The Edition
facebook icon twitter icon instagram icon linkedin icon

Latest

Maldives SOEs collect MVR 10 B income in Q1-2022; highest from STO

Mohamed Rehan
24 October 2022, MVT 19:54
STO HQ and Velana International Airport (VIA) run by Maldives Airports Company Limited (MACL)--
Mohamed Rehan
24 October 2022, MVT 19:54

State owned enterprises (SOEs) generated a collective income of MVR 10 billion for 2022 first quarter, Privatization and Corporatization Board (PCB) reveals.

PCB which oversees Maldives SOEs, under the mandate of Ministry of Finance, reports that a total of 31 companies reported a combined income of MVR10.27 billion.

This is a 54 percent improvement when compared with the corresponding quarter in 2021.

Out of the SOEs with significant income for the review quarter, State Trading Organization (STO) reports the highest income at MVR4.04 billion. For the same quarter last year, STO had earned MVR1.8 billion.

PCB reports this growth is "mainly attributable to increase in fuel revenue driven by increased demand and price of fuel."

Maldives Airports Company Limited (MACL) reports second highest revenue growth with over MVR648 million against Q1-2021. The company reported a revenue total of MVR1.69 billion for the review quarter from MVR1.04 billion in Q1-2021.

Bank of Maldives (BML) reported third highest revenue, but a modest revenue growth for the quarter. The bank generated MVR983 million in Q1-2022, while it had earned MVR819 million in Q1-2021 - thus indicating a 20 percent revenue increment.

Dhiraagu reported a revenue of MVR660 million for Q1-2022, while it earned MVR641 million during Q1-2021. The company observed a mild 3 percent revenue growth in terms of quarter-on-quarter.

Maldives Transport and Contracting Company (MTCC) reported a revenue of MVR550 million for the review quarter from MVR423 million in Q1-2021, which is a 30 percent increase.

Fenaka Corporation generated a revenue of MVR503 million in Q1-2022 from MVR442 million in the same quarter last year, which is a 14 percent increment.

Housing Development Corporation (HDC) observed a significant revenue growth. The company generated MVR417 million in the review quarter, from MVR102 million in Q1-2021 which is a 305 percent increment.

PCB further confirms a few of the SOEs registered negative revenue growth which included KACL with a 24 percent decline, MHCL with a 100 percent decline for not making any earnings, MMPRC registered a revenue decline by 27 percent.

Additionally, PSM reported a revenue decline by 8 percent, SDFC revenues dropped by 45 percent. Moreover, WAMCO's earnings declined by 8 percent while AIA observed a dip of 3 percent.

PCB also reported that a few SOEs did not generate any income for the review quarter which included FDC, MFMC, MHCL and MSCL.

Moreover, the combined gross profit of all SOEs improved by 36 percent in Q1-2022 when compared with the same quarter in 2021. The combined gross profit for all the SOEs for the review quarter reached MVR3.8 billion.

Share this story

Discuss

MORE ON BUSINESS