Ministry of Finance has revealed that state-owned enterprises (SOEs) have earned a total net profit of USD126 million in the first quarter of 2022.
The finance ministry published the quarterly review report which shows the financial details of all 30 SOEs for the first quarter. It shows that the companies earned 66% more in net profit compared to the USD75 million received in the same period last year. The amount in net profit earned in the first quarter of this year is an increase of USD50 million. The companies that earned the most in net profit were Maldives Airports Company Limited (MACL), Bank of Maldives (BML), Housing Development Corporation (HDC), and Dhiraagu. The companies had earned over USD6.5 million each in net profit.
Additionally, the total revenue generated by the companies for the first quarter of 2022 is USD668 million, which is an increase of 54% compared to the same period last year. The highest revenue growth in terms of value was achieved by State Trading Organisation (STO) with over USD122 million. The report shows the growth is mainly attributable to an increase in fuel revenue driven by increased demand and price of fuel. However, STO received fuel subsidies from the government to maintain the subsidised fuel prices.
MACL recorded the second-highest revenue growth with over USD42 million compared to 2021, mostly from fuel revenue. Housing Development Corporation (HDC) has also recorded a significant revenue increment of USD20 million mainly attributable to the sale of properties. The report shows that the majority of SOEs recorded revenue growth, but seven companies had negative revenue growth, while four had not generated any revenue in the first quarter.