According to the quarterly review from the Privatization and Corporatization Board (PCB), several key state-owned enterprises (SOEs) faced revenue drops.
As per PCB in its quarterly review, self-sufficient SOEs observed a collective total revenue of MVR 913 million. This segment is composed of companies like Housing Development Corporation (HDC), Road Development Corporation (RDC), and Maldives Transport and Contracting Company (MTCC).
Though MTCC posted positive revenue growth for the quarter, HDC and RDC however, showed lower revenue growth.
Moreover, revenues dropped in the transport, construction, and real estate sectors in the Maldives; with a 24% drop in revenue from MVR 1.4 billion in Q2-2022 to MVR 1.08 billion in Q2-2023.