As per Privatization and Corporatization Board (PCB), the state owned enterprises (SOEs) in Maldives generated a collective income of MVR 10 billion for 2022 first quarter.
According to PCB, which oversees SOEs under the Ministry of Finance, 31 companies posted a total income of MVR10.27 billion during the review quarter. This is a 54% increment compared to the corresponding quarter in 2021.
The largest SOE in the Maldives, State Trading Organization (STO) registered the highest income at MVR4.04 billion during the review quarter. This was a MVR1.8 billion increment compared to the same period last year.
Maldives Airports Company Limited (MACL) reported the second highest income at MVR1.6 billion, a 62% improvement over the same period in 2021. Housing Development Corporation (HDC) reports the third highest revenue for the period at MVR417 million, which is an increment from the MVR314 million for the same period last year.
While most SOEs reported increase in revenue from the corresponding period last year, Maldives Marketing and Public Relations Corporation (MMPRC), Public Service Media (PSM) and Waste Management Corporation (WAMCO) observed revenue decline.
Moreover, some of the SOEs did not generate any income for the review quarter which included Hajj Corporation, the Green Life Corporation, the Sports Corporation and the Fund Management Corporation.