Malé Water and Sewerage Company (MWSC) has reported a record profit of MVR 217 million for the last fiscal year, according to the latest audit report released by the Auditor General’s Office.

This is an increase of MVR 103 million compared to the previous year, reflecting a 90 percent rise in profits. The report noted that this is the highest profit MWSC has recorded in the past three years.

The Auditor General’s Office attributed the increase in profits mainly to a significant reduction in direct expenses, which dropped by MVR 935 million last year. MWSC's total revenue for the year stood at MVR 1.6 billion.

Out of this, MVR 62 million was used to repay the company’s debts, much lower than the amount paid in 2023. The company, which has a workforce of 1,200 employees, spent 16 percent of its revenue on salaries.