What the state owns
State-owned enterprises run the airports, power, water, ports, banks and housing. Their profits and losses, and the debt the government guarantees for them, sit just behind the budget.
Latest filings of 30 of 35 SOEs: combined net profit 6.6bn, and 17 made a loss. The government owns 26 outright.
Annual series from the Statistical Pocketbook 2026, with monthly and daily series synced from the MMA and the Ministry of Tourism.
Ministry of Finance company filings: ownership, annual and quarterly results.
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Combined revenue and net profit · billions · companies reporting: 2021 28, 2022 25, 2023 23, 2024 22
No figures after 2024 yet · the next was due by Sep 2026
Net profit by sector · millions · each company's latest filing
No 2026 figure yet · next release expected Sep 2027
35 companies · latest annual filing (2025 unless marked) · select a company for its history and quarterly results · SOE Gateway
| Company | Sector | |||||
|---|---|---|---|---|---|---|
| STOState Trading Organization Plc | General Trading | 81.6% | 15.54bn | 763m | 5% | 14.26bn |
| MACLMaldives Airports Company Limited | Aviation & Airport Operation | 100% | 7.80bn 2024 | 1.10bn | 14% | 32.68bn |
| BMLBank of Maldives Plc | Banking and Finance | 50.8% | 5.65bn | 2.47bn | 44% | 55.82bn |
| HDCHousing Development Corporation Limited | Real Estate & Urban Development | 100% | 3.54bn 2024 | 2.01bn | 57% | 45.15bn |
| STELCOState Electric Company Limited | Utility | 100% | 3.34bn | 239m | 7% | 6.66bn |
| DHIRAAGUDhivehi Raajjey ge Gulhun Plc | Telecommunication | 41.8% | 2.84bn | 949m | 33% | 7.07bn |
| FENAKAFenaka Corporation Limited | Utility | 100% | 2.25bn 2023 | −811m | -36% | 5.62bn |
| IASLIsland Aviation Services Limited | Aviation & Airport Operation | 100% | 2.18bn 2024 | −3m | -0% | 3.66bn |
| MTCCMaldives Transporting and Contracting Company | Transport and Contracting | 64.2% | 2.16bn 2024 | 45m | 2% | 5.44bn |
| MWSCMale' Water & Sewerage Company Pvt. Ltd. | Utility | 80% | 1.37bn | 146m | 11% | 3.98bn |
| MIBMaldives Islamic Bank | Banking and Finance | 28% | 1.17bn | 371m | 32% | 16.65bn |
| MIFCOMaldives Industrial Fisheries Company Limited | General Trading | 100% | 1.08bn 2024 | −166m | -15% | 1.21bn |
| MPLMaldives Ports Limited | Ports Operation | 100% | 850m 2024 | 38m | 5% | 2.21bn |
| WAMCOWaste Management Corporation Limited | Utility | 100% | 243m 2021 | −82m | -34% | 326m |
| HDFCHousing Development Finance Corporation Plc | Banking and Finance | 49% | 229m | 98m | 43% | 2.09bn |
| RDCRoad development Corporation Limited | Transport and Contracting | 100% | 97m 2021 | −108m | -112% | 221m |
| MTDCMaldives Tourism Development Corporation Plc | Tourism | 47% | 79m | 32m | 40% | 1.47bn |
| AASANDHAAasandha Company Limited | National Health Insurance | 100% | 70m | −1m | -1% | 75m |
| MINDCOMaldives Innovation and Digital Company Ltd | Business Development | 100% | 52m | −4m | -8% | 48m |
| MHCLMaldives Hajj Corporation Limited | Hajj Operation | 100% | 50m 2022 | −41m | -81% | 240m |
| PSMPublic Service Media | Marketing and Media | 100% | 35m 2024 | −5m | -13% | 631m |
| AIAAddu International Airport Private Limited | Aviation & Airport Operation | 70% | 33m 2024 | −79m | -238% | 488m |
| VMCVisit Maldives Corporation Limited | Marketing and Media | 100% | 33m | 17m | 51% | 1.51bn |
| POSTMaldives Post limited | Courier Service | 100% | 31m | −36m | -116% | 391m |
| RACLRegional Airports Company Limited | Aviation & Airport Operation | 100% | 24m 2023 | −111m | -460% | 406m |
| BCCBusiness Center Corporation Limited | Business Development | 100% | 22m 2021 | −17m | -77% | 28m |
| MCIFMaldives Centre for Islamic Finance Limited | Banking and Finance | 100% | 0m 2020 | −5m | -21673% | 2m |
| FDCFahi Dhiriulhun Corporation Ltd | Real Estate & Urban Development | 100% | 0m 2024 | −216m | — | 4.90bn |
| MFMCMaldives Fund Management Corporation Limited | Business Development | 100% | 0m 2022 | −15m | — | 316m |
| DBMLDevelopment Bank of Maldives Limited | Banking and Finance | 100% | 0m 2024 | −2m | — | 3m |
| MFORMPCMaldives Fisheries and Ocean Resources Marketing and Promotion Corporation Ltd | Marketing and Media | 100% | — | — | — | — |
| MEGDLMaldives Economic Gateway Development Limited | Real Estate & Urban Development | 100% | — | — | — | — |
| IDSInfrastructure Development Solutions Company Ltd | Real Estate & Urban Development | 100% | — | — | — | — |
| SPMSCLState Pharmaceutical and Medical Supply Corporation Limited | Pharmaceutical & Medical Supplies | 100% | — | — | — | — |
| AWQAFMaldives Awqaf Investment Limited | Real Estate & Urban Development | 100% | — | — | — | — |