Privatization and Corporatization Board (PCB) has revealed that State Trading Organization (STO) generated the largest revenue out of all state-owned companies in 2018.
PCB's report on state-owned enterprises stated that STO generated a revenue of MVR 9 billion during the last year, an 25% increment compared to the MVR 7 billion made in 2017.
Maldives Airports Company Limited (MACL), in charge of Velana Intentional Airport (VIA) is second in the list, generating a revenue of MVR 5 billion. This is an increment of 18% compared to the previous year.
PCB stated that all state-owned enterprises generated large revenues with the exception of Maldives Transport and Contracting Company (MTCC).
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While 21 state owned companies exist, the total net profit generated by most state owned enterprises suffered a decline. Despite the increment in revenue generated by STO, a significant deterioration of 93% was recorded in profits generated by the company, Utility company STELCO generated the biggest net profit with MVR 110 million, a growth of 100% compared to the previous year.