MIFCO reports MVR 166 million loss in 2024, debt reaches MVR 1.8 billion

The state-owned Maldives Industrial Fisheries Company (MIFCO) recorded a loss of MVR 166 million last year, according to its latest audit report.

The Auditor General’s Office this week released the audit findings for MIFCO for 2024. The company’s revenue stood at MVR 1.1 billion, down MVR 933 million compared to the previous year.

MIFCO spent more than MVR 945 million on business operations during the year. After deducting expenses, the company ended the year with a MVR 166 million deficit.

The report stated that MIFCO’s accumulated losses have now reached MVR 1.2 billion. The company’s debt totalled MVR 1.8 billion at the end of 2024.

The audit attributed the losses partly to a government policy requiring MIFCO to purchase fish from fishermen at fixed rates. The report noted that MIFCO provided a subsidy of MVR 4 per kilogram of fish to offset the impact.

In total, MVR 389.5 million was paid in subsidies last year. Despite these subsidies, the company has continued to record significant losses, with its debt remaining above MVR 1 billion.