12 SOEs Report Losses in Q1 2025
Photo: MV+
Twelve state-owned enterprises (SOEs) reported losses in the first quarter of 2025, according to data released by the Privatisation and Corporatisation Board (PCB).
The PCB’s quarterly review summary of SOEs shows that, out of the 24 companies listed as SOEs, 12 state budget-supported enterprises and two self-sufficient enterprises recorded losses during the first quarter of this year.
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The 10 budget-supported enterprises which reported a loss are:
- Addu International Airport (AIA): MVR 17.55 million loss
- Fenaka: MVR 33.72 million loss
- Road Development Corporation (RDC): MVR 113.73 million loss
- Maldives Post: MVR 2.26 million loss
- Public Service Media (PSM): MVR 5.72 million loss
- Maldives Fund Management Corporation (MFMC): MVR 7.15 million loss
- Maldives Hajj Corporation Limited (MHCL): MVR 6.60 million loss
- Business Centre Corporation (BCC): MVR 3.65 million loss
- Fahi Dhiriulhun Corporation (FDC): MVR 14.05 million loss
- Tradenet: MVR 10.55 million loss
The summary shows that, compared with the same period last year, budget-supported SOEs recorded a 51 per cent decline in profitability. Tradenet reported the largest percentage loss at -1,188 per cent, having also recorded a loss in the first quarter of 2024. In addition to Tradenet, AIA, RDC, PSM, MFMC, MHCL, BCC and FDC reported losses for the first quarters of the past two years.
Among the self-sufficient SOEs, Island Aviation Services (IAS) and the Maldives Transport and Contracting Company (MTCC) reported losses during the first quarter of this year. MTCC recorded a loss of MVR 19.66 million, while IAS reported a loss of MVR 46.36 million. Both companies had reported profits during the same period last year.
Of the 12 budget-supported SOEs, only two reported profits in Q1 this year. The Waste Management Corporation (WAMCO) and the Maldives Marketing and Public Relations Corporation (MMPRC) posted profits of MVR 42.54 million and MVR 16.12 million, respectively.
Meanwhile, 10 self-sufficient SOEs reported profits in the first quarter of 2025, with Maldives Airports Company Limited (MACL), Dhiraagu and the Housing Development Corporation (HDC) recording the highest returns. MACL reported the largest profit at MVR 571.83 million, followed by HDC with MVR 268.49 million and Dhiraagu with MVR 233.34 million. All three companies also reported profits in the first quarter of 2024.
