Privatization and Corporatization Board (PCB) has said that in the last quarter of 2023, state owned enterprises faced a collective loss of over MVR 2 billion.
Privatization and Corporatization Board (PCB) has said that in the last quarter of 2023, state owned enterprises faced a collective loss of over MVR 2 billion.
In the final quarter report on SOEs, PCB said that they had earned a total revenue of MVR 13.27 billion. Collective loss was at MVR 2.27 billion, according to the report.
The largest portion of last year's revenues was earned by State Trading Organization (STO). Of the total revenue, 30 percent is covered by the approximately MVR 4 billion earned by STO.
A large part of the total loss is borne by Housing Development Corporation (HDC) as per the report. HDC's loss during this quarter amounts to MVR 3.23 billion. The report cites the halting of building a yacht marina in Hulhumale', failure of STELCO to pay funds due for setting up the utility network in Hulhumale' Phase 2 and reduction of rents and fines from Hiyaa flats as the main reasons for this loss.
The report, based on financial statements of 31 SOEs, state that the highest expenditure is on paying salaries.
The report says that up to the final quarter of last year, the number of employees at these SOEs have risen to 34,369. The previous year, this number was at 30,866.
The SOEs that saw the largest number of new employees within a year are Fenaka, HDC, STELCO and MTCC. Fenaka has 682 new employees, while MTCC has 734. STELCO, meanwhile, hired 302 new employees, and HDC hired 642.
The report states that SOEs spent over MVR 1.5 billion on salaries.
The highest spending on salaries in comparison with revenue are noted at Addu International Airport. They earned in MVR 3.2 million in revenue within that quarter, and spent MVR 11.69 million on salaries and allowances.
Sign In