Malé Water and Sewerage Company (MWSC) recorded a 92 per cent increase in net profit in 2024 compared to the previous year, according to a newly released audit report.

The Auditor General’s Office published the findings following its audit of MWSC’s financial statements for 2024, confirming that the company’s financial transactions were conducted in accordance with International Financial Reporting Standards (IFRS).

MWSC posted a net profit of MVR 217.5 million in 2024, up from MVR 113.5 million in 2023. Total revenue rose slightly, from MVR 1.54 billion to MVR 1.57 billion, while total assets stood at MVR 3.6 billion.

Despite the strong performance, the audit flagged potential risks in financial reporting. It highlighted the possibility of errors due to the high volume of transactions and the manual or non-automated transfer of data between billing and accounting systems.