State-owned Kulhudhufushi Port Private Limited (KPL) recorded a net loss of MVR 11.59 million in 2025, with its annual revenue falling short of employee payroll costs, according to an audit report by the Auditor General’s Office.
The company’s revenue increased by 9.5 per cent during the year to MVR 11.99 million. However, employee-related costs totalled MVR 13.85 million, exceeding the company’s annual revenue.
KPL’s net loss increased from MVR 10.47 million in 2024 to MVR 11.59 million in 2025. The company also recorded negative operating cash flows of MVR 7.22 million during the year.
The audit report shows that KPL’s accumulated losses had reached MVR 95.49 million by the end of 2025. Its current liabilities exceeded current assets by MVR 32.83 million.
The company’s continued operation as a going concern remains dependent on financial support from its parent company, Maldives Ports Limited (MPL), according to the report.
KPL owed MPL MVR 34.58 million in unsecured, interest-free intercompany funding at the end of the reporting period. The amount is payable on demand.
Despite its financial losses, KPL held property, plant and equipment valued at MVR 111.87 million, accounting for approximately 92 per cent of its total assets.
The Auditor General issued an unqualified opinion on KPL’s financial statements, stating that they present a true and fair view of the company’s financial position and performance.
However, the audit report highlighted significant uncertainty over KPL’s ability to remain financially self-sustaining without continued support from MPL.
The findings come as the state-owned port operator continues to face a gap between its operating income and expenditure, with staff costs alone exceeding annual revenue in 2025.
