Maldivian (Q2, Malé) owed the Maldives Airports Company (MACL) MVR351.6 million rufiyaa (USD22.8 million) in unpaid fees as of December 31, 2021, representing almost half of the state-owned airport operator's total receivables that year, according to the island nation's Auditor-General's report for the 2021 financial year.
Published on July 10, 2024, the report from Auditor-General Hussain Niyazy highlights that Maldivian's debt at the time represented 45% of MACL's total outstanding dues. At least 72% of the sum, or MVR253.5 million (USD16.4 million), represented unpaid jet fuel invoices, while 6% was for unpaid landing/parking fees, 6% ground handling dues, 3% unpaid land leases, and 2% other invoices.
The airline's debt accumulated from 2016, with the biggest single amount, MVR248.8 million (USD16.1 million), incurred during the Covid-19 pandemic in 2021.
Island Aviation Services Ltd., dba Maldivian, was the biggest amongst MACL's five main debtors, the others being the Hulhule Island Hotel, the State Trading Organisation, Maldives Post Limited, and Gan Island operator Addu International Airport Pvt Ltd.
Like MACL, Maldivian is a 100% state-owned limited liability company. It harbours plans to expand its fleet with three ATR42-600s and aims to acquire widebodies later this year to facilitate new long-haul routes. At present, the fleet comprises one A320-200, four ATR - Avions de Transport Régional turboprops (two ATR42-600s and two ATR72-600s), eleven DHC-6-300 Twin Otters, and nine Dash 8s (one DHC-8-200, one DHC-8-Q200, and seven DHC-8-Q300s).
ch-aviation has asked Maldivian to comment.
