Summary of Quarterly Review published by Ministry of Finance has shown revenue and profit generated by state-owned enterprises in the first quarter of 2019 has increased when compared with the same period of the previous year.
The report showed state-owned enterprises earned USD 485.6 million in the first 3 months of the year, which is an increase of 5 percent when compared with the same period of 2018. The companies also made a profit of USD 97 million in the first quarter of 2019, which is an increase of 24 percent when compared with the same period of the previous year.
During the period, State Trading Organisation (STO) generated the highest revenue, which was recorded at USD 150 million, which was an increase of 5.36 percent when compared with the same period of 2018. Meanwhile, Maldives Airports Company Limited (MACL) generated a revenue of USD 97 million, which is an increase of 19.47 percent when compared with the same period of 2018.
Furthermore, Dhiraagu generated USD 45.6 million, Bank of Maldives (BML) generated USD 40 million, Island Aviation Services Limited (IASL) and State Electric Company Limited (STECO) generated over USD 26 million, while Fenaka Corporation Limited, Maldives Transport and Contracting Company (MTCC) and Male' Water and Sewerage Company (MWSC) generated revenues exceeding USD 13 million. Maldives Ports Limited (MPL) generated USD 11.78 million in the first quarter of 2019.
MACL registered the highest profit in the first 3 months of the year. In this regard, MACL recorded a profit of USD 37 million, which is an increase of 44.17 percent compared to the figures from 2018. Meanwhile, BML recorded a profit of USD 17.87 million and Dhiraagu recorded a profit of USD 15.4 million.
Furthermore, IASL recorded a profit of USD 6.7 million, STO recorded a profit of USD 6.669, MWSC recorded a profit of USD 5.8 million and MPL recorded a profit of USD 4 million.