State-owned enterprise
Maldives Ports Limited (MPL)
State-owned port operator
port.mv (opens in a new window)
The company that runs the Maldives’ government-owned ports: Malé Commercial Harbour, the country’s main international gateway, Hulhumalé International Terminal, Malé North Harbour, the T-Jetty and Malé South West Harbour, and the regional ports at Hithadhoo and Kulhudhuffushi. Formed as the Maldives Ports Authority by presidential decree and incorporated on 31 July 2008 as a company wholly owned by the Government of Maldives. Its largest undertaking is the relocation of commercial port operations from Malé to a new port in Thilafushi, estimated at more than USD 220 million.
- Established
- 31 July 2008
- Staff
- 2,610 (2,128 in 2023)
- Issued share capital
- MVR 475 million
- Ports and terminals
- Malé Commercial Harbour, Hulhumalé International Terminal, Malé North Harbour, T-Jetty, Malé South West Harbour, Hithadhoo Port, Kulhudhuffushi Port
- Subsidiaries
- Hithadhoo Port Limited; Kulhudhuffushi Port Private Limited (50%, with the Government)
Reviewed Profile, ownership, priorities and 2020–2024 financials from MPL Annual Report 2024; board and executives from the company’s board page on port.mv, accessed 22 September 2026, which names a chief executive and deputy who succeeded those in the report.
01Snapshot
At a glance
Ports and terminals
Malé Commercial Harbour, Hulhumalé International Terminal, Malé North Harbour, T-Jetty, Malé South West Harbour, Hithadhoo Port, Kulhudhuffushi Port
As of 31 Dec 2024 · MPL Annual Report 2024
Subsidiaries
- Hithadhoo Port Limited
- Kulhudhuffushi Port Private Limited (50%with the Government)
As of 31 Dec 2024 · MPL Annual Report 2024
Training
2,233 staff trained, 3,676 hours, MVR 20.96 million
As of 31 Dec 2024 · MPL Annual Report 2024
First cargo vessel
M.V. Ruthuris, 38 containers, 10 January 1989
As of 10 Jan 1989 · MPL Annual Report 2024
Analysis brief
Short term
2024 against 2023Revenue was 861 MVR million in 2024, up 8.5% on 2023.
BasisRevenue: 793 MVR million (2023), 861 MVR million (2024).
Profit after tax was 27.8 MVR million, down 43.8% on 2023.
BasisProfit after tax: 49.5 MVR million (2023), 27.8 MVR million (2024).
Revenue rose while profit fell, so costs, finance charges and tax together grew faster than sales.
BasisRevenue less profit after tax (everything deducted on the way down): 744 in 2023, 833 in 2024.
Net margin, the share of each rufiyaa of revenue kept as profit, went from 6.2% to 3.2%.
BasisProfit after tax ÷ revenue: down 3 percentage points between 2023 and 2024.
Long term
The reported record, 2020–2024Revenue grew by 13.4% a year on average between 2020 and 2024.
BasisRevenue: 520 MVR million (2020) to 861 MVR million (2024); compound annual rate over 4 years.
Profit after tax shrank by 24% a year on average between 2021 and 2024.
BasisProfit after tax: 63.3 MVR million (2021) to 27.8 MVR million (2024); compound annual rate over 3 years.
Profit fell in 2 of the 3 year-on-year comparisons on record.
BasisProfit after tax, each year against the one before, 2021–2024.
Net margin was 9.8% in 2021 and 3.2% in 2024.
BasisProfit after tax ÷ revenue, a change of 6.5 percentage points.
Total assets grew by 6.3% a year on average between 2020 and 2024.
BasisTotal assets: 1,760 MVR million (2020) to 2,251 MVR million (2024); compound annual rate over 4 years.
Equity funded 56.9% of assets in 2023 and 48.4% in 2024; the rest is borrowing and other liabilities.
BasisNet assets ÷ total assets, down 8.5 percentage points. A falling share means more of the balance sheet rests on what the company owes.
Prospects
What the record points to; not a forecastThe company is investing heavily: capital spending equalled 27.6% of revenue in 2024. Assets being built now are capacity for later years, and have to be paid for first.
BasisCapital investment ÷ revenue: 27.6% in 2024; 15.1% on average over the 2 years reported. "Heavily" is used at 15% of revenue or more.
Balance sheet: equity funds 48.4% of assets, and what the company owes funds the rest.
BasisNet assets 1,090 MVR million ÷ total assets 2,251 MVR million (2024). A higher equity share and a lower debt multiple mean more capacity to fund further investment.
Net margin has narrowed for 2 years running. Unless that turns, profit will keep growing more slowly than revenue.
BasisNet margin by year: 14.2% (2022), 6.2% (2023), 3.2% (2024).
Management's stated priorities: Move commercial port operations to Thilafushi (2024–2027); Operational efficiency and digitalisation (2024–2026); A safety-first, skilled and inclusive workforce (2024–2026); Sustainable, climate-resilient infrastructure (2024–2027).
BasisAs stated by the company in MPL Annual Report 2024; listed in full under Priorities. These are intentions, not results.
Basis and evidence
- Every statement is computed from figures the company itself reported, in the documents listed. Ratios and growth rates are calculated by Good Morning Maldives; they are not figures the company publishes.
- The prospects are readings of the record, not forecasts: they say what the reported investment, funding and margins imply if nothing changes, and nothing about events the accounts do not capture.
- Some 2024 figures are provisional (taken from a summary chart, not audited statements) and may be restated.
Source documents: MPL Annual Report 2022 · MPL Annual Report 2023 · MPL Annual Report 2024. The year-by-year figures are in Financials.
Also known as MPL · Maldives Ports Authority · Malé Commercial Harbour
02Financials
The books, year by year
2020–2024 · as reported · hover, or focus the chart and use the arrow keys, to read a year
Loading chart…
Derived ratios
Ratios are computed by Good Morning Maldives from the reported lines; they are not figures Maldives Ports Limited (MPL) publishes. Sources: MPL Annual Report 2022 · MPL Annual Report 2023 · MPL Annual Report 2024. p provisional.
03Priorities
Current priorities
- 1
Move commercial port operations to Thilafushi
Build a modern international, local and bulk port on 20 hectares of Thilafushi land to relieve Malé Commercial Harbour, where space is the binding constraint. Estimated at more than USD 220 million and targeted for 2027; the company is arranging finance and finalising a contractor.
- 2
Operational efficiency and digitalisation
Faster, transparent cargo handling through process re-engineering, automation and digital services, including Phase 1 of the National Single Window integration completed in 2024.
- 3
A safety-first, skilled and inclusive workforce
Establish a safety-first culture and upskill staff: 2,233 employees trained in 2024 over 3,676 hours at a cost of MVR 20.96 million, up from 1,485 trained in 2023.
- 4
Sustainable, climate-resilient infrastructure
Execute the ESG strategy with annual KPIs per business unit, invest in energy efficiency and climate-resilient facilities, and comply with international standards.
- 5
Diversify revenue and build port-centric logistics
Reduce dependence on cargo handling at Malé by expanding logistics, hinterland connectivity, bunkering and regional port services, and by sharing the cost of large projects with partners.
04Ownership & people
Who owns it, who runs it
Key people
- Capt. Hussain ShafeeqChief Executive Officer and Executive Director
- Mohamed LamaanDeputy Chief Executive Officer and Executive Director
- Mohamed WaheedNon-Executive Director
- Ahmed IlyasNon-Executive Director
- Ahmed EehabNon-Executive Director
- Fathimath Shafga RafeeuNon-Executive Director
- Aminath HameedChairperson · since 10 Jan 2024
05Projects
Tracked projects
- Hulhumalé Terminal permanent warehouse
A 10,000 square foot permanent warehouse at Hulhumalé International Terminal, replacing the temporary 2,640 square foot general cargo store.
Official project page ↗ - National Single Window integration
Integration of port systems with the government’s National Single Window for trade documentation. Phase 1 was completed in 2024.
Official project page ↗ - Thilafushi international, local and bulk port
A new port on 20 hectares of Thilafushi land, bought from the Housing Development Corporation, to take over container and bulk cargo operations from Malé Commercial Harbour. Estimated at more than USD 220 million and expected in 2027; a MVR 97 million bank loan part-financed the land and the company is arranging finance for construction.
Official project page ↗ - 200-tonne water bunkering barge
A purpose-built 200-tonne water barge, unloaded at the Thilafushi dockyard on 13 November 2024, to supply water to vessels, with a focus on the northern region.
Official project page ↗
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