Privatisation and Corporatisation Board (PCB) has revealed the State Trading Organisation (STO) generated the most revenue in the first quarter compared to all State-Owned Enterprises (SOEs).
The statistics from PCB show that 30 SEOs generated USD 459 million in the first quarter of 2021, which is a 14% decrease compared to the first quarter of 2020. STO generated USD 136 million in the first quarter, which is a 13% decrease compared to the USD 155 million of revenue STO received in the first quarter of 2020.
Maldives Airports Company Limited (MACL) generated the second highest revenue in the first quarter of 2021, with USD 65 million. The statistics also show five SOEs did not generate any revenue in the first quarter.
The SOEs that did not generate any revenue are Fahi Dhiriulhun Corporation Limited, Maldives Centre for Islamic Finance (MCIF), Maldives Fund Management Corporation Limited (MFMC), Maldives Integrated Tourism Development Corporation (MITDC), and Maldives Sports Corporation Limited.
Out of the five SOEs, Fahi Dhiriulhun, MCIF, and MFMC did not generate any revenue in the first quarter of 2020 as well.