Ministry of Finance revealed that Maldives Airports Company Limited (MACL) generated the most amount of revenue for the state during the third quarter of 2018.
According to the Ministry’s 2018 third-quarter report, MACL accumulated a total revenue of MVR 1.1 billion with profits amounting to MVR 277 million.
The State Trade Organisation (STO) generated MVR 2.3 billion in revenue, which is an increase of MVR 704 million compared to the third quarter of 2017. Totals profit generated by STO was calculated at MVR 47 million, indicating an increase of MVR 2 million.
Telecommunications giant Dhiraagu recorded total revenue of MVR 658 million, the profits of which were MVR 203 million.
Furthermore, Bank of Maldives (BML) reported MVR 609 million in revenue during the period, while making a profit of MVR 269 million.
State-owned Island Aviation Services Limited collected MVR 591 million in revenue. The company made MVR 27 million in profit.
The revenue for State Electric Company Limited (STELCO) was recorded as MVR 445 million, the profits of which were MVR 31 million.
The Maldives Transport and Contracting Company (MTCC) accumulated MVR 308 million in revenue, whilst obtaining the second highest amount of profits, totalling at MVR 300,000.
The Waste Management Corporation (WAMCO) recorded an increase of 183 percent in revenue. WAMCO made revenue of MVR 60 million, recording an additional MVR 21 million in comparison to the third quarter of 2017. However, the company suffered a loss of MVR 1.8 million in 2018.
The statistics reveal that five out of 18 state companies recorded a decrease in revenue compared to figures from the third quarter of 2017. The companies include;
- Aasandha Company (National Health Insurance Scheme Company)
- Kahdhooo Airport Company Limited
- Male’ Water and Sewerage Company (MWSC)
- Maldives Sports Corporation
- Maldives Integrated Tourism Development Corporation (MITDC)
The smallest revenue generated from a state company was by Maldives Sports Corporation, which recorded revenue of MVR 3,577 during the third quarter of 2018.
Further statistics revealed that 7 companies made a loss during the third quarter of 2018. This included; - Addu International Airport ( MVR 15 million)
- Hazana Maldives ( MVR 503,617)
- Kahdhoo Airport Company Limited (MVR 10.8 million)
- Maldives Sports Corporation (MVR 1.3 million)
- MITDC (MVR 2.8 million)
- WAMCO (MVR 1.8 million)
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