MD: MACL ‘fully capable’ of repaying loans

Ibrahim Shareef Mohamed, the Managing Director of Maldives Airports Company Limited (MACL), says the company is “fully capable” of repaying its loans, adding that there’s no need for anyone of be alarmed our its debt.

MACL’s 2024 audit shows that while the company, which manages the Velana International Airport (VIA), generated MVR 1.1 billion in net profits, its debt stands at a staggering MVR 13.4 billion.

In an episode of TVM’s ‘Heyyambo’ show on Friday, Shareef highlighted on efforts by MACL to develop services at the VIA and boost profitability.

He spoke about the fuel hydrant system operationalized at VIA last November – an underground network that stretches 8.4 kilometers from the fuel storage facility to the plane parking area.

Shareef said the system has helped cut down refueling time for long-haul planes by between one hour to 45 minutes.

Shareef also spoke about the new international passenger terminal at VIA, which is set to open on July 26. He said that the new terminal is also expected to boost revenue from duty free shops and food and beverage service.

“I want to assure the Maldivian people that the MACL is fully capable of repaying loans. There’s no need for anyone to be worried about this. MACL will finish paying off these loans,” he said.

The loans taken out by MACL includes MVR 1.6 billion in debt owed to the Bank of Maldives (BML). This includes a USD 50 million loan taken out for corporate needs in December 2023. MACL also took out a USD 30 million loan in June 2024.

The new terminal at VIA is designed to cater to 7.5 million passengers annually.