Government revenue generated from profits of state-owned enterprises (SOEs) has declined sharply this year, with collections falling 36 percent compared to the same period in 2025, according to the Ministry of Finance and Public Enterprises’ latest Weekly Fiscal Development Report.

As of 14 May, the government had received USD 10.38 million in dividend payments from SOEs, down from USD 16.73 million collected during the corresponding period last year.

The state budget for 2026 projected USD 22.83 million in revenue from SOE profits.

However, only around 30 percent of that target has been achieved so far, reflecting weaker corporate earnings across several government-owned companies.

The government also forecast a total of USD 49.87 million in income from dividends, interest, and other related sources by the end of the year.

To date, USD 15.76 million has been collected, representing approximately 31 percent of the annual target.

Recent figures indicate a broader downward trend in returns from state-owned enterprises.

Dividend income fell from USD 71.3 million in 2024 to USD 53.4 million in 2025, highlighting a steady decline in contributions from government-owned businesses.

Among the country’s 30 state-owned companies, six are expected to distribute dividends this year.

Telecommunications provider Dhiraagu is projected to make the largest contribution at USD 16.99 million, followed by Bank of Maldives (BML) with USD 9.99 million.

Other expected contributors include Maldives Airports Company Limited (MACL), which is projected to pay USD 3.24 million, Malé Water and Sewerage Company (MWSC) with USD 1.95 million, Housing Development Corporation (HDC) with USD 1.30 million, and Maldives Ports Limited (MPL) with USD 778,000.

The latest figures underscore the challenges facing government-owned enterprises as authorities seek to meet fiscal targets amid lower-than-expected profit performance.