SOE Sectors
State Owned Enterprises plays an important part in the national development of Maldives and the economy of the Maldives. SOEs play a pivotal role in key sectors such as basic services including electricity, water and sewerage operation, financial and tourism services including operation of resorts, integrated tourism islands, air and sea transport, telecommunication and infrastructure development, contributing to revenue generation and employment. SOEs currently employ more than 10,000 employees and the work force is expected to grow with the growth of key infrastructure developments.
Government provides subsidized services through number of SOEs including, electricity through Fenaka, STELCO and MWSC, basic staples and fuel through STO, domestic air transport through IASL and subsidized land and sea transport through MTCC. As such, any disruption in SOE operations can have substantial impacts on the lives of citizens.
Capital Contribution and Subsidies
Government provides capital contribution and subsidies to many SOEs. The following table shows total budgeted capital contribution and subsidies for last four years.
| Budgeted Capital & type Subsidies | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Capital Contribution | 764,031,968 | 868,653,498 | 1,359,614,372 | 864,114,458 | 784,790,440 |
| Electricity Subsidy | 593,892,462 | 539,928,525 | 427,703,657 | 350,000,000 | 272,804,248 |
| Food Subsidy | 330,800,000 | 283,421,431 | 365,248,137 | 254,000,000 | 230,000,000 |
| Fuel Subsidy | 586,170,044 | 341,500,000 | - | 366,400,000 | 500,000,000 |
| Waste Management Subsidy | 15,000,000 | 15,000,000 | 30,000,000 | 56,000,000 | 70,000,000 |
| Transport Subsidy | 300,562,529 | 204,000,000 | 22,626,430 | 22,626,430 | - |
| Sewerage Subsidy | 180,000,000 | - | - | - | - |
| Fisheries Subsidy | 250,000,000 | - | - | - | - |
Industries by Revenue
These SOEs generated more than MVR 46 billion in sales in 2022 and more than MVR 39 billion in sales in 2021. Total assets of the SOEs stood at MVR 164.94 billion by the end of 2022.
- Aviation & Airport Operation
- Banking and Finance
- Business Development
- Courier Services
- General Trading
- Hajju Operations
- Marketing and Media
- National Health Insurance
- Ports Operation
- Real Estate and Urban Development
- Sports Development
- Transport and Contracting
- Telecommunication
- Tourism
- Utility