MWSC sees profits drop by 33% after 2024’s sharp rise

Male’ Water and Sewerage Company (MWSC) saw its profits drop by 33 percent in 2025 after a sharp rise the previous year, according to its annual audit report.

MWSC’s 2025 audit report covers the state utility company’s overall finances, including that of its subsidiary, the Island Beverages Maldives, which produces Taza brand bottled water.

The report shows the MWSC generated MVR 1.37 billion in revenue in 2025, down 12 percent from the MVR 1.58 billion the previous year.

The company also saw its profits drop from MVR 217 million in 2024 to MVR 145 million last year – marking a decline of MVR 71.8 million or 33 percent.

The decline came at the heels of a highly profitable year for MWSC in 2024, when it saw profits jump by 91.6 percent.

The MWSC generated MVR 1.07 billion from water and sewerage services in 2025, along with an additional MVR 159 million from the sale of bottled water and ice, and MVR 4.31 million from the sale of water pipes and other such products.

The company also generated MVR 347 million from construction projects.

Looking at administrative expenses, MWSC’s staff costs rose from MVR 201 million in 2024 to MVR 217 million in 2025. Last year’s figure includes MVR 67.8 million on salaries and MVR 9.79 million on overseas trainings.

MWSC was originally headed by Abdul Matheen during the incumbent administration. However, he had resigned on April 12 amid a major shakeup in the wake of the ruling party’s heavy defeat in the local council elections, and was subsequently replaced by Hussain Fahmy.