STO tops revenue charts

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).

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.