The Maldives has experienced a decline in profits within its tourism sector, as Whitebridge Hospitality’s ‘Asia Pacific Hotels Monitor’ report reported. This report, catering to investors and developers, discloses key financial metrics for tourism establishments in the Maldives.
Between October of the previous year and September of the current year, the gross operating profit per available room in the Maldives decreased to 11.8 per cent. In this context, the Maldives is the only country on the list that did not exhibit progress, with Tokyo, Bangkok, and Beijing taking the lead.
While maintaining an unchanged average daily rate (ADR) over the past year, the Maldives observed a slight increase of 0.4 per cent in occupancy. The revenue per available room also saw a marginal rise of 0.4 per cent. However, compared to the rest of the Pacific region, this growth is relatively modest.
Whitebridge’s analysis indicates that during the peak tourism season, the Maldives saw notable gains, with individual room profits reaching up to USD 300—three times higher than in countries like Singapore. Nevertheless, the report notes significant losses for tourism service providers in the Maldives during September and June of this year, primarily attributed to elevated operating costs.
Data released by the Maldives Monetary Authority (MMA) reveals that revenue from tourists in the first eight months of the current fiscal year amounted to USD 2.5 billion (MVR 39 billion). This marks a decrease of USD 200 million (MVR 3 billion) compared to the same period last year, highlighting the economic challenges faced by the Maldives in the present business climate.
