Maldivian state-owned enterprises (SOEs) recorded a combined profit of MVR 6.4 billion in 2023, with five companies accounting for a substantial 98% of this figure, according to the Privatization and Corporatization Board (PCB) Annual Financial Review.
These government-owned companies collectively generated MVR 53 billion in revenue, marking a 40% increase from the previous year. The five main contributors to the profit pool were the Bank of Maldives (BML), Housing Development Corporation (HDC), Dhiraagu, Maldives Airports Company Limited (MACL), and State Trading Organization (STO).
Profits of the Top Five SOEs:
- BML: MVR 2 billion
- HDC: MVR 1.7 billion
- Dhiraagu: MVR 896 million
- MACL: MVR 834 million
- STO: MVR 818 million
The report also highlighted the financial struggles of other SOEs. Of the 30 government-owned companies, only 15 turned a profit, while the remaining half incurred combined losses amounting to MVR 660 million. Leading the losses were the Road Development Corporation (RDC), Regional Airports, Addu Airport Company, Island Aviation, Public Service Media (PSM), Hajj Corporation, and Fahi Dhiriulhun Corporation.
Largest Losses Among SOEs:
- RDC: MVR 173 million
- Regional Airports: MVR 95 million
- Addu Airports: MVR 81 million
- Island Aviation: MVR 71 million
- PSM: MVR 33 million
- Hajj Corporation: MVR 33 million
- Fahi Dhiriulhun Corporation: MVR 32 million
Currently, SOEs employ over 34,000 individuals and hold a collective asset base of MVR 220 billion. This financial performance underscores the dominant role of a few key SOEs in the Maldivian economy, while others continue to face operational and financial challenges.
