SOE net profit increases by 9% in Q3-2019

The Maldives Privatization Board has confirmed the overall net profit for state-owned enterprises in the third quarter of 2019 increased by 9%.

Statistics of the Privatization Board revealed the combined net profit of 26 state-owned enterprises during the review quarter was over MVR1 billion. This marks a 9% improvement over the corresponding quarter in 2018, where the overall net profit of SOEs reached MVR961 million.

State Trading Organization (STO) earned the most in annual terms, in net profit during the review quarter, which was recorded at MVR94 million. Compared to the same period in 2018, it marks a 104% improvement from MVR47 million.

Maldives Airports Company Limited (MACL), remained the second strongest among the state-owned enterprises, made a net profit of MVR350 million whereas it received a net profit of MVR277 million in the same quarter of 2018 – thus marking a 26% improvement.

According to the latest fiscal report from the Privatization Board, though the net profit improved on all state-owned enterprises in annual terms, the overall income had declined.

Comments