Profits from SOEs Declined in 2020: MOF

State-owned enterprises and public companies suffered a significant decline of profits in 2020, according to the Ministry of Finance.

According to statistics published by the Ministry of Finance, the State received MVR 448.1 million in dividends from state-owner enterprises and public companies. This was short of the MVR 1311.6 million that had been projected for the year. Many companies suffered major losses, and only a few were able to eke out any profits.

The State had earned MVR 1638.2 million in profits in 2019. The biggest contributions to State profits are from Bank of Maldives, Dhiraagu, and MACL. These companies had also suffered in 2020.