Maldives Marketing and Public Relations Corporation (MMPRC) has attributed its ongoing financial crisis to significant losses incurred during the previous administration’s four-year term, stating the company is still recovering from the damage.

In response to a report by Parliament's State-Owned Enterprises (SOE) Committee, MMPRC confirmed it had suffered losses totalling MVR 203.8 million between 2020 and 2023, pushing the company toward potential bankruptcy. The SOE report further highlighted that the company has relied heavily on state aid since the COVID-19 pandemic, with the government injecting over MVR 500 million over five years to sustain operations.

Despite earning MVR 22.3 million in revenue last year, MMPRC ended the year with a loss of MVR 27.7 million. Operational and debt servicing costs alone totalled MVR 144 million in 2023, far exceeding its income.

In a statement, MMPRC acknowledged its financial challenges but said it has implemented corrective actions. These include cutting operational costs by 10 per cent, reducing international PR agencies from 21 to six, and slashing trade show spending by 34 percent, savings that amount to millions in MVR.

MMPRC also reported revenue gains of 10–20 percent through increased membership and advertising fees, with total revenue projected to grow by 49 percent in the current fiscal year.