MWSC’s 2024 Profits Surge by 92%

The Male’ Water and Sewerage Company (MWSC) has reported a significant 92 percent increase in net profit for 2024, according to an audit by the Auditor General’s Office.
The report, which reviewed the company’s financial statements for the year, stated that MWSC’s transactions were in good standing and followed International Financial Reporting Standards (IFRS).

MWSC’s net profit rose from USD 7.36 million in 2023 to USD 14.10 million in 2024. Total revenue increased from USD 99.87 million to USD 101.81 million. The company’s total assets now stand at USD 233.45 million.
However, the audit also raised some concerns. It noted that a high number of transactions taking place at the same time could lead to errors. Another issue highlighted was the manual transfer of billing data to the accounting system, which could result in inaccuracies without automation.

MWSC is a key state-owned utility responsible for water and sewerage services in the Male’ region and three additional islands. The company also supplies electricity to one island, serving a population of around 200,000 people.