State-Owned Enterprises (SOEs) have contributed MVR 160 million as dividends to the state so far this year. This represents a 36% decline compared to the same period last year. Furthermore, only 30% of the MVR 552 million projected in this year’s budget has been realized to date.
The substantial decrease in corporate profits has led to a significant shortfall in state revenue compared to previous years. Out of the 30 government-owned companies, only six are expected to pay dividends this year, with Dhiraagu and the Bank of Maldives (BML) projected to be the primary contributors.
