The government has collected USD 10.38 million in profits from state-owned enterprises as of 14 May, representing a significant 36 percent decline compared to the same period last year when the state received USD 16.73 million, according to the Ministry of Finance and Public Enterprises’ Weekly Fiscal Development Report.
This year's national budget allocated USD 22.83 million in expected returns from SOE profits. However, the government has only attained 30 percent of this target collected thus far. Officials cite declining corporate profits as the primary reason for reduced dividend income.
The government had projected receiving USD 49.87 million in combined profit and interest from dividends and other sources by year's end. To date, the state has collected USD 15.76 million, equivalent to 31 percent of the budgeted amount.
A historical comparison reveals an even starker trend with dividend receipts dropping from USD 71.3 million in 2024 to USD 53.4 million last year—a substantial decrease in SOE revenue contributions.
Among the 30 government-owned companies, six are projected to pay dividends this year, with telecommunications giant Dhiraagu leading at USD 16.99 million, followed by Bank of Maldives (BML) at USD 9.99 million, Maldives Airports Company Limited (MACL) at USD 3.24 million, Malé Water and Sewerage Company (MWSC) at USD 1.95 million, Housing Development Corporation (HDC) USD 1.30 million, and Maldives Ports Limited (MPL) at USD 778,000.