12 state owned companies post MVR 222 million loss in first quarter

Twelve state-owned enterprises (SOEs) recorded a combined loss of MVR 222 million in the first quarter of this year, according to the latest quarterly review report published by the Privatization and Corporatization Board (PCB).

The figures show that the Road Development Corporation (RDC) posted the largest loss, amounting to MVR 113 million, representing a 189 percent increase compared to the same period last year. RDC had recorded a loss of MVR 39.35 million in the first quarter of last year.

PCB attributed RDC’s losses to a 62 percent drop in revenue during the quarter. The company operated at a loss throughout last year as well, posting a total loss of MVR 228 million.

The second-largest loss was recorded by Island Aviation, which reported a loss of MVR 46 million. PCB said the losses were driven by increased operating expenses and higher debt repayment costs. The company’s total debt stood at MVR 903 million in the second quarter. Island Aviation posted an overall loss of MVR 72 million last year.

Fenaka Corporation recorded the third-largest loss, amounting to MVR 33 million, a 37 percent increase compared to the first quarter of last year. Fenaka posted a total loss of MVR 120 million in 2024.

Other companies reporting losses in the first quarter include:

In addition, Maldives Post, Public Service Media (PSM), Maldives Fund Management Corporation, Maldives Hajj Corporation, Business Center Corporation (BCC), and TradeNet also posted losses during the quarter.

There are currently 22 state owned companies, with around half operating at a loss. State owned enterprises employ approximately 35,000 people, and the state spends significant public funds annually to cover their operational costs.