The government of Maldives has announced receiving MVR 246 million (USD 16 million) in dividends from State Owned Enterprises (SOEs) for the previous fiscal year, according to recent statistics released by the Ministry of Finance.
Last year’s dividends represent 30 percent of the determined value, underscoring a substantial contribution to government revenues. However, the amount falls short of the budgeted estimate, which projected MVR 775 million (USD 50 million) in dividends for the fiscal period.
In contrast, the government had received MVR 710 million (USD 46 million) in SOE dividends the previous year, accounting for 35 percent of the anticipated budgeted amount.
The Finance Ministry highlighted concerns over the discrepancy between actual dividend payouts and budget projections, citing regulatory challenges in ensuring SOEs comply with dividend payment obligations.
Aside from dividends, the government also faces a significant backlog in tax collections from SOEs, amounting to MVR 880 million (USD 57 million) in unpaid taxes and fines as of last year.
Currently, the Maldives operates over 30 SOEs, with approximately half reporting profitability. However, a substantial portion of these enterprises requires government funding to sustain operations. This year alone, the government allocated around MVR 1 billion from the state budget to support SOE activities.
The government says it remains focused on improving financial oversight and governance of SOEs to enhance revenue streams and ensure efficient management of public funds.
