No income for 5 state-owned enterprises in Q1

Photo shows the building of MIRA, Finance Ministry and PCB in Male' city. (Sun Photo/Fayaz Moosa)

Privatization and Corporatization Board (PCB) states five state-owned enterprises did not generate any income in the first quarter of this year.

Financial records of state-owned enterprises for Q1 released by PCB show the five enterprises that did not generate any income during the period as:

  • Fahi Dhiriulhun Corporation (FDC)
  • Maldives Center for Islamic Finance (MCIF)
  • Maldives Fund Management Corporation (MFMC)
  • Maldives Integrated Tourism Development Corporation (MITDC)
  • Maldives Sports Corporation (MSCL)

 FDC, MCIF and MFMC had not generated any income in Q1 2020 either.

PCB’s report states that FDC, MCIF, MFMC and MSCL did not engage in any income generating activities in Q1 2021.

MITDC did not generate any income in Q1 2021, after its L. Baresdhoo caretaking agreement expired in December 2020.

The state-owned enterprise which generated the lowest income in Q1 2021 was Maldives Hajj Corporation.

The corporation generated just MVR 525 in Q1 2021 due to the halt in its operations due to the COVID-19 pandemic.

State-owned enterprises generated a total of MVR 7.09 billion as income in Q1 2021. The figure is 14 percent (MVR 1.1 billion) lower than total income in Q1 2020.