Visit Maldives returns to profitability with strategic reforms and global impact

Visit Maldives Corporation Limited, formerly Maldives Marketing and Public Relations Corporation (MMPRC), held its Annual General Meeting (AGM) on 15 July 2024, marking a pivotal year characterised by a return to profitability, enhanced fiscal discipline, and strategic institutional reforms.

For the 2024 financial year, Visit Maldives reported a net profit of MVR 27,490,370 — its first profit in four years — following a loss of MVR 17,997,662 in 2023. This notable shift reflects a significant transformation in the corporation’s operations, with expenditures falling below revenue and grants, and a stronger alignment with the guidance of the Government, the Parliament, and broader tourism sector priorities.

In its pursuit of financial sustainability, Visit Maldives implemented several major reforms over the past year. Operational expenses were reduced by over 10%, while a performance-based audit of its global public relations partners resulted in a reduction from 21 agencies to just six — a move that generated savings exceeding MVR 4 million. The corporation also restructured its participation in international trade shows and exhibitions, which had previously accounted for nearly 80% of its marketing budget. That figure has now been brought down to 34%, with an average saving of MVR 2 million per major event. Despite this streamlined approach, international presence and industry engagement have remained robust, drawing favourable feedback from stakeholders.

Visit Maldives currently runs more than 21 active global destination marketing campaigns and has launched a series of co-investment partnerships with international tour operators and airlines. Valued at over MVR 10 million, these dollar-for-dollar initiatives aim to ensure the Maldives retains its competitive advantage within a fast-evolving global travel market.

Tourism performance across the board has been encouraging. All of the Maldives’ top ten source markets have shown year-on-year growth. India, in particular, has reversed its previous year’s 39% decline, recording a 4% increase in arrivals. Other key markets, including Russia, the United Kingdom, and China, have also seen heightened interest. According to Google Trends, searches for the Maldives from Europe and Asia have surged by an astonishing 1000%, underscoring the effectiveness of the country’s marketing strategies.

The AGM highlighted Visit Maldives’ ongoing evolution into a modern, data-driven, and results-oriented destination marketing organisation. Reinforcing its commitment to transparency and collaboration, the corporation’s management and board reiterated their dedication to delivering long-term value to the tourism industry and the Maldivian economy as a whole.

This turnaround represents more than a financial success — it affirms Visit Maldives’ renewed strength and vital role in supporting one of the Maldives’ most important economic sectors.