The Male’ Water and Sewerage Company (MWSC) posted a 92% surge in net profit for the year 2024, according to a newly released audit by the Auditor General’s Office. The state-owned utility provider recorded a net profit of USD 14.10 million, nearly doubling the previous year’s figure of USD 7.36 million.
The audit confirmed that MWSC’s financial transactions for the year were in accordance with International Financial Reporting Standards (IFRS), affirming the overall accuracy and integrity of the company’s financial reporting.
Despite the positive financial performance, the audit raised concerns over systemic vulnerabilities in MWSC’s internal processes. In particular, it flagged the company’s continued reliance on manual data transfer between the billing and accounting systems. The report noted that such practices increase the risk of human error, especially given the high volume of transactions processed by the company.
According to the audit, MWSC’s total revenue increased from USD 99.87 million in 2023 to USD 101.81 million in 2024. The company’s total assets currently stand at USD 233.45 million.
MWSC is the primary provider of water and sewerage services in the Greater Malé region and also operates in three additional islands. The utility company supplies electricity to one island and serves an estimated population of 200,000.
While the financial performance in 2024 reflects strong operational growth, the audit recommends that MWSC adopt automated systems to streamline its financial reporting processes and minimize the risk of discrepancies moving forward.
