Gan airport revenue nearly triples to MVR 94.4mn as losses persist

Addu International Airport Private Limited, operator of Gan International Airport, recorded MVR 94.4 million in revenue in 2025, nearly three times the MVR 33 million reported a year earlier.

Revenue increased by around 186% year-on-year, driven largely by jet fuel sales, which rose from MVR 13.6 million in 2024 to MVR 72.9 million in 2025. Ground handling revenue also increased to MVR 9.6 million from MVR 6.9 million.

Despite the revenue growth, the company remained loss-making. Its annual loss narrowed to MVR 68.7 million, compared with MVR 78.7 million in 2024.

Operating expenses rose to MVR 112.6 million, largely reflecting MVR 66.6 million in jet fuel costs.

The company’s accumulated losses reached MVR 817.5 million at the end of 2025, while it recorded negative net assets of MVR 58.2 million. Current liabilities exceeded current assets by MVR 312.8 million, raising material uncertainty over the company’s ability to continue as a going concern.

The Auditor General issued an adverse opinion on the company’s 2025 financial statements, concluding that they did not give a true and fair view of its financial position and performance in accordance with IFRS Accounting Standards.

The audit highlighted several issues, including the absence of an impairment assessment for airport assets valued at MVR 449.7 million, accounting treatment relating to employee redundancy benefits, and insufficient recognition and disclosure connected to the Gan International Airport redevelopment project.

Addu International Airport is 70% owned by the Government and 30% by KASA Holdings. The company operates and develops Gan International Airport in Addu City.