Statistics published in the quarterly review by the Ministry of Finance, has stated that the state-owned enterprises reported MVR 10.2 billion in sales during the first quarter of this year.
The amount represents a 54% rise over the same period in 2021 according to the Privatization and Corporatization Board (PCB), which oversees government-owned businesses. In the first quarter of this year, state-owned businesses reported a net profit of MVR 1.94 billion, according to the board’s financial report.
SOEs are performing better altogether as the economy returns to normalcy. As a result, profitability has also grown over the same period by MVR 767 million. In Quarter 1 2022, businesses including MACL, BML, HDC, MWSC, MTCC, MPL, RDC, and STO achieved outstanding success. These businesses have increased their net profits in an acceptable manner together with revenue growth and expense control.
State Trading Organization (STO), according to the PCB, had the largest revenue in the year’s first quarter. The business made MVR 4 billion in revenue. With revenue of MVR 1.69 billion. The boost is primarily due to an increase in fuel revenue brought on by rising fuel prices and demand. But it should be noted that STO receives fuel subsidies from the government to keep fuel prices low. The Maldives Airports Company Limited (MACL) reported the second-highest first-quarter revenue. At MVR 417 million, HDC had the third-highest revenue.
As of the end of Q1 2022, BML’s asset value is the highest. At the conclusion of the first quarter of 2022, the bank reported total loans of MVR 15.7 billion and deposits of MVR 28.8 billion. Additionally, due to the nature of the business and the size of its debts to consumers (including client deposits), BML has the biggest liabilities.
The second-highest asset is HDC, which has total assets of nearly MVR 39 billion as a result of sizable investment properties as well as trade and other receivables. Given that the corporation has taken on significant debt for infrastructure and housing projects, HDC has the largest debt load of all SOEs.
MACL also uses a lot of capital because it is currently building a fuel farm and a freight and passenger terminal, among other major capital projects. As a result, MACL has significant debt related to these projects.
