The Male’ Water and Sewerage Company (MWSC) has recorded a 92 percent increase in net profit compared to the previous year.
The Auditor General’s Office conducted an audit on the utility company’s financial statements for the year 2024, and released its findings in an official report.
According to the report, the company's transactions for the year 2024 were in good standing, and in compliance with the accounting rules of the International Financial Reporting Standards (IFRS).
However, the audit report also shared some concerns that may arise in financial reporting. It specifically highlighted that a high volume of transactions had occurred simultaneously, which increases room for error. The audit also found that the transfer of information from the billing system to the accounting system manually, without an automated system, is also likely to lead to inaccuracies.
According to the audit report, MWSC recorded a net profit of 7.36 million in 2023, which rose to USD 14.10 million in 2024. MWSC's total revenue in 2023 was USD 99.87 million as against USD 101.81 million in 2024. The company's total assets currently stand at USD 233.45 million.
MWSC is the main government company responsible for providing water and sewerage services to the Male’ area. In addition to the Male’ area, the company provides water and sewerage services to three islands and electricity to one island. The MWSC serves a total population of about 200,000.