State revenue from SOE dividends falls 17%
The government had received MVR 340.3 million in dividend income from SOEs as of the reporting period.
Government revenue from dividends paid by state-owned enterprises (SOEs) has declined this year, reflecting lower profits recorded by public companies.
According to the Ministry of Finance's Weekly Fiscal Developments report published on Tuesday, the government had received MVR 340.3 million in dividend income from SOEs as of the reporting period.
This represents a decline of MVR 73 million, or 17%, compared with the same period last year, when the state collected MVR 413 million in dividend payments.
The state has budgeted MVR 552.3 million in dividend revenue from SOEs for the current financial year.
The decline follows a reduction in the net profits reported by state-owned enterprises during the previous financial year, resulting in lower dividend payments to the government.
Government spending on capital injections and subsidies for state-owned enterprises has also decreased.
The Finance Ministry's figures show that MVR 728 million has been disbursed to SOEs this year to meet their expenditure requirements, compared with MVR 1.2 billion during the same period last year. This represents a reduction of MVR 440 million.
The budget allocates MVR 929.9 million this year for capital injections and subsidies to state-owned enterprises, although expenditure on SOEs has exceeded the initial budget allocation in previous years.
