MMPRC held its Annual General Meeting (AGM) on 15th July 2025, highlighting a landmark year distinguished by a return to profitability, strong fiscal discipline, and strategic reforms.

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For the financial year 2024, MMPRC recorded a net profit of MVR 27,490,370 — the first time in four years the corporation has turned a profit. This follows a loss of MVR 17,997,662 in 2023. The shift signals a major transformation in how the corporation operates, spending less than its generated revenues and grants, and aligning more closely with directives from the Government, the Majlis, and the tourism industry at large.

Over the past year, MMPRC has undertaken significant reforms to improve financial sustainability. Recurrent operational expenses were reduced by more than 10%. A performance-based audit of all global public relations partnerships led to a strategic reduction from 21 agencies to just six, saving the corporation over MVR 4 million. The corporation also restructured its approach to international trade shows and exhibitions, which previously consumed nearly 80% of the overall marketing budget. That figure now stands at 34%, with an average savings of MVR 2 million per major event. Despite this reduction, industry participation and international visibility remained strong and have been met with positive feedback.

In terms of destination marketing, MMPRC is now running more than 21 active global campaigns. Additionally, the corporation has initiated several co-investment marketing partnerships with international tour operators and airlines, with a combined value exceeding MVR 10 million. These dollar-to-dollar matching campaigns ensure that Maldives maintains a competitive edge in an increasingly dynamic global travel landscape.

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Tourism performance has also shown strong results. All of Maldives’ top ten source markets have recorded positive year-on-year growth. Notably, India has bounced back from a 39% decline in 2023 to achieve a 4% increase this year. Russia, the UK, China, and other key markets have also shown record interest. Google Trends data reveals a staggering 1000% increase in searches for the Maldives from Europe and Asia, further proving the effectiveness of current marketing strategies.

The AGM underscored MMPRC’s continued evolution into a modern, data-driven and results-focused destination marketing organization. With a renewed commitment to transparency and collaboration, the management and board are determined to ensure MMPRC delivers lasting value to the tourism industry and the wider Maldivian economy.

This turnaround year is not just a financial milestone — it is a signal of MMPRC’s strengthened role in supporting one of the Maldives’ most vital sectors.