State-owned enterprises in the Maldives reported a combined profit of USD 132.94 million in the first quarter of 2025, despite a 9 percent decline in revenue compared with the same period last year. The Privatisation and Corporatisation Board said disciplined cost management lifted net profits by 10 percent to USD 114.14 million, even as twelve utility-focused companies posted losses, underscoring uneven performance across the sector.
The State Trading Organisation recorded the highest revenue, at USD 260.70 million, while the Maldives Airports Company Limited led in profitability with earnings of USD 37.09 million. The Housing Development Corporation (HDC) delivered the sharpest turnaround, with profits rising 190 percent to nearly USD 17.41 million. By contrast, the Road Development Corporation (RDC) reported the largest loss, amounting to USD 7.33 million.
The sector’s financial position strengthened as total assets expanded by 10 percent to USD 13.31 billion, outpacing a 7 percent increase in debt. Officials noted that 60 percent of non-financial enterprises maintained sound liquidity and leverage ratios. One-quarter of state-owned firms operated entirely debt-free, signalling reduced reliance on borrowing to finance expansion and reinforcing the sector’s resilience in the face of declining revenue.