State-owned enterprises (SOEs) have paid MVR 160 million to the state as dividends, the Ministry of Finance has said.

According to statistics publicized by the Finance Ministry, the state has received MVR 160 million as company profits so far this year. This is a 36% decrease compared to the MVR 258 million received during the same period last year. Additionally, although this year's budget targeted MVR 552 million in dividends, the statistics show that only 30% of that amount has been received so far.

While the income entering the state from these companies has dropped by 70% compared to last year, the main reason highlighted for this is the decline in the net profits of the enterprises.

The statistics note that although MVR 1.1 billion was received as profit in 2022, that figure fell to 823 million last year. Out of the 30 companies with state shares, the budget projects dividends from only six companies this year.

Those companies are:

  • Dhiraagu: MVR 262 million
  • BML: MVR 154 million
  • MACL: MVR 50 million
  • MWSC: MVR 30 million
  • HDC: MVR 20 million
  • MPL: MVR 12 million

Last year, dividends were paid to the state only by Dhiraagu, BML, and HDC.

While the budget estimates a total of MVR 769 million will be received as dividends and interest, this is a 7% lower projection compared to the previous year.