The Maldives Marketing and PR Corporation (MMPRC), now rebranded as Visit Maldives Corporation Limited, has reported a significant financial recovery in 2024, marking its first profit in four years.
Announced during the company’s 2024 Annual General Meeting, MMPRC posted a profit of USD 1.8 million— a major turnaround from the USD 1.2 million loss recorded in 2023. The state-owned corporation attributed this success to a combination of strategic financial reforms, increased revenue generation, and disciplined cost-cutting measures.
According to the financial report presented at the AGM, MMPRC increased its revenue by 20 percent from advertising sales and revised its fee structure for membership, tourism fairs, and international roadshows. These revisions are expected to boost overall revenue by 49 percent by the end of the year.
The corporation also implemented several austerity measures. These included reducing printing and shipping costs, limiting warehouse rentals, opting for smaller and more cost-effective booths at international fairs, and consolidating participation to only key markets. MMPRC noted that joint marketing campaigns with third parties have already cut campaign expenditures by as much as 30 percent.
In a further bid to improve efficiency, the company realigned its marketing strategy by focusing on digital platforms and targeting high-potential tourism markets. These moves, MMPRC stated, have not only controlled spending but also ensured the continued promotion of Maldives as a premier global travel destination.
Established to spearhead the government’s tourism marketing efforts, MMPRC has played a critical role in strengthening the Maldives’ presence on the global stage through coordinated, strategic campaigns. Its transition into profitability comes at a pivotal moment as the tourism industry rebounds and competition intensifies across the region.
President Dr Mohamed Muizzu has since renamed the corporation as Visit Maldives Corporation Limited, aligning the brand more closely with its international marketing identity. The rebranding reflects the government’s continued commitment to enhancing the visibility and appeal of the Maldives as a luxury travel destination.
