The state-owned enterprises (SOE) of the Maldives has paid a cumulative total of MVR136.4 million in dividends as of 7 March 2019.
The news was confirmed through the Weekly Fiscal Development report published by the Maldives Ministry of Finance.
Furthermore, the fiscal development data indicated that the approved SOE dividends for the year of 2019 are at MVR874 million.
Though the Ministry of Finance has revealed state-owned enterprises have paid their dividends, the authority had not disclosed which of the enterprises had paid. Company dividends are paid following the company board’s approval.
Certain local media have reported that the Maldives Airports Company Limited (MACL) is among the companies which paid the highest in dividends.
In addition to this, according to the Ministry’s summary of quarterly review for the Q3 of 2018, it was reported that the Maldivian government owned 21 different SOEs.
Based on this data, it was reported that MACL was among the top earners by Q3 2018 with reported revenue of MVR1.1 billion indicating a growth of 19.86% in terms of the same quarter of 2017 – and making it the company with the third highest growth rate.
While the largest state-owned enterprise, State Trading Organization showed a growth of 41.63% with revenue of MVR2.3 billion by Q3 2018, it was still second in terms of company growth since Waste Management Corporation (WAMCO) grew by 183.89% by Q3 2018 compared to the same quarter of 2017.
As for net profit earned by Q3 2018, MACL was at the top with a net profit earning of MVR277 million while the country’s national bank, Bank Of Maldives, made a net profit of MVR269 million during the same quarter making it the second most profitable state-owned enterprise in the said period.
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