State-owned enterprise
Malé Water and Sewerage Company (MWSC)
State-owned water, sewerage and electricity utility
mwsc.com.mv (opens in a new window)
The Maldives’ largest utility, supplying water, sewerage and, in some islands, electricity to Malé, Hulhumalé, Villimalé, Thilafushi, Gulhifalhu and regional islands including Maafushi, Dhuvaafaru and Kulhudhuffushi, and serving more than half the national population. Established on 1 April 1995 and owned 80% by the Government of Maldives and 20% by Hitachi, it also manufactures bottled water, PET preforms and PE and PVC pipes, and takes on external engineering projects.
- Established
- 1 April 1995
- Staff
- 1,227 (1,052 permanent)
- Issued share capital
- MVR 267 million (267,000 shares)
- Subsidiary
- Island Beverages Maldives Pvt Ltd (51%, bottled water joint venture with Champa Brothers)
- Training spend
- MVR 12.21 million; 171 programmes, 1,427 staff trained
Reviewed Profile, ownership, people, priorities and 2020–2025 financials recorded from MWSC Annual Report 2025.
01Snapshot
At a glance
Subsidiary
Island Beverages Maldives Pvt Ltd (51%, bottled water joint venture with Champa Brothers)
As of 31 Dec 2025 · MWSC Annual Report 2025
Training spend
- MVR 12.21 million
- 171 programmes1,427 staff trained
As of 31 Dec 2025 · MWSC Annual Report 2025
Analysis brief
Short term
2025 against 2024Revenue was 1,374 MVR million in 2025, down 12.9% on 2024.
BasisRevenue: 1,577 MVR million (2024), 1,374 MVR million (2025).
Profit after tax was 146 MVR million, down 33% on 2024.
BasisProfit after tax: 218 MVR million (2024), 146 MVR million (2025).
Net margin, the share of each rufiyaa of revenue kept as profit, went from 13.8% to 10.6%.
BasisProfit after tax ÷ revenue: down 3.2 percentage points between 2024 and 2025.
Free cash flow was positive at 132 MVR million: operations brought in more cash than was invested.
BasisFree cash flow as reported for 2025; 161 MVR million in 2024.
Long term
The reported record, 2020–2025Revenue grew by 8.2% a year on average between 2020 and 2025.
BasisRevenue: 927 MVR million (2020) to 1,374 MVR million (2025); compound annual rate over 5 years.
Profit after tax shrank by 10.6% a year on average between 2020 and 2025.
BasisProfit after tax: 255 MVR million (2020) to 146 MVR million (2025); compound annual rate over 5 years.
Profit fell in 3 of the 5 year-on-year comparisons on record.
BasisProfit after tax, each year against the one before, 2020–2025.
Net margin was 27.5% in 2020 and 10.6% in 2025.
BasisProfit after tax ÷ revenue, a change of 16.9 percentage points.
Total assets grew by 8.7% a year on average between 2020 and 2025.
BasisTotal assets: 2,630 MVR million (2020) to 3,984 MVR million (2025); compound annual rate over 5 years.
Equity funded 59.8% of assets in 2020 and 48% in 2025; the rest is borrowing and other liabilities.
BasisNet assets ÷ total assets, down 11.7 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 forecastCapital spending equalled 13.2% of revenue in 2025, above its average for the years reported. That is the pace at which new capacity is being added.
BasisCapital investment ÷ revenue: 13.2% in 2025; 10.2% on average over the 5 years reported. "Heavily" is used at 15% of revenue or more.
The business generated more cash than it invested, so that spending did not by itself require new borrowing.
BasisCapital investment 181 MVR million against free cash flow of 132 MVR million in 2025.
Balance sheet: equity funds 48% of assets, and what the company owes funds the rest.
BasisNet assets 1,914 MVR million ÷ total assets 3,984 MVR million (2025). A higher equity share and a lower debt multiple mean more capacity to fund further investment.
Dividends were covered 1.67 times by earnings, so the payout was met from the year's profit.
BasisEarnings per share 546 MVR per share ÷ dividends per share 327 MVR per share (2025).
Management's stated priorities: Water security for the Greater Malé region (2025–2027); Digital transformation of customer service (2025–2026); Regional operations and renewable energy (2025–2026); Diversify revenue beyond external projects (2025–2026).
BasisAs stated by the company in MWSC Annual Report 2025; 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.
Source documents: MWSC Annual Report 2025. The year-by-year figures are in Financials.
Also known as MWSC · Male Water and Sewerage Company · Malé Water & Sewerage Company
02Financials
The books, year by year
2020–2025 · 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 Malé Water and Sewerage Company (MWSC) publishes. Sources: MWSC Annual Report 2025. p provisional.
03Priorities
Current priorities
- 1
Water security for the Greater Malé region
Add production capacity and interconnect the Malé and Hulhumalé hubs: the 750 and 1,000 tonne-a-day RO plants commissioned in 2025, the bridge pipeline, and the 10,000-tonne plant now under construction.
- 2
Digital transformation of customer service
End-to-end online service on SAP S/4HANA: the revamped mobile app, upgraded e-portal, self-service kiosks and a procurement portal, reducing reliance on physical counters.
- 3
Regional operations and renewable energy
Expand RO capacity in Maafushi and Kulhudhuffushi, upgrade Dhuvaafaru power and fuel storage, act on completed energy audits, and progress the Kulhudhuffushi renewable energy project with GEC Japan.
- 4
Diversify revenue beyond external projects
Grow recurring utility, manufacturing and trading income so results depend less on one-off engineering contracts, whose income fell from MVR 348 million to MVR 82 million in 2025.
- 5
Workforce localisation and capability
Cut the expatriate share of staff (6.2%, from 15%), raise the share of women, and fund overseas scholarships and technical training.
04Ownership & people
Who owns it, who runs it
Key people
- Hussain FahmyManaging Director · since 14 Apr 2026
- Abdul Salam MohamedDeputy Managing Director · since 31 Dec 2023
- Aishath RoohyActing Chairperson · since 24 Dec 2023
Managing Director
Deputy Managing Director
Acting Chairperson
05Projects
Tracked projects
- Digital customer platform (SAP S/4HANA, e-portal and mobile app)
Migration of billing, customer management, procurement and field operations onto SAP S/4HANA, with a revamped mobile app, an upgraded e-portal, self-service kiosks and a procurement portal.
Official project page ↗ - Kulhudhuffushi renewable energy project
Renewable generation for MWSC’s Kulhudhuffushi utility operations, supported by GEC Japan, alongside energy audits across the company’s regional sites.
Official project page ↗ - Malé–Hulhumalé bridge pipeline
A water transfer pipeline across the Sinamalé Bridge connecting the Malé and Hulhumalé production hubs, commissioned in 2025.
Official project page ↗ - 10,000-tonne water production plant, Hulhumalé
A new building and plant to add 10,000 tonnes a day of water production capacity in Hulhumalé. Construction began on 4 December 2025, MWSC’s 30th anniversary.
Official project page ↗
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