Bright Horizons: Navigating Tourism's Growth Revival
Maldives; setting the Gold Standard in tourism as Asia's premier tourism
destination
First Capital
A Janashakthi Group Company
Arrivals '000
Maldives recorded bullish resurgence in tourists' arrivals
surpassing pre-pandemic levels
Revenue breakdown: AHUN and KHL
(Sri Lanka vs Overseas operations)
100%
1,800
150%
80%
74%
1,600
1,400
1,200
1,000
800
1,484
1,390
1,286
1,234
1,703
1,675
1,322
100%
60%
73%
53%
73%
56%
85%
86%
85%
78%
79%
74%
48%
50%
1,278
40%
0%
20%
600
-50%
0%
400
555
FY18
FY19
FY20
FY21
-100%
AHUN-SL
AHUN-Overseas
KHL-SL
FY22
KHL-Overseas
FY23
200
2015
2016
2017
2018
2019
Tourism arrivals ('000)
2020
2021
YoY gowth (%)
2022
2023YTD
-150%
Tourist arrivals in the Maldives have shown
remarkable resilience, nearing pre-pandemic levels
in 2022. This recovery can be attributed to the
government's innovative approaches, effective
publicity, proactive crisis management, and the
development of new resorts and attractions.
First capital Research expects LKR appreciation
against the greenback to be limited in the
future amidst the relaxation on imports hence,
AHUN, KHL and CONN that are exposed to
foreign markets may experience favourable
measures
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
FY18
FY19
Occupancy breakdown: AHUN and KHL
(Sri Lanka vs Overseas operations)
FY20
FY21
FY22
Source: Ministry of Tourism Maldives, Annual reports
KHL-Overseas
AHUN- Overseas
KHL-SL
AHUN-SL
FY23
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