Privatization and Corporatization Board (PCB) has not published the financial statements of state owned enterprises (SOEs) for more than a year.
According to the PCB website, the most recent available data is from the second quarter of last year. Financial statements for the remaining two quarters of 2024 and for this year have yet to be released.
The PCB did not respond to requests for comment.
While the board has not disclosed consolidated financial information, companies with ordinary shareholders continue to publish their own statements. Some of the largest SOEs have released individual reports, often accompanied by audit reports. However, many smaller companies do not make such data publicly available on their websites.
In the past, the PCB regularly published details of SOEs’ profits, losses, debts and expenses.
As of the second quarter of last year, total SOE debt stood at MVR 54 billion.
Profits of state owned companies fell by 4 percent during the same period, with 13 of the roughly 30 enterprises posting losses. The bulk of overall profits came from a few companies including Bank of Maldives (BML), State Trading Organization (STO), Maldives Airports Company Limited (MACL) and Housing Development Corporation (HDC).
Many SOEs continue to depend on government support. So far this year, more than MVR 1 billion has been spent on capital injections to sustain their operations.