WAMCO loss surges 126 percent to MVR 138 million

The government’s waste management company, Waste Management Corporation Limited (WAMCO), recorded a loss of MVR 138 million last year, marking a 126 percent increase compared to the previous year.

According to financial figures published by the Privatization and Corporatization Board (PCB), WAMCO posted losses in all four quarters of last year, with the largest loss recorded in the final quarter.

In 2023, the company reported a loss of MVR 61 million, while it ended 2022 with a loss of MVR 93 million.

PCB data shows that WAMCO’s losses widened primarily due to rising operating expenses. The company currently employs around 2,000 staff.

Despite the losses, WAMCO remains one of the largest revenue generators among state-owned utility companies. The company recorded revenue of MVR 467 million last year.

WAMCO was established in 2009 and has been responsible for waste management services in the Greater Malé region since 2016.

The company’s performance reflects a broader challenge faced by state-owned enterprises. In the first quarter of this year alone, state-owned companies collectively recorded losses exceeding MVR 200 million.