SOEs Sector Posts Strong Q1 2023 Financial Performance

The Privatization & Corporatization Board (PCB) has released the financial highlights for the State-Owned Enterprises (SOE) Sector for the first quarter of 2023. The SOE Sector comprises over 32,000 employees, according to the latest information provided by the SOEs. 

In this quarter, compared to the same period in 2022, there has been an improvement in the total asset value of the SOE Sector, surging from MVR 155.52 billion to MVR 168.19 billion in Q1 2023. Concurrently, the sector accrued total loans and borrowings of MVR 32.16 billion during the same quarter.

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The General Trading Industry emerged as the leading revenue generator among the various industries, amassing MVR 4.44 billion during this period. The State Trading Organization PLC (STO) played a substantial role in this, contributing MVR 4.04 billion, which constitutes 36% of the sector’s total revenue.

Overall, the SOE Sector achieved revenue of MVR 12.95 billion, accompanied by a profit of MVR 2.25 billion. Additionally, based on the data for the current quarter, SOEs reported staff payroll expenses exceeding MVR 1.45 billion.

In terms of total assets, the Banking and Finance industry takes the top spot with MVR 53.89 billion, while the Transport, Construction, and Real Estate sector closely follows with MVR 46.54 billion in assets. The Aviation industry holds the third position with MVR 30.31 billion in assets.

Among the various industries, the Banking and Financing sector has the highest total liabilities, totalling MVR 40.33 billion. The Aviation industry occupies the second position with MVR 23.48 billion in liabilities, trailed by the Transport, Construction, and Real Estate sectors with MVR 18.30 billion in liabilities.

According to the review, the first quarter of 2023 showcased substantial growth in the State-Owned Enterprises (SOE) Sector.

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