State-owned enterprise Urbanco saw a profit of MVR 1 billion for the last fiscal year, according to a recently released report by the Public Enterprise Corporation of Maldives (PCB). However, the company's profits decreased by 70% in the last quarter of the year, to MVR 45 million. This dip in earnings was primarily attributed to increased maintenance costs.

Despite the decrease in profits in the last quarter, Urbanco's overall performance for the year remained commendable. The company's consolidated net profit decreased by only MVR 100 million compared to the previous year, and its revenue of MVR 2 billion was still significantly higher than the MVR 8.7 billion it generated in 2021.

The decline in revenue was primarily driven by lower land sales in the past fiscal year compared to the previous one. To support its housing projects, Urbanco took on additional loans, which have contributed to the company's total debt, currently standing at MVR 10.6 billion.