SOE profits at MVR 6.4 billion, 98 percent contribution from 5 companies

State-owned companies in the Maldives reported a combined profit of MVR 6.4 billion last year, with 98 percent of profits attributed to just five major companies, Privatization and Corporatization Board's (PCB) Annual Financial Review states.

These companies received a total revenue of MVR 53 billion, marking a 40 percent increase from the previous year.

The five companies which contributed the highest profits

- BML: MVR 2 billion

- HDC: MVR 1.7 billion

- Dhiraagu: MVR 896 million

- MACL: MVR 834 million

- STO: MVR 818 million Out of the 30 state owned companies, 15 posted profits last year, while the other 15 incurred losses totaling MVR 660 million. The companies facing the largest losses include Road Development Corporation (RDC) Regional Airports , Addu Airport Company, Island Aviation, Public Service Media (PSM), Hajj Corporation and Fahi Dhiriulhun Corporation.

Companies which accounted the highest losses

- RDC: MVR 173 million

- Regional Airports: MVR 95 million

- Addu Airport Company: MVR 81 million

- Island Aviation: MVR 71 million

- PSM: MVR 33 million

- Hajj Corporation: MVR 33 million

- Fahi Dhiriulhun Corporation: MVR 32 million More than 34,000 employees are currently employed across 30 state owned companies, which collectively hold assets valued at MVR 220 billion.