Monday
18th Nov 2024
Dhivehi Edition
Male' local market.
National Bureau of Statistics (NBS) statistic research report states that small enterprises make a profit of MVR 709 million every month.
It had come into light during the survey on household income and expenditure (HAYAS) that was held by NBS in 2019.
According to the survey, the average income small enterprises earn is MVR 22,618 a month. But due to the type of business, there is a difference in the income that is made. The researched survey showed that most businesses that earn the most income were retail and wholesale sale enterprises. Due to this the minimum income of wholesale and retail enterprises is MVR 92,501.
The second most earned small businesses are the Travel Agencies and Administrative and Support Service Companies which earn an income of MVR 57,250. The third most earned companies are Construction Companies which earn an income of MVR 45,717. The business that earns the least amount of income is the ones that work from home with an income of MVR 2,350.
According to the HAYAS survey in 2019 small businesses earned MVR 203 million. Therefore, every month each company has a profit of MVR 6,480. Since the businesses among the survey are different the income profit varies from MVR 1,958 to 17,439.
Among the small businesses most profitable are Administrative and Support Service Companies which makes a profit of MVR 17,439. The next most profitable small businesses are waste management businesses and news agencies which earn an income of MVR 15,000 to 16,821.
The research survey showed that the retail and wholesale company does not make a big profit due to the shipping logistics however, the report also said that these businesses do make a profit of MVR 12,558.
The HAYAS Survey 2019 that was done by NBS included information of 17 atolls small businesses that are not official. The survey showed there were about 40,232 small businesses however, only 9,253 were registered which is only 23% of the businesses. Businesses that are registered are businesses that have a lot of employees.
Although the businesses are not registered 31,360 business owners claimed that they live from the profit of their businesses. 85% of the small businesses are self-employed or owned by two individuals.
Although the HAYAS survey noted that there are many unregistered businesses which means that the businesses that are not registered will not be getting any benefits from the government.