MACL earns record profits for 2010

The Maldives Airports Company Ltd (MACL) reports a net profit of Rf331,408,594 (US$21 million) for the fiscal year that ended December 2010.

In the company’s annual general meeting yesterday, the MACL board of directors resolved to pay Rf165,704,297 (US$10.7 million) as dividends to the government.

The board also decided to distribute one percent of its profits – Rf3.3 million (US$214,000) – as an annual bonus to its employees.

MACL has received US$19 million from GMR Male’ International Airport – recently renamed Ibrahim Nasir International Airport – as annual concession fee for the period between November 25, 2010 and June 2011. The fees, including fixed annual concession fee, fuel concession fee and variable concession fee, were paid in US dollars.

Meanwhile the company announced an undergraduate scholarship as part of its corporate social responsibility programme for 2010. The annual Ibrahim Nasir scholarship is to be bestowed based on solely on academic results and will cover tuition fees and living expenses.

Applications will be open from September 1 while the scholarship is to be officially awarded on November 11.

Also as part of its corporate social responsibility, MACL plans to sponsor a tuition teacher, laundry staff and childcare staff for the Children’s Home in Villigili.