engine of growth. Cargo loading accounted for the largest share at USD 20.36 million, followed by cargo discharge at USD 17.90 million and vessel arrival and piloting services at USD 8.95 million. Other significant contributions included cargo clearing services at USD 5.58 million, empty container handling at USD 4.86 million, and utility sales at USD 2.40 million.
In terms of B2B relationships, services provided to state-owned enterprises remained a major contributor. Maldives State Shipping Company Pvt Ltd led the client list, generating USD 10.51 million) in revenue for MPL. Other key enterprise clients included State Trading Organization (STO) at USD 1.69 million, Hithadhoo Port Limited at USD 1.36 million, and Fenaka Corporation Limited at USD 869,001.
Besides revenue growth, improved operational efficiency and cost management played a critical role in boosting the bottom line. MPL successfully reduced its overall employee expenditure, bringing staff expenses down to USD 41.88 million from USD 43.82 million in 2024.
Auditor General Hussain Niyazy gave a clean bill of financial health to the port operator, stating that MPL's financial statements were prepared in full compliance with international financial reporting standards and clearly reflect the company’s true financial position.
Despite overall group profitability, the audit report noted a slight downturn for specific regional assets. Kulhudhuffushi Port Private Limited saw its annual losses expand from USD 678,691 in 2024 to USD 745,785 last year.